Friday, April 8, 2011

MCX Copper Updates- Copper Continuing its upward trend

MCX Copper April contract yesterday traded with the positive node and settled 1.03% up at 432, hitting its priciest level in about two weeks, as investors once again ignored an in-line interest rate hike and continued to bet on the global economic recovery.

Markets barely flinched after the European Central Bank raised rates for the first time since July 2008 by 25 basis points to 1.25 percent. Slight pressure had been witnessed in their session highs after an earthquake of magnitude 7.4 shook the northeast of Japan and a tsunami warning was issued for the coast, already devastated by last month's quake and tsunami.

In Today's trading session MCX Copper April contract has touched the low of 433 after opened at 433, and Last traded price is 437.50 up by 5.50 rupees.

For today's session market is looking to take support at 427.4, a break below could see a test of 422.7 and where as resistance is now likely to be seen at 438.8, a move above could see prices testing 442.8.

MCX Copper April contract trading range is 422.7-448.8.

Short term traders can buy MCX Copper April contract near 430 with the stop loss of 418 and can wait for the targets of 444 and 448.


Posted By Commodity MCX Tips