MTECHTIPS;-Copper Struggling On Charts, Traders Cautious

MTECHTIPS;-Copper Struggling On Charts, Traders Cautious

MTECHTIPS-MCX Copper futures ended in green yesterday as global cues were supportive. The metal closed around Rs 426 per kg, up 0.59% on the day. COMEX Copper stayed elevated on strong US economic data. New orders for US manufactured durable goods jumped by more than anticipated in the month of August. The durable goods orders soared by 1.7% in August after plunging by 6.8% in July. However, technical cues remained uncertain for the metal. COMEX Copper futures are trying hard to recover from a five week low around $2.87 per pound though a critical resistance is being witnessed for the counter in the form of the 50 Day Exponential Moving Average (EMA). The commodity edged up above this critical resistance level in intraday moves over last four sessions but failed to hold above the same on a closing basis. The 50 Day EMA is placed around 2.92 levels while COMEX Copper is currently trading around 2.91 per pound after consistently failing to hold above the critical level in last week

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