Friday, April 15, 2011

MCX Copper Updates

MCX Copper April contract fell, as reports of quickening inflation in top consumer China pointed to more monetary tightening, which investors worried would hit demand for industrial metals. Also pressuring industrial metals, U.S. equities fell after an unexpected rise in jobless claims and concerns about higher inflation overseas.

MCX Copper April contract has touched a low of Rs 419.15 a kg after opened at Rs 422.8, and last traded at Rs421.85.For today market is looking for the support at 417, a break below could see a test of 413.3 and where as resistance is now likely to be seen at 424.1, a move above could see prices testing 426.3.

MCX Copper April contract trading range is 414-426.3.

Short term traders can sell MCX Copper April contract near 424 with the stop loss of 429 and can wait for the targets of 417 and 412.


Posted By Commodity MCX Tips