Copper on MCX settled up 0.01% at 361.25 recovered from the day's low tracking London copper which rose but was mired near its lowest for the year after China's refined production surged in March, underlining ample stocks in the world's biggest metals consumer. Three-month copper on the London Metal Exchange rose by 0.7 percent to $5593 a tonne recovered after prices hit the weakest since early January at $5,530 a tonne.
Technically Market is under short covering as market has witnessed drop in open interest by -4.79% to settled at 18182 while prices up 0.05 rupees, now Copper is getting support at 357 and below same could see a test of 352.6 level, And resistance is now likely to be seen at 365.6, a move above could see prices testing 369.8.
Trading Ideas
*Copper trading range for the day is 352.6-369.8.
*Copper settled flat as concerns China's demand could temper in the coming quarter as Beijing acts on runaway property prices capped gains.
*China's March refined copper output rose 8.5 percent year on year to 764,000 tonnes, National Bureau of Statistics said on Thursday
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