Copper faces resistance at USD 7800: Dani Commodities

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In an interview with CNBC-TV18, Kaushal Jani from Dani Commodities, spoke about his outlook on copper.

Here is a verbatim transcript of an exclusive interview with Kaushal Jani on CNBC-TV18. Also watch the accompanying video.

Q: How would you trade copper now?

A: Copper has been facing resistance on London Metal Exchange (LME) at USD 7,800 and it has not been able to consistently break those levels. It is now trading at USD 7,400. Every rise has become a sell opportunity for copper at the current levels. In the Indian exchange at the current levels, you can expect good bounce upto 340 levels. So that could be a speculative buy.

However, on an overall basis, 344-345 could be good levels to sell for positional targets of 330-327. Hence, it's basically a sell on rise. Speculative buying can be done at current levels with target of 342 and sell at those levels. This is the trading strategy in copper at the moment.