Wednesday, October 17, 2012

Crude Copper Bullish Trend, MCX Commodity Tips Today

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Copper Updates:
The latest copper updates are the Indian markets, appreciation in the Rupee capped sharp gains in the prices on the MCX. MCX Copper is trading with its updated trend for positive. It is currently trading at 441 level. Copper updates for today are that copper may get the first resistance of 445 level today and may rally upto 448 level. But a crucial support level is also waiting at 437. Copper updates suggest a consolidate trend for copper.
Copper prices shot up on  Wednesday as weaker dollar against Euro and positive housing data in the US helped pushing the copper prices up. Chinese GDP 
data was eyed before any fresh positions, capping the growth in the prices.

Crude Oil Trend:
Crude oil is also trading with buying sentiments. Currently it is trading at 4893 up by 25 points. Looking consolidate to positive in today's trend. MCX Crude oil has a stromg resistance at 4950 level and a crucial support at 4840 level for today. US crude futures went volatile on Wednesday, as demand due to weaker dollar pushed the prices up. However, the price rise was offset by higher inventory data.

MCX Commodity Tips For Today:
  • Copper (Nov) Buy at 438-440 for the target of 445-447 stoploss 435
  • Zinc (Oct) Buy above 101 to get the target of 103-104, stoploss at 99.
  • Nickel (Oct) Buy above 910 targets are 930-950, stop loss is at 890.
  • Lead (Oct) Buy at 114 with a target of 116 and 117 with SL of 112.


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