Thursday, March 10, 2011

MCX Updates- Copper Likely To Fall Further

MCX Copper April contract fell on investor concerns that elevated crude oil prices could lead to inflation and crimp global growth, denting demand for industrial metals. Overall weakness is largely on the back of upward oil prices, which would feed through to higher interest rates and so industrial manufacturing activity, that's essentially what is weighing on the complex generally.

Copper futures yesterday traded with the negative node and settled -2.87% down at 421.9. In yesterday's trading session Copper futures has touched the low of 418.6 after opened at 433.05, and finally settled at 421.9.

For today's session market is looking to take support at 414.5, a break below could see a test of 407.1 and where as resistance is now likely to be seen at 433.4, a move above could see prices testing 444.8.

MCX Copper April contract trading range is 407.1-444.8.

Short term traders can sell MCX Copper April contract near 425 with the stop loss of 438 and can wait for the targets of 406 and 390.


Posted By Commodity MCX Tips