Commodity reported that copper Futures extended losses on concern over worsening debt crisis in the Euro zone and Moody's negative outlook on china's property sector raised worries about demand prospects for industrial metals in the world's largest metal consuming nations.

In MCX Copper February contract declined 1.92% in the morning session to INR 390.10 per kilogram. Currently Copper February contract traded at 392.25 per kilogram down by 1.38% at 6:00 PM IST.

Mr Ankush Kumar Jain research analyst said that according to Fibonacci Retrace Copper February contract support at 387 per kilogram and resistance at 400 per kilogram overall bias negative for Copper in coming session. Suggestion to sell Copper February on every rise with stop loss of 400. If Copper break 387 and sustain below it then Copper next target level around 375 for coming trading sessions.

(Sourced from Commodity Online)