MCX Copper Trend Today- MCX Base metals Updates

The broad positive trend of copper MCX faced a jerk after making recent high of 427.70 . From here Copper is likely to hover between the range of 420-427 but above 428, the current bull trend can get momentum and copper might see levels like 432-435.

While below 420 copper can fall down to 415 followed by 412-409 later.

Intraday trend is likely to remain positive. traders can buy Copper in between 422-425 for the targets of 427-429 Stoploss below 420 

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MCX Copper Trend and Intraday Tips for Today

Near Term trend for Copper is seems to be bearish towards 586-384 level which could then be bounced back to the level of 387-390 for the day. But if Copper traded below 384 consistently it may test the level of 375 in near term.

For Intraday in Copper (June contract) one can sell Copper below 390 for the targets of 386-384 Stop-loss- 394.00.

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Copper updates- Weekly report

Market Overview
Copper is in a consolidation phase and traders should use the strategy of buy on lower levels. Last week COMEX Copper was down for most part of week. If next week COMEX Copper sustains above the level of 390 then above the level of 405 Copper can test the level of 412. 

In MCX Copper above 403 Copper can test the level of 410 if it does not break the
level of 390 on the downside.
 

Strategy
For the upcoming week 435 and 437 will act as major resistance and 390 and 380 will act as major supports in COMEX Copper. For MCX Copper major resistance would be 425 and 437 and supports would be found at 390 and 380.

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MCX Updates- Copper Likely To Fall Further

MCX Copper April contract fell on investor concerns that elevated crude oil prices could lead to inflation and crimp global growth, denting demand for industrial metals. Overall weakness is largely on the back of upward oil prices, which would feed through to higher interest rates and so industrial manufacturing activity, that's essentially what is weighing on the complex generally.

Copper futures yesterday traded with the negative node and settled -2.87% down at 421.9. In yesterday's trading session Copper futures has touched the low of 418.6 after opened at 433.05, and finally settled at 421.9.

For today's session market is looking to take support at 414.5, a break below could see a test of 407.1 and where as resistance is now likely to be seen at 433.4, a move above could see prices testing 444.8.

MCX Copper April contract trading range is 407.1-444.8.

Short term traders can sell MCX Copper April contract near 425 with the stop loss of 438 and can wait for the targets of 406 and 390.

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