Tuesday, November 1, 2011

Copper MCX Tips: Base Metals Updates

Copper prices have to see sharp downfall on Tuesday as Copper inventories on London Metal Exchange rose by 14% in Jan - Oct period. Worries about the impact of a new Euro zone crisis added more concern on this decline and Copper on MCX slipped more than 2.50%.

Technically copper is likely to remain consolidated to slightly negative for near term. But this Intraday negative trend can be extended if copper prices trade below 377 on consistent basis. Above 388, prices may see a recovery move till 395-402 while below 372 major sell off can be seen.

Traders are required to wait for the right time to enter in this base metal. For Intraday you can sell copper around 384-383 for the targets of 380-378. However above 387.50 you can go for buy in copper commodity.

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Posted By Commodity MCX Tips