MCX Copper April Fut has support at Rs 386-383: GEPL

GEPL Capital has come out with its report on base metals. According to the research firm, MCX Copper April Future has support at Rs 386-383 and resistance at Rs 390-394.

Base Metals

Copper rose to a one-week high on Thursday, the second day of gains, on signs of industry restocking in top consumer China and hopes for more central bank easing after weak economic data in Europe. Copper prices also got support from stronger economic data and a weaker dollar pressured some bearish traders to exit bets on lower prices. Copper prices drew strength from better-than-expected economic data, after U.S. jobless claims fell to 339,000 last week, the second-lowest level since January 2008, according to the Labor Department.

Economists forecast jobless claims to rise to 350,000. Recent weak economic data have had a two-pronged impact on LME metals - capping gains due to uncertainty about demand from a sluggish global economy, but also providing some support recently after signals that the European Central Bank could cut rates as soon as next week.

Trading strategy:

MCX Copper (April): support- Rs 386-383, resistance- Rs 390-394.

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