Friday, April 1, 2011

Copper Updates- Likely To fall further

MCX Copper yesterday traded with the positive node and settled 0.41% up at 425.3 but ended the first quarter of 2011 with a 2.4 percent quarterly loss, its first such decline since the second quarter of 2010, as concerns about softer Chinese demand and rising warehouse stocks weighed on sentiment.

Base metals have been knocked this year by turmoil in the Middle East and North Africa, which has boosted oil prices and stoked inflation concerns, and by the earthquake, tsunami and nuclear disaster in Japan.

For today's session MCX Copper April contract is looking to take support at 417.9, a break below could see a test of 414.5 and where as resistance is now likely to be seen at 427.5, a move above could see prices testing 429.8.

Short term traders can sell MCX Copper April contract near 424 with the stop loss of 432 and can wait for the targets of 414 and 408.


Posted By Commodity MCX Tips