Friday, March 23, 2012

MCX Copper Updates and Trend For Today

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MCX Copper may note some gains tracking international exchanges however the bias remains negative. LME copper trades higher in early trades today after noting sharp gains yesterday. Prices may seek support from improving pace of recovery in US and expectation of tightness in physical markets amid falling stocks at LME and supply constraints. Copper stocks at LME warehouses continued to decline and fell by 2,875 tons yesterday to hit the lowest level since July 2009 while cancelled warrants hovered near 32%, signaling strong physical demand. However persistent worries over weakening demand from China and rising stocks at SHFE warehouses are capping the upside. Further prices may come under pressure amid growing fears of recession in Euro Zone, weakness in global equities and firmness in US Dollar. Prices may further track economic releases and its impact on movement in global equity and currency markets. As for today, focus will be on US New Home Sales. Support for April copper is seen at Rs.426 while resistance is seen at Rs.436.


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