MCX Copper Tips and Updates For Today

Copper, the leader of the base metals group, declined by 0.4 percent yesterday on the LME on the back of rise in risk aversion in the global markets coupled with increase in LME copper inventories by 1.6 percent which stood at 243,425 tonnes. However, weakness in the DX restricted further downside in fall of copper prices.

On the MCX, prices declined by 0.2 percent on account of appreciation in the Indian Rupee and closed at Rs.410/kg after touching an intra-day low of Rs.409.10/kg on Wednesday. Today also it is trading in a consolidate manner. Copper is trading at 411 at the moment.

we expect base metals to trade lower on the back of rise in risk aversion in the global markets coupled with strength in the DX. Depreciation in the Indian Rupee can prevent further fall in prices.

Copper prices are expected to witness a range bound move as from 414 to 406, one can look for buying opportunity around 409 with a stop loss below 405. Fresh buying could witness above 415.

MCX Copper Trend 

Month	June
Support 3	403
Support 2	406
Support 1	409
Resistance 1	412
Resistance 2	415
Resistance 3	418
Trend	Consolidate

 

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MCX Copper Tips and Crude Updates Today

MCX Copper Tips

Today morning base metals are trading slightly positive by 0.09 to 0.2 percent at LME electronic platform. At MCX, base metals may likely open on a positive note for the day. Copper prices are expected to witness a range bound move as from 414 to 406, one can look for buying opportunity around 409 with a stop loss below 405. Fresh buying could witness above 415.

MCX Crude Oil Tips

During early Asian session, oil prices are seen hovering near $83/bbl with fall of more than 0.40 percent from yesterday’s closing. Investors must be cautious ahead of inventory report releasing tonight, which is expected to give a positive indication for prices. We may suggest remaining on selling side for the day. Crude prices are witnessing a range bound move. one can buy around 4620 with a stop loss of 4580 targeting 4685–4700. Oscillators suggesting a flat to positive move ahead.

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MCX Tips : Crude and Copper Updates Today

Copper Updates

Today morning base metals forwards are trading up by 0.4 to 2.4 percent at LME electronic platform with Copper as the top gainer. Industrial metals are trading higher on International bourses today. We expect prices to trade higher for the day as Europe agreed on a bailout package for Spain's distressed banks and data showing strong imports by top consumer China.

On the MCX, Copper June contract prices declined around 1 percent on the back of appreciation in the Indian Rupee and closed at 404.20 on Friday after touching a low of 397 during the week. Now it is trading at 411 with almost 1.5% up. It has a strong resistance at 415 and a criticle support at 405.

Crude Updates

Crude oil is trading higher on NYMEX today. We expect prices to trade higher for the day as after euro zone finance ministers agreed to a rescue package of up to 100 billion euros ($125 billion) for Spain's banks and strong import numbers from china. Crude oil futures prices are trading above $86/bbl in electronic platform with gain of more than 2 percent. Oil prices have gained on speculation of higher oil demand from European countries as Spain have requested for bailout to shore up its banks. Spain finance minister have told that it will seek $125 billion. 

On the domestic bourses, prices declined by 0.1 percent on account of appreciation in the Indian Rupee and closed at 4625 on Friday after touching a low of 4522 during the last week. Now it is on 4736 up by 1.30%. It has a strong resistance at 4790 and a criticle support at 4660.

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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
 

Time	Currency	Economic Data	Forecast	Previous
06:00 PM	USD	Unemployment Claims	381K	383K
07:30 PM	USD	Fed Chairman Bernanke Testifies
08:00 PM	USD	Natural Gas Storage		71B
09:40 PM	USD	FOMC Member Lockhart Speaks

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Copper Updates and MCX Crude Tips For Today

MCX Copper Updates

Copper was the worst performing commodity in the base metals pack, yesterday as it declined around 2 percent on the LME. Turning negative for the year and coming within $20 of its 2012 low on fears of a widening European debt crisis and fading hopes for a Chinese stimulus. In today’s session we expect base metals prices to trade lower on account of slowdown in US and European economies. Additionally, a stronger dollar will also lead to downside in base metals prices on the LME.

Technical chart of MCX Copper suggest that prices have breached the crucial support of 422. RSI is in a sell mode. We expect prices to correct up to levels of 418.

MCX Crude Oil Tips

Oil entered a bear market in New York as it headed for the biggest monthly drop in more than three years on speculation Europe’s worsening debt crisis and a slowing U.S. economy will reduce fuel demand. Oil for July delivery traded at $87.70 a barrel, down 12 cents. WTI Crude Oil is currently trading at $87.51 per barrel. MCX Crude Oil May is currently trading at Rs. 4959, it is trading down by Rs. 3 for the day.

From the intra-day perspective we expect crude oil prices to trade with a negative bias on account of expectations of rise in US crude oil inventories, slowdown in European and US economy along with a stronger dollar index.

Technical chart of Crude Oil suggest that prices have broken the crucial support of 5000. RSI is in a sell mode. We expect prices to correct up to levels of 4900.

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MCX Copper Tips and Crude Updates For Today

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.

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Copper Updates and Crude Oil Tips For Today

MCX Copper Tips

Copper rose for the third straight session on LME, as opinion polls showed support for Greek political parties backing a bailout plan, easing concern about the euro-region debt crisis that threatens to crimp demand. Copper futures for July delivery closed marginally higher at $3.4685 per pound on the COMEX of the New York Mercantile Exchange. Technical chart of Copper suggest that prices have reversed after taking support at 425. RSI is in buy mode. We expect prices to go up to levels of 431.

We suggest to Buy MCX Copper June around 427 levels with a stop loss placed below 424 levels for targets of 431 levels.

MCX Crude Oil Tips

Oil rose for a third day in New York as speculation that U.S. economic growth will boost fuel demand in the world’s biggest crude consumer countered concern Europe’s debt crisis will worsen. Crude for July delivery climbed as much as $1.13 to $91.99 a barrel. WTI Crude Oil is currently trading at $91.20 per barrel. MCX Crude Oil May is currently trading at Rs. 5084, it is trading up by Rs. 13 for the day.

Technical chart of Crude Oil suggest that prices have reversed after taking support at 5065. RSI is in buy mode. We expect prices to go up to levels of 5150.

We Suggest to Buy MCX Crude June above 5100, Stop loss 5070, Target 5130-5140.

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MCX Copper Updates, Commodity Tips For Today: 9th May

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. 

In MCX Copper as long as 434/433 regions holds the downside support expect a pull back towards 440-442 levels. Break below 432 would call for a dip towards 429/427 areas. However, major bullish run could open on consistent trades above 444 targeting 449/452.

Currently Copper is in HOLD SHORT position The Copper is in downtrend For short term buy only if close above 442 The Copper is now trading is approaching oversold level. The Copper is now trading is approaching oversold level. The oscillator is showing BUY signal.

Intraday Trend- Buy is advised above 440.8 with a stop at 433.5, Below 431.3 go for sell.

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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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MCX Copper Updates, Copper Tips For Today: 4th May

Copper, the leader of the base metals complex, declined by 1.1 percent on the LME yesterday on account of a stronger dollar index and weak economic data from US and Euro Zone which indicated a slowdown in the global economy. However, sharp downside in prices was restricted on the back of fall in copper LME inventories which dropped by 1.6 percent to 235,200 tonnes on Thursday.

In MCX the Copper is in perfect uptrend. 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 The current position is BUY. Positionally Support for the Copper is 440-435. Immediate resistance for Copper is 452-455.

We suggest to buy MCX Copper Jun above 446.50, Stop loss 442, Target 449.50-452.50

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MCX Copper Tips, Copper Updates For Today: 3rd May '12

Copper and other metals declined, hit by fears of a global economic slowdown on contracting EU and Chinese manufacturing activity and weak US private-sector jobs data. In international market last trading session was a bad dream for most of commodities. The premium of LME cash copper over 3-months material fell to $65, after shooting up to $149 per ton on Monday, the biggest since early August 2008. The drop indicates less tightness in immediate supply. So here is a huge posibilities that those commodities which are affected in internation market will not be safe in local markets also.

In MCX Copper it was trading at its best. In its last trading session it has got 445 level which was a new all time high. Although mcx copper has a strong resistance at 451 and a strong support at 437. In today's trading session we suggest to sell MCX Copper at higher levels.

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MCX Copper Updates (Tips and Trend) For Today: 1st May '12

Continuing the bullish trend Copper extended the rally last week and made the high of Rs. 447. Nearterm outlook remains positive as long as the prices hold the support of 436 levels and on higher side target for this upward move comes around 452. A strong close on weekly basis will further strengthen the movement in copper in coming days.

MCX Copper Trend for 1st May '12
 

Copper is trading at 446 level. The Copper is in perfect up-trend . Currently Copper is in strong up-trend with good momentum and high volume. The open interest is not increasing with trend. Cautious point is buying at higher levels seems decreasing. The oscillator is showing BUY signal For short term The current position is BUY. Positionally Support for the Copper is 436-432-428. Immediate resistance for Copper is 450-454-458.

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Copper Updates, MCX Copper Tips For Today: 30th April '12

Continuing the bullish trend Copper extended the rally last week and made the high of Rs. 447. Nearterm outlook remains positive as long as the prices hold the support of 430 levels and on higher side target for this uoward move comes around 452. A strong close on weekly basis will further strengthen the movement in copper in coming days. RSI-14 period and long-term momentum indicator MACD both are placed in positive territory by supporting the bullish view.

MCX Copper suggest that prices have breached the crucial resistance of 443. RSI is in a buy mode and prices are trading above short term averages. We recommend a buy around 445 levels with a stop loss placed below 440 levels for a target of 455 levels.

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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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MCX Copper and Crude Updates For Today: 11th April '12

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Copper Updates

In MCX Copper anticipated move towards 417 has already been triggered. Day’s bias likely to continue the selling pressure but it would required an initial push higher before resuming such strong sell off. Rise above 429 could signal mild positive bias but prices needs to be close above 436 to dent our bearish expectations. MCX Copper suggest that prices are trading near a crucial support of 418. There is a positive divergence seen in stochastic. We expect a techncial bounce up to levels of 422.

Trading Call: Buy MX Copper above 418 with a stoploss of 415 for targets of 422.

Crude Updates

From the intra-day perspective, we expect crude oil prices to trade on a bearish note on account of expected rise in US crude oil inventories coupled with strengthen in the US dollar index. We expect crude oil prices to trade with a sideways bias as on one hand supply concerns from Iran will support prices while on the other hand expected rise in US crude oil inventories may exert downside pressure. Crude prices are holding the support at 5190 -5180, one can witness selling pressure below that.

Trading Call: Sell MCX Crude below 5250, with a stoploss of 5280, Target of 5210.

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MCX Crude and Copper UPdates For Today: 9th April '12

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MCX Crude Updates

The daily price chart suggest that prices have reversed after taking resistance at 5350 levels. RSI has given a negative crossover and prices are trading below short term averages. 

We recommend a sell around 5300 levels with a stop loss placed above 5360 levels for a target of 5140 level.

MCX Copper Updates

The daily price chart suggest that prices are trading near a crucial resistance of 434. Stochastic has given a negative crossover and prices are trading below short term averages. Immediate support is at 429 levels. 

We recommend a sell below 429 levels with a stop loss placed above 440 levels for a target of 415 levels.

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MCX Copper Updates (Tips and Trend) For Today: 16th March '12

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Copper is higher by 0.20%. MCX Copper: Prices have support at 432 and resistance at 440. Copper prices have broken the trendline and have managed to close above 433, which suggest more upside around 440 can be expected for the metal. One can buy around 432 -433 maintaining the stop loss below 427.Oscillators are in positive territor. OECD has stated that the developed world appears to set for a pickup in the months ahead, but China`s economy is likely to slow further. Copper closed higher, bolstered by an increasingly tighter supply outlook after LME warehouse stocks fell further and labor-related problems forced one of the world's top miners to lower its first-quarter sales outlook

We suggest that sell MCX Copper around 438.5 / 439, Sl must be 441 and Target should be 434 and 430.

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MCX Crude and Copper Updates For Today: 9th March '12

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MCX Copper Tips

Copper closed higher for the second-straight day, in a very thin volume session, as cautious investors awaited word on a widely expected Greek debt-restructuring deal and a key jobs report from the United States. Copper futures for Dec. delivery closed slightly higher at $3.7915 per pound on the COMEX division of the New York Mercantile Exchange. MCX Copper may note some gains tracking international exchanges however the upside remains capped. LME Copper trades higher in early trades today amid easing concerns over debt crisis in Greece after 85% of bondholders agreed to swap their holdings of the country`s debt for new securities.

MCX Crude Tips

Crude oil prices traded positively on speculation over increases in fuel as Greece moves closer to completing a debt swap to ease Europe’s crisis and as the US labor market improves. Copper prices have witnessed the important support at 418, prices are expected to test the hurdle at 426 -427. A sustained move above 427 should witness fresh buying in the metal. Benchmark crude rose 42 cents to end at USD 106.58 a barrel in New York. Heating oil rose 5 cents to finish at USD 3.27 per gallon and gasoline futures increased 3 cents to end at USD 3.31 per gallon.

Here are some intraday technicle levels and tips for today-

COMMODITY	MONTH	CLOSE	S2	S1	R1	R2	TRADING VIEWS
Copper	APR	422.55	417.5	419	425	427	Buy Around 421.5, Sl 418.25, Tgt 425 / 426.75
Crude Oil	MAR	5356	5265	5300	5385	5420	Buy Around 5325, Sl 5280, Tgt 5375 / 542

 

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MCX Crude and Copper Updates For Monday: 5th Mar '12

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Crude Oil Updates

Nymex crude oil prices increased sharply by 1.7 percent yesterday taking cues from rumors of pipeline explosion in Saudi Arabia which increased supply fears for the commodity. However, further upside in prices was restricted on account of a stronger dollar. Oil prices touched an intra-day high of $108.82/bbl and closed at $108.8/bbl yesterday. On the MCX, prices increased by 2 percent and closed at Rs.5334/bbl after touching an intra-day high of Rs.5349/bbl on Thursday.

Copper Updates

Copper, the leader of the base metals pack, traded higher by 1.2 percent on the LME and more than 3 percent on the MCX on Thursday. The red metal inventories on the LME warehouses dropped sharply by 1.4 percent to 292,250 tonnes which helped copper prices to trade higher yesterday. The red metal touched an intra-day high of $8647/tonne and closed at the level of $8628/tonne on Thursday. On the MCX, Copper April contract hit as intra-day high of Rs432.20/kg and ended its trading session at the level of Rs 430.80/kg yesterday.

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MCX Copper Updates For Today: 11th Feb '12

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Copper traders turned bullish for the first time in seven weeks on mounting confidence that global growth will strengthen, diminishing stockpiles after a year in which mine production fell by a record amount.

We expect copper to move till about Rs 430-440 in the domestic market. We believe a further decline will be coming in on London metal exchange inventories and prices could be propped up to almost USD 8,900 to 9,000 on the LME.

Copper prices tested the higher end of the channel, one should be caution as a close below 435 should witness a profit booking in the counter. A close above 435 should witness a fresh buying. oscillators are trading flat to positive.

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