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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 |
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.
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.
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
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.
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.
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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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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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 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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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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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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Copper futures fell for the fourth time in five sessions in New York amid signs that demand may ease in China, the world's biggest buyer of industrial metals. Lead and aluminum fell more than 3 percent in London. Copper futures for March delivery declined 1.6 percent to settle at $3.781 a pound at 1:23 p.m. on the Comex in New York. The metal has dropped 17 percent in the past 12 months.
Our research report said that mcx copper will continue the same down trend. It has a resistance of 418 and a support level of 400. We suggest that copper is trading in a down trend in its last 3 trading sessions. It will be a good deal to sell copper on its high nodes.
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Base metals began to deteriorate in the domestic market. MCX has been volatile in all metals. Per cent in the domestic market has declined by half in nickel, copper and lead, while the light is weak. The aluminum and zinc are traded on the pressure.
Copper is looking in a downtrend, it is now trading at 416 levels and may get more down trend in its intraday trading. It has a resistance level of 420 and a support level of 412.
We suggest to sell MCX copper. Copper prices are trading within the channel, prices are expected to test 412 - 410 on lower end, one can sell around 416.
