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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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 Crude Updates (Tips and Trend) For Today: 4th May

Crude Oil traded near a two-week low in New York and is poised for a weekly decline as worse-than-forecast U.S. economic data and Europe’s outlook stoked speculation that demand for fuel may drop. MCX Crude Oil May is currently trading at Rs. 5526, it is trading up by Rs. 3 for the day. The Crudeoil is in perfect uptrend .Currently Crudeoil 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 Crudeoil is now trading in overbought level. Long Term trader can hold crude oil for long term.

MCX Crude has a strong resistance at 5620 along with the crucial support at 5470. Currently Crudeoil is in HOLD LONG position Crudeoil is moving sideways so short term investor better to buy only above 5629.0 with stop at 5491.0 The Crudeoil is now trading is approaching overbought level.

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MCX Base Metal and Crude Tips For Today: 30th Jan '12

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Last week, after the rapid decline in base metals. All metals including copper are traded on MCX are on the decline. Around 1 per cent on the London Metal Exchange copper has been broken. In lead and zinc on the London Metal Exchange declined by 1.5 per cent. 1 week after discharge of the business is in China today.

Currently 1.5 per cent fall on MCX Copper is trading at Rs 419.65. Lead and zinc 1.7 per cent to 1.5 per cent to Rs 109.85 and 103.30 respectively with osteoporosis are trading at Rs.

Crude oil is also looking consolidate in today's trading although it is now at 4964. Our research report said that it will touch 5100 level in near term.

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