Copper Tips – MCX Copper price heading for Resistance around INR 328 early next week May 25, 2010

 MUMBAI, May 21 (www.GoldTradingCalls.com) Comex Copper prices jumped the most in three months on speculation that demand will remain ample in China, the world’s biggest metal user.

Inventories monitored by the Shanghai Futures Exchange fell for a third straight week, the longest slide since October. China imported 309,772 metric tons last month, the second- biggest amount since June, the government said. Before today, copper dropped 6 percent this week on European debt concerns.
Copper futures for July delivery climbed 11.65 cents, or 4 percent, to $3.061 a pound on the Comex in New York, the biggest gain for a most-active contract since Feb. 16.
Our inhouse Quant analysis says that MCX Copper prices are heading for Resistance area around INR 324-328 early next week as shown  in the MCX Copper Price chart.

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