

The Copper price has recently fallen significantly from its record high at the end of October of just over $11,000 per ton. Copper imports slid to 438,000 metric tons in October from 485,000 tons a month earlier, a 9.7% drop, according to data from the General Administration of Customs. For the year through October, China imported 4.46 million tons of copper, down from 4.60 million tons during the corresponding period last year. Overall, imports this year are still around 7% above last year's level. At the same time, the continued subdued imports of unwrought Copper and Copper products indicate that there is limited demand for Copper beyond domestic production.
MCX Copper November contract has paused its upward momentum in past week, posted a fall of -1% and managed to settle on a negative note at 1000.65. Price has traded back & forth in a tight range of 995 to 1005 in past week. Copper price has continued to traded over its all key moving averages i.e., 20, 50 and 100-DEMA levels placed at 995.15, 966.35 and 935.50 respectively. Daily SAR is currently placed at 967.60. Crucial resistance level would be at 1023 and breakout of this level will accelerate upside momentum in Bullish trend in Copper price.
Looking at OI levels, we can observe a significant long buildup to 9740 lots with recent price-consolidation which eliminates any chances of trend reversal in Copper price. RSI levels are hovering over 55 levels on Daily as well as Weekly chart. Also, we can observe a convergence on MACD below zero-line along side declining negative histograms on 4-hourly chart. These collectively suggests a bullish biasness in Copper.
We are expecting Sideways to Bullish trend in next week in Copper and traders may look for Buy-on-dips opportunity.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 966.35 | 985 | 1000.65 | 1010 | 1023 |
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Prediction given by Technical Research Team - Choice.



