Copper on MCX settled up 1.05% at 464.85 as smelters in China cut production amid natural gas shortages in some parts of the country. Support also seen as profits for China's industrial firms rose at a sharply slower pace in November, as demand and producer price gains eased in further confirmation of ebbing growth in the world's second-largest economy.
Technically market is under fresh buying as market has witnessed gain in open interest by 16.39% to settled at 18216 while prices up 4.85 rupees, now Copper is getting support at 460.5 and below same could see a test of 456.2 level, And resistance is now likely to be seen at 468.3, a move above could see prices testing 471.8.
Trading Ideas:
* Copper trading range for the day is 456.2-471.8.
* Copper prices gained as smelters in China cut production amid natural gas shortages in some parts of the country.
* Due to tight gas supplies in northern China, such as in Hebei and Shandong, some copper processors have been cutting output.
* Japan's output of rolled copper products rose to 70,362 tonnes in November on a seasonally adjusted basis, up 5.9 percent from a year earlier.
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