MCX Crude and Copper Tips For Today

MCX Copper Trend

Currently Copper is in HOLD LONG position Copper is in profit booking mode so better sell and enter at lower level The oscillator is showing BUY signal.

Currently Copper is moving sideways The oscillator is showing BUY signal. The oscillator is showing BUY signal For short term Copper is in HOLD LONG position. Overall trend of the Copper is bearish for medium-long term but for intraday trading it may trade in consolidate to positive. Currently Copper is moving sideways The oscillator is showing BUY signal.

MCX Crude Updates

Crude oil is traded in a consolidate manner in NYMEX, the price is around 90 dollars a barrel. Light crude oil with a decline in the domestic market on Thursday closed at Rs 5081. Overall trend of the Crudeoil is bearish for medium-long term. Currently Crudeoil is in strong downtrend but volume is unsatisfactory The open interest is not increasing with trend. Crude is good to buy at around Rs 5060 per barrel levels with a stop loss to be placed at Rs 5030 per barrel levels for the upside target of Rs 5,120 per barrel and above that Rs 5,240 per barrel levels in next one or two days.

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MCX Copper Tips and Trend For Today

MCX Copper suggest that prices are trading near the crucial support of 425. MACD is in a buy mode. We expect prices to go up to levels of 430.50. Copper dropped to a four-month low in New York on concern that slowing growth in China and the risk of Greece leaving the euro signal weaker demand for the metal. Copper fell on Wednesday in London to a 4-1/2-month low and sank to a fresh 2012 trough in New York, hit hard by a frenzy of riskaverse selling tied to global growth concerns and worries about Greece's possible exit from the euro zone.

Altough in MCX today copper is trading at consolidate to positive mode. MCX Copper is trading at 425.95 today. Technical charts advised that it will trade between 424-432 levels. We advised to make a buy position on lower levels. As per charts for today strong resistance level is 432 and support level is 423.

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MCX Copper Updates: Commodity News and Trend For Today

Copper traded sideways to positive, as reports that China will fast-track infrastructure investments encouraged investors to buy the industrial metal despite a firm dollar and uncertainty about Europe's ability to resolve its debt crisis. Expectations of China acting in order to boost economic growth continued to support base metal prices in yesterday’s trade. Copper, the leader of the base metals pack, swung between gains and losses despite macroeconomic concerns on hopes that the world’s largest copper consumer would re-ignite economic growth in its country, thus reassuring future demand for metals. Copper prices touched an intra-day low of $7,705.75/tonne and at $7,736/tonne in yesterday’s trading session. On the domestic front prices gained by 0.7 percent as depreciation in Indian Rupee helped upside in prices and closed at Rs.429.60/kg after touching an intra-day high of Rs.430.70/kg on Tuesday. Now it is trading at the level of 426.30.

Copper futures for May delivery closed slightly down at $3.487 per pound on the COMEX of the New York Mercantile Exchange. In MCX it holds strong resistance at 430.5. MCX Copper suggest that prices have reversed after taking resistance at 431 levels. RSI is in a sell mode. We expect prices to correct up to levels of 421.

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MCX Crude and Copper Updates and Tips For Today: 14th May

Copper Updates

Copper, the leader of the base metals pack, declined by 2.4 percent in the last week on the back of worsening Euro Zone debt crisis coupled with strength in the US dollar index. However, further downside in prices was restricted on account of decline in copper LME as well as in Shanghai inventories last week.

MCX Copper prices have been respecting to its raising channel resistance and ended in a negative zone by following an “inverted Hammer” in weekly chart. Near-term outlook remains weak and further fall would be continue towards the next support of 425 levels.

Crude Updates

Oil Minister Ali al-Naimi said on Sunday "Top crude exporter Saudi Arabia wants an oil price of around $100 a barrel and would like to see global inventories rise before demand picks up in the second half of the year".

In MCX, for the this week in Crude oil one should go for sell on higher level strategy. If it sustains below the level of 5102 we can see the level of 5080 and on the upside if it touch above the level of 5158 we can see crude oil at 5170 levels.

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MCX Copper and Crude Updates For Today: Tips and Trand

MCX Copper Updates

Copper declined by 0.3 percent on the LME on the back of reemergence in Europe’s debt crisis coupled with a stronger dollar index. However, further downside in prices was restricted on the back of decline in LME inventories of copper which decreased by 3.3 percent to 220,925 tonnes yesterday.

On the MCX, prices gained by 0.5 percent on the back of sharp depreciation in Indian Rupee and closed at Rs.438.7/kg on Wednesday. Copper prices have failed to cross 440 on higher end indicating lack of buying interest, one can witness selling pressure to the tune of 430. Oscillators indicating flat to down move.

MCX Curde Updates

Nymex crude oil prices declined by 0.2 percent on Wednesday on the back of more than expected rise in US crude oil inventories coupled with re-emergence of the European debt crisis. Additionally, a stronger dollar index exerted further downside pressure on oil prices.

On the MCX, prices gained by 0.7 percent on account of sharp depreciation in the Indian Rupee and closed at Rs.5,213/bbl after touching an intra-day high of Rs 5224/bbl. Crude prices as expected test the resistance zone at 5225-5235 on higher end and witnessed selling pressure. We expect selling pressure to continue, one can sell on rise till 5185-5195.

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MCX Crude Updates (Tips and Trend) For Today: 3rd April '12

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MCX Crude Updates

The customary weakness is likely to find support near 5295 area for a swing higher towards 5330 followed by 5360 region. Break past 5380, could witness prices pushing higher towards 5425/5450. Break below 5270 could see bears taking control towards 5225 territory. Prolonged bearishness could be on cards if splinter below 5180. Crude oil prices rallied more than 2%, after a report showed that manufacturing in the US expanded at a faster pace than expected, signaling steady economic growth in the world’s biggest crude-consuming country.

MCX Crude Oil suggested to have prices reversed after taking support at 5235 levels. MACD is in a buy mode. We expect prices to go up to levels of 5450.

Trading Call: Buy around 5300 levels with a stop loss placed below 5235 levels for targets of 5450 levels.

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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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