Tuesday, April 17, 2012

Copper Updates For Today: MCX Copper Tips For 18th April '12

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MCX Copper may note some decline tracking international exchanges, however the downside remains capped. LME Copper is trading slightly lower in early trades today amid growing worries over weakening demand for copper. Also putting pressure on prices renewed worries over debt crisis in Euro Zone.
Copper fell for a third day after data from the U.S. and China deepened concerns that slowing economic growth may reduce demand for the metal among the world’s biggest users. The metal for delivery in three months declined as much as 0.6 percent to $7,939.50 a metric ton on the London Metal Exchange, before trading at $7,953.50 by 10:36 a.m. Shanghai time. July-delivery copper on the Comex lost 0.7 percent to $3.6095 a pound.
Copper suggest that there is a positive divergence observed. RSI is in a buy mode. We expect prices to go up to levels of 417.

Trading Call: Buy MCX Copper above 412 with a stoploss of below 409 levels for target of 417.

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