Wednesday, June 6, 2012

MCX Copper Tips and Commodity Updates

Commodity News Highlights 
  • Gold gains 1pc as euro, commodities up ahead of ecb.
  • Brent crude oil returns to 100$ ahead of ecb.
  • Copper rises as dollar falls , ecb meeting in focus.
  • Domestic oil and oilseed trade bullish on global cues.
MCX Copper Tips
Today morning base metals are trading mixed with Copper and Nickel slightly down at LME electronic platform. Copper prices traded positively while other metals too were up, on reports that rescue of Spain's troubled banks by the EU. Copper futures for July delivery closed up by 2.7% at $3.3779 per pound on the COMEX of the New York Mercantile Exchange.

Copper is currently trading at 411 with a strong down trend. It has a strong support of 406 if copper cross this level then it can further go to 402. On the upside it has a criticle resistance at 415 and above that 418. We suggest to Sell MCX Copper at high levels. 

MCX Commodity Data
Economic Data
06:00 PM
Unemployment Claims

07:30 PM
Fed Chairman Bernanke Testifies

08:00 PM
Natural Gas Storage

09:40 PM
FOMC Member Lockhart Speaks


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