Friday, March 23, 2012

Copper Updates For Today: 23rd March '12

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Copper was the top performer amongst the base metals pack on the LME today, as the metal rose almost 1 percent on the LME and around 0.5 percent on the MCX till 4.30 pm IST today. MCX Copper may note some gains tracking international exchanges however the upside remains capped. Weakness in the US dollar coupled with decline in copper Shanghai inventories acted as a positive factor for the red metal prices. MCX Copper may trade in range of 428-435 while lead can trade in range of 101-103.50 and zinc in range of 101.50-103.50. Copper futures settled down 2% as a darkening outlook on Chinese demand and global economic growth compounds pressure from a stronger dollar and weaker U.S.

Trading Strategies For Today

MCX Gold April: Buy around 27,850 levels with a stop loss placed below 27,700 levels for targets of 28,100 levels.
MCX Silver May: Sell around 56,800 levels with a stop loss placed above 57,200 levels for targets of 56,000 levels.
MCX Crude April: Sell around 5,450 levels with a stop loss placed above 5,475 levels for targets of 5,400 levels.
MCX Natural Gas March: Buy around 119 levels with a stop loss placed below 117 levels for a target of 122 levels.
MCX Copper April: Buy above 431 levels with a stop loss placed below 428 levels for targets of 435 levels.
MCX Lead March: Buy above 103 levels with a stop loss placed below 102 levels for targets of 105 levels.

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