MCX Copper Updates
Copper prices touched an intra-day high of $7759/tonne and hovered at $7699/tonne till 4:30pm IST today. On the MCX, prices increased by 0.6 percent as depreciation in the Indian Rupee further supported the prices and were trading at Rs.428.80/kg today. Copper prices declined in the late evening session, surrendering earlier gains, after a downgrade to Spain's sovereign credit rating rekindled fears about Europe's deepening debt crisis.
In MCX, technical chart of MCX Copper suggest that prices have reversed after taking resistance at 430 levels. RSI is in a sell mode. We expect prices to correct up to levels of 422. We suggest to Sell MCX Copper June below 427 with a stop loss placed above 430 for targets of 422.
MCX Crude Oil Tips
Oil prices touched an intra-day high of $91.99/bbl and were trading around $91.13/bbl today on NYMEX. On the domestic bourses, depreciation in Indian Rupee helped upside in crude oil prices and hovered around Rs5102./bbl.
Technical chart of Crude Oil suggest that prices have reversed after taking resistance at 5130 levels. RSI is in sell mode. We expect prices to correct up to levels of 5040. We suggest to Sell around 5095 with a stop loss placed above 5130 for targets of 5040.
