Wednesday, March 16, 2011

MCX Updates- Copper Trend

MCX Copper April contract fell after Japan warned of high radioactive levels following blasts at a quake-stricken nuclear plant, dampening sentiment across financial markets. The market fell into panic over the nuclear situation, as investors are unsure how serious the leak is and what the impact could be.

The longer-term demand outlook for copper remained upbeat as Japan's reconstruction effort will need large amounts of copper.

In yesterday's trading session Copper futures has touched the low of 411.2 after opened at 418.1, and finally settled at 417.

For today's session market Copper futures is looking to take support at 412.5, a break below could see a test of 408 and where as resistance is now likely to be seen at 425.6, a move above could see prices testing 431.1.

Copper futures trading range is 408-431

Short term traders can sell MCX Copper April contract near 430 with the stop loss of 446 and can wait for the targets of 408 and 395.


Posted By Commodity MCX Tips