Tuesday, May 8, 2012

MCX Copper Updates (Tips and Trend) For Today: 8th May

Base metals counter can trade sideways with negative bias. Copper may trade in range of 440-446 while Lead may trade in range of 111-113 and zinc in range of 106-108 in near term. London copper rose on Tuesday as the London Metal Exchange resumed trading after a one-day holiday, with sentiment improving on hopes Spain would use public funds to bolster its struggling banks.

MCX Copper CMP is 435. The Copper is in long- medium- short-medium- short- term bull phase. Currently Copper is in strong uptrend and the trend is supported with good volume The open interest is not increasing with trend. Cautious point is buying at higer levels seems decreasing. The oscillator is showing BUY signal For short term Copper is in HOLD LONG position. Positionally Support for the Copper is 429-425. Resistance for the Copper is 445.

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