Commodity Market Updates

Gold advanced along with equities and other commodities on speculation that policy makers from the U.S. to China will take steps to boost their economies after data signaled slowing growth and on signs of robust Chinese demand.
August-delivery bullion gained as much as 0.7 percent to $1,624.80 an ounce. MCX Gold August is currently at `29989, it is trading up by `71 points for the day. Comex Silver is currently trading at $28.36 whereas MCX Silver July is currently trading at `54146, it is up by `307.


Copper advanced for the first time in five days, rallying from the lowest level in more than five months,
MCX copper  is currently trading near 410-411 level.


Brent crude prices rebounded for a second straight session, rising above $99 per barrel on support from a weaker dollar and hopes that the world's leading economies will take new action to tackle the euro zone's debt crisis. Brent crude for July delivery rose 37 cents to $99.22 a barrel. WTI Crude Oil is
currently trading at $84.69 per barrel. MCX Crude Oil May is currently trading at `4717, it is trading up by `56 for the day.

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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.

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Copper New : Copper Likely to move Up with higher demand

Industrial metals remained choppy on Thursday morning, as a combination of mix macro economy factors, a firmer Euro and some strong fundamental drivers.

Copper prices boosted on optimistic buying sentiment in global market as price cross 455 mark in morning session.

At MCX, Copper February delivery contract down by 0.35 percent, tested low at 453.25 rupees per kilogram and stays slightly weak in Asian markets due to profit booking on higher levels.

Investors and speculators in international market once again show interest in buying metals at lower levels due to positive global cue. Constant buying from beginning of the week keeps down trend limited in Copper futures.

 Copper futures may climb above 465 rupees in current week. Long term target sets to 475 rupees for Copper future in coming days.

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Copper News- Technical Levels suggest rally in Copper

MCX Copper future prices gained as much as 3.70 percent during the week by surpassing previous week’s peak of 446. It tested intraday high of 460.25 and last traded at 457.75.

MCX Copper February contract opened slight higher at 458.80 per Kg. Copper three month delivery contracts dropped 0.14 percent to 456.15 with total volume of 45358 lots.

Overall trend seems positive for the year 2011 and  Copper may extend its bull rally up to 465 in coming weeks.
Technically, Copper future looks strong on charts. Copper future prices traded above 55 days linear regression which suggests it on continues buying mode for coming days. Technical support for the said contract is seen near 438.

Positional traders can buy around 446 can be considered as best opportunity to earn profit in Copper futures, he added.

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Copper News: Copper Fall Due to Sluggish Demand

Metal prices ended substantially lower on Friday. Copper has fallen after traders showed lack interest in buying metals following their recent drop in prices. Poor physical demand for metal also provided required support to slip.

Ahead this week, Copper fall consecutive for third straight day. On Thursday, at MCX counter Copper January delivery contract drop by 1.12 percent and tested week low at 436.65 new high at 1173 in morning trades.
Copper remains negative in last few days due to selling sentiment. China policy fear also affect Copper price to stay in red zone. Further falling can be expected at this stage as selling may continue. This days Dollar is acting as key, metals have gained despite of the Dollar adding some gain.

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Copper News : Copper Hit the Week Low

Copper had seen the biggest drop in week, as yesterday’s fall spurred investors’ demand for the metal as an alternative asset amid concern that the global economic recovery is not yet assured. Copper February delivery contract on MCX slips by 0.70 percent to 435.10 per kilogram as traders and investors take sell position after price failed to sustain above record high level of 445 rupees.  On Wednesday evening, Weakness in Silver prices pushed Copper prices to week low including other industrial metals. Metal prices erased earlier gains and ended mildly lower tracking heavy selling pressure in Silver future in international market.  Overall sentiment remains unbiased for now with prediction that Copper future may rise on bottom fishing in coming days tracking positive moment in other metals

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Copper Likely To Move Up

Copper touched record highs in beginning of the week as stock continued to shrink in international market.  Lower stockpiles are adding to signs that demand remains steady amid concerns that the global economy may be slowing. 

On Tuesday, Copper December delivery climbs to 430.85 per kilogram, increased by 0.10 percent with total volume of 19652 lots at Multi Commodity Exchange (MCX). 

Industrial metal prices are trading with positive bias on international market today. “Copper is expected remain in safe side for the day. Price is expected to correct for higher levels but still this correction in price can be consider as buying opportunity for longs.

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MCX Copper- Likely to Continue its Bullish trend

Copper gained on the Multi Commodity Exchange (MCX) tracking the firm global cues. The G-20 summit fuelled investor sentiments and prices touched Rs.380 per kg, hitting a high of Rs.380.85 per kg. The prices are expected to test Rs 381.80-382.10 levels during the session today. Finance leaders from the Group of 20 economies have pledged to move towards market-determined exchange rates and commit to a full range of policies to reduce excessive external imbalances. The decision buoyed the market sentiment and most metals including Copper rallied on commodity bourses today. On the COMEX division of NYMEX, Copper futures got closer to a two and half year high, topping USD 3.8800 per pound and currently quoted at USD 3.8755, up 7.85 cents or 2.05% on the day.

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