MCX Copper June futures on last Friday slipped down below 200MA on both daily(366.8) and hourly(366.7) charts. However around the market close, managed to close above 200MA on both the timeframes it is a short term bullish setup as responsive buyers shown support on Friday low around the 361 mark.
MCX Copper peaked out during 28th Aug 2013 made a high around Rs513.05/Kg since then MCX Copper is in long term downtrend and currently trading around Rs313.6/kg. It is believed that struggling Chinese economy is the reason for the bear market in copper prices. To be noted China is the largest copper consumer (roughly 40 per cent of global copper consumption).