Commodity MCx Tips- Gold and Copper Trend

Gold firmed, rising in tandem with the euro and risky assets ahead of a European Central Bank policy meeting as investors watch for more action from policymakers to contain the euro zone debt crisis. Spot gold gained half a percent to $1,625.34 an ounce. Spot Gold is currently trading at $1559.50.

MCX Gold August is currently above 30000, it is trading up  points for
the day. Comex Silver is currently trading at $27.81 whereas MCX Silver July
is currently trading at `53809, it is down by `301.

MCX Copper is also Trading up by 0.70%.  Above 411, it can go upto 414-416 level.

Commodity Tips for Today-

MCX gold (August futures): Buy - 30000, stoploss of Rs - 29 850 and the target - 30 250

MCX Copper (June futures): Buy - 411.50, stoploss of Rs - 407.50 goal - 414.50-416-419

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Base Metals Updates: Copper Outlook

Copper prices are taking resistance near 425 which if breaks, prices may get trigged to a rally towards 429-433 market which may also extend till 438. A slight dip might be seen before the such a rally. On the downside below 419.5 may invite negative trend in copper MCX.

One may buy Copper above 425 to target 428-429-430.

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Copper Updates Today

In Terms of trading volume, Copper is at second place after Crude oil. About 40,000 lots has been traded in Copper today. But since copper is trading with negative bias which is preventing copper to catch 409 levels which is crucial resistance level for Copper commodity. A minor support is seen near 403.50 a breach below the same may call for some downfall towards 400-399 levels while a move above 409 levels can negate our bearish view and copper may fly up to 411 followed by 412-414 levels later.
For Intraday Buy copper mcx June contract above 407.50 targets-409-4011 stoploss-404.50
below 403.50 sell copper for the targets of 401-399.

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MCX Copper Updates

MCX Copper June is expected to remain positive for the day. But If prices continue trading below 410 level, prices are likely to trade negeative towards 405 and then 400 levels. Above 410 prices me test 413.50 levels.

For Intraday Buy copper above 409.50 for the targets of 411-412 Stoploss 406.50.

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MCX Updates - Copper Trading Tips

In copper MCX Negative trend is still alive for today;s trading session. However we can see some recovery to the level of 400-402. Bullish trend could be seen only above 410 level.

For Intraday One can commence sell on high around 397-398 for the Targets of 394-393 SL-402

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MCX Zinc and Copper Updates for Intraday

Copper MCX June Contract

In copper futures June contract above 406 , it could rise upto 411 initially, but if Copper able to sustain above this level it could test the levels towards 416-422 in near term. Sustaining Below 402 could take it to the level of 390.

For Intraday Buy copper above 406 for the targets of 411-413 Stolposs 401.


MCX Zinc May Futures
Intraday support for zinc is seen near 96.50 below this level it could face a dwonfall till 96.50 -93.00. Above 97 it could go upto 99.60-100.40.

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MCX Commodity Tips for Today - 2nd Feb 2010

Buy Gold Apr  at 20050-60 TG 20150 SL 19988

Buy Natural Gas Feb at 200.80 TG 204 SL 199

Buy  Copper Feb at 456 TG 460 SL 454

Buy  Lead Feb  at 116.30 TG 117.80 SL 115.80

Buy Nickel Feb   at 1272-75 TG 1285 SL 1266

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