COPPER UPDATES

Positionally Support for the Copper is 454-452-447-446-445-. Immediate resistance for Copper is 463

COPPER RES 463.8 : 467 : 470.7 : 475.2 : 481.6 : 488 : 492.6 : 497.3

COPPER SUP 456 : 452.8 : 449.2 : 444.8 : 438.7 : 432.6 : 428.3 : 424

INTRADAY BUY COPPER 457.50 TGT 449.50, 452 SL 455.50

COPPER UPDATES

Positionally Support for the Copper is 445-444-441-.Resistance for the Copper is 451-457-459
COPPER RES 449.3 : 451.1 : 457.7 : 462.2 : 468.5 : 474.8 : 479.4 : 483.9

COPPER SUP 444.9 : 443.1 : 436.6 : 432.3 : 426.2 : 420.2 : 415.9 : 411.7

Intraday sell copper 449 tgt 446, 443 sl 452

COPPER UPDATES

Positionally Support for the Copper is 448-445-444-441-.Resistance for the Copper is 456-460

COPPER RES 455.8 : 459.5 : 466.5 : 472.8 : 479.2 : 483.7 : 488.3

COPPER SUP 446.8 : 443.1 : 436.4 : 430.3 : 424.3 : 420 : 415.7

INTRADAY SELL COPPER ONLY AT 449.50 TGT 447,444 SL 452

COPPER UPDATES

Positionally Support for the Copper is 441-.Resistance for the Copper is 449-452-456-460

COPPER RES 449.1 : 452 : 456.2 : 460.7 : 467 : 473.3 : 477.8 : 482.4

COPPER SUP 442.1 : 439.2 : 435.1 : 430.8 : 424.7 : 418.8 : 414.5 : 410.3

INTRADAY BUY COPPER  445.25 TGT 448, 451 SL 442

COPPER UPDATES

Positionally Support for the Copper is 439-.Resistance for the Copper is 447-449-453-455-461

COPPER RES 446.4 : 447.9 : 455.1 : 459.6 : 465.8 : 472.1 : 476.7 : 481.2

COPPER SUP 442.6 : 441.1 : 434 : 429.7 : 423.7 : 417.7 : 413.4 : 409.2

INTRADAY BUY COPPER 448.50 TGT 451, 454 SL 446

COPPER UPDATES

Positionally Support for the Copper is 439-.Resistance for the Copper is 447-449-453-455-461

COPPER RES 444.4 : 445.8 : 453.3 : 457.7 : 464 : 470.3 : 474.8 : 479.4

COPPER SUP 441 : 439.6 : 432.2 : 427.9 : 421.9 : 415.9 : 411.7 : 407.5

INTRADAY BUY COPPER 443 TGT 447, 450 SL 440

COPPER UPDATES

Positionally Immediate support for Copper is 427.Resistance for the Copper is 448-450-454-462

COPPER RES 446.1 : 447.8 : 454.6 : 459.1 : 465.4 : 471.7 : 476.2 : 480.8

COPPER SUP 442 : 440.3 : 433.6 : 429.3 : 423.2 : 417.2 : 413 : 408.8

INTRADAY SELL COPPER 443 TGT 440, 437 SL 443.70

COPPER UPDATES

Positionally Immediate support for Copper is 427.Resistance for the Copper is 449-450-454-463-
COPPER are 449.4 : 453.3 : 459.7 : 465.9 : 472.3 : 476.8 : 481.3
COPPER are 439.8 : 435.9 : 429.8 : 423.8 : 417.8 : 413.5 : 409.3

INTRADAY SELL COPPER 444 TGT 441, 438 SL 447

COPPER UPDATES

Positionally Immediate support for Copper is 427.Resistance for the Copper is 448-450-454-455-463-

COPPER RES 438.1 : 439.7 : 446.7 : 451.1 : 457.3 : 463.5 : 468 : 472.5

COPPER SUP 434.2 : 432.6 : 425.8 : 421.5 : 415.5 : 409.6 : 405.4 : 401.2

INTRADAY SELL 438 TGT 435, 432 SL 442

COPPER UPDATES

Positionally Immediate support for Copper is 440.Resistance for the Copper is 453-455-458-463-

COPPER RES 447.1 : 451.2 : 458.2 : 464.2 : 470.5 : 475 : 479.6

COPPER SUP 438.7 : 434.6 : 427.6 : 422.1 : 416.1 : 411.9 : 407.7

INTRADAY SELL COPPER 445 TGT 442, 438 SL 448

COPPER UPDATES

Positionally Support for the Copper is 455-451-449-448-.Resistance for the Copper is 463

INTRADAY BUY COPPER 458 TGT 461, 464 SL 455

COPPER UPDATES

Positionally Support for the Copper is 450-449-447-.Resistance for the Copper is 462-

INTRADAY BUY COPPER 457 TGT 460, 463 SL 454

COPPER UPDATES

Copper is in strong uptrend and the trend is supported with good volume, Short tern investor better to hold long positions

COPPER RES 454.1 : 456.1 : 462.4 : 466.9 : 473.3 : 479.6 : 484.2 : 488.8

COPPER are 449.4 : 447.4 : 441.2 : 436.8 : 430.7 : 424.7 : 420.4 : 416.2

INTRADAY BUY COPPER 450 TGT 452.50, 456 SL 447

Copper updates

MCX Copper Nov :Sell around 451 levels with a stop loss placed above 458 levels for targets of 441 levels.

COPPER DAILY FREE TIPS

COPPER RES 451.9 : 453.8 : 460.3 : 464.8 : 471.1 : 477.5 : 482 : 486.6

COPPER SUP 447.4 : 445.5 : 439.1 : 434.8 : 428.7 : 422.7 : 418.4 : 414.2

SELL COPPER BELLOW 447.40 TGT 445, 443 SL 450

COPPER UPDATES

Positionally Immediate support for Copper is 441.Resistance for the Copper is 452-453-461-
463

COPPER RES 451.4 : 454.6 : 458.2 : 462.7 : 469 : 475.3 : 479.9 : 484.5

COPPER SUP 443.8 : 440.6 : 437.1 : 432.7 : 426.7 : 420.7 : 416.4 : 412.2

SELL COPPER 448.20 TGT 446, 444 SL 451

COPPER UPDATES

COPPER RES 455.1 : 457.2 : 463.2 : 467.7 : 474 : 480.4 : 485 : 489.6

COPPER SUP 449.9 : 447.8 : 441.9 : 437.6 : 431.5 : 425.4 : 421.2 : 416.9

SELL COPPER ONLY AT 455 TGT 442.60, 440.40 SL 457.20

COPPER UPDATES

Positionally Support for the Copper is 447-444-.Resistance for the Copper is 454-458-465

COPPER RES 452.3 : 453.8 : 461.3 : 465.8 : 472.1 : 478.5 : 483.1 : 487.6

COPPER SUP 449 : 447.5 : 440.1 : 435.7 : 429.7 : 423.6 : 419.4 : 415.1

INTRADAY SELL COPPER 450 TGT 447.50, 445 SL 453

COPPER UPDATES

Currently Copper is moving sideways and showing some Up momentum so short time invester better to hold long positions

COPPER RES 450.6 : 453.2 : 458.1 : 462.6 : 468.9 : 475.2 : 479.8 : 484.4

COPPER SUP 444.4 : 441.8 : 437 : 432.6 : 426.6 : 420.6 : 416.3 : 412.1

INTRADAY BUY COPPER AT 449 TGT 452, 455 SL 446

COPPER UPDATES

SELL COPPER 445.40 TGT 443, 441 SL 448

COPPER RES 448.7 : 450.5 : 457.2 : 461.7 : 468 : 474.3 : 478.9 : 483.4

COPPER SUP 444.5 : 442.7 : 436.1 : 431.8 : 425.7 : 419.7 : 415.5 : 411.2

COPPER UPDATES

Positionally Support for the Copper is 443-.Resistance for the Copper is 452-456-457-467

COPPER RES 449.4 : 451.8 : 457 : 461.5 : 467.8 : 474.1 : 478.7 : 483.2

COPPER SUP  443.4 : 441 : 435.9 : 431.6 : 425.5 : 419.5 : 415.3 : 411

BUY COPPER 445 TGT 448, 451 SL 443

COPPER UPDATES

Copper is moving sideways so short term investor better to buy only above 452.25 or hold with stop at 444.15 The Copper is now trading in highly oversold level

INTRADAY SELL COPPER 450 TGT 446 444.20 SL 452.20

COPPER FREE TIPS

Copper has crossed the high but the trend was not strong  better buy above 454.1 with stop at 448.2

COPPER RES 457.1 : 459.4 : 465.2 : 469.7 : 476 : 482.4 : 487 : 491.6

COPPER SUP 451.8 : 449.5 : 443.9 : 439.5 : 433.4 : 427.3 : 423 : 418.8

COPPER FREE TIPS

Positionally Support for the Copper is 448-441-.Resistance for the Copper is 456-458-469

 Sell Below 450.8  and put stop at 455.8

copper tips

COPPER res are 452.2 : 455.1 : 459.5 : 463.9 : 470.2 : 476.6 : 481.1 : 485.7
COPPER sup are 445.4 : 442.5 : 438.3 : 433.9 : 427.9 : 421.9 : 417.6 : 413.

Copper is moving sideways so short term investor better to buy if close above 459.8

TODAYS COPPER TIPS

BUY COPPER AROUND 458, 460 TGT 466 470 SL 455

Intraday Resistance of COPPER are 472.1 : 476 : 482.3 : 490.2 : 496.7 : 501.3 : 506 Intraday Support of COPPER are 464.5 : 460.6 : 454.3 : 446.9 : 440.8 : 436.4 : 432.1

COPPER NEWS

Intraday Resistance of COPPER are 459.3 : 461.5 : 467.3 : 471.9 : 478.2 : 484.6 : 489.2 : 493.8
Intraday Support of COPPER are 453.9 : 451.7 : 446 : 441.6 : 435.5 : 429.4 : 425.1 : 420.8

COPPER TREND & INTRADAY LEVELS

BUY COPPER 460 TGT 466 SL 455 

Intraday Resistance of COPPER are 462.3 : 466.6 : 472.5 : 478.9 : 485.3 : 489.9 : 494.5

Intraday Support of COPPER are 452.2 : 447.9 : 442.2 : 436.1 : 430 : 425.7 : 421.5

COPPER NEWS

COPPER SELL BELOW 456  TGT 451, 448 SL 461

Intraday Resistance of COPPER are 463.5 : 465.7 : 471.6 : 476.2 : 482.6 : 489 : 493.6 : 498.2

Intraday Support of COPPER are 458.2 : 456 : 450.2 : 445.8 : 439.6 : 433.5 : 429.2 : 424.9

BUY COPPER

BUY COPPER 458.20 TGT 461, 463 SL 456.50 (USD Unemployment Claims Actual 292K Forecast 332K Previous 323K,USD Import Prices m/m Actual 0.0% K Forecast 0.60% Previous 0.20%,
Data negative for bullion and positive for base metals and energy. )

COPPER TREND

Intraday Trend- Buy is advised above 472.8 with a stop at 464 Below 461.7 go for sell Intraday Resistance of COPPER are 471.8 : 475.6 : 482.7 : 489.1 : 495.6 : 500.2 : 504.9 Intraday Support of COPPER are 462.7 : 458.9 : 452.1 : 445.9 : 439.7 : 435.4 : 431.1

Copper News

Intraday Trend- Buy is advised only above 430.5 with a stop at 422.8 Below 420.8 go for sell and put stop at 428.5 Intraday Resistance of COPPER are 429.7 : 433 : 440.4 : 446.5 : 452.7 : 457.2 : 461.6 Intraday Support of COPPER are 421.6 : 418.3 : 411.2 : 405.3 : 399.4 : 395.3 : 391.1

COPPER NEWS

Intraday Trend- Buy is advised only above 428.4 with a stop at 417.7 Below 414.7 go for sell and put stop at 425.4

Intraday Resistance of COPPER are 426.9 : 431.4 : 436.2 : 442.3 : 448.5 : 452.9 : 457.3

Intraday Support of COPPER are 416.2 : 411.7 : 407.1 : 401.3 : 395.4 : 391.3 : 387.2

Copper news

Intraday Trend- Buy is advised only above 414.6 with a stop at 409.1 Below 407.9 go for sell and put stop at 413.3

Intraday Resistance of COPPER are 413.7 : 415.8 : 421.4 : 425.7 : 431.7 : 437.8 : 442.2 : 446.6
Intraday Support of COPPER are 408.7 : 406.6 : 401.1 : 397 : 391.2 : 385.4 : 381.3 : 377.3

Copper Technical Analysis

Copper Technical Analysis  - Prices are testing through support at the bottom of a bearish Flag continuation pattern (3.086) and the 38.2% Fibonacci expansion at 3.067. A break below the latter level targets the 50% level at 3.016. Near-term resistance is at 3.130, the 23.6% Fib.

Copper news

Intraday Trend- Buy is advised only above 414.4 with a stop at 408.7 Below 407.3 go for sell and put stop at 413

Intraday Resistance of COPPER are 413.6 : 415.8 : 421 : 425.3 : 431.4 : 437.4 : 441.8 : 446.2
Intraday Support of COPPER are 408.1 : 405.9 : 400.8 : 396.6 : 390.8 : 385.1 : 381 : 377

COPPER TREND& NEWS

Intraday Trend- Buy is advised only above 410 with a stop at 407.1 Below 406.7 go for sell and put stop at 409.6

Intraday Resistance of COPPER are 409.1 : 409.8 : 418.5 : 422.8 : 428.8 : 434.9 : 439.2 : 443.6

Intraday Support of COPPER are 407.6 : 406.9 : 398.3 : 394.2 : 388.4 : 382.7 : 378.6 : 374.6

Copper news

Currently Copper is in HOLD SHORT position Copper is moving sideways so short term investor better to buy only above 423.35 or hold with stop at 413.4 The oscillator is showing BUY signal 

Intraday Trend- Buy is advised above 421.8 with a stop at 414.9 Below 413.2 go for sell

Intraday Resistance of COPPER are 420.8 : 423.6 : 427.8 : 432.1 : 438.2 : 444.3 : 448.7 : 453.1
Intraday Support of COPPER are 414.2 : 411.4 : 407.3 : 403.2 : 397.3 : 391.5 : 387.4 : 383.3

MCX Copper Aug : Sell around 417 level

MCX Copper Aug : Sell around 417 levels with a stop loss placed above 421 levels for targets of 411 levels.

MCX Nickel July : Sell around 840 levels with a stop loss placed above 852 levels for targets of 820 levels

Intraday Trend copper trend

Trend updated for-Jul/23/2013.CMP-420 The Copper is in perfect uptrend .Currently Copper is moving sideways The oscillator is showing SELL signal .In last 1 month volatality is very less Buy the Copper above 427 or buy with strict stop at 403. The oscillator is showing SELL signal For short term Copper is in SELLposition.Positionally Support for the Copper is 415-414-412-411-406-404-. Immediate resistance for Copper is 427

Intraday Trend- Buy is advised above 424.9 with a stop at 416.8 Below 414.6 go for sell with a stop at 422.7

Intraday Resistance of COPPER are 423.6 : 426.8 : 430.1 : 434.4 : 440.5 : 446.6 : 451 : 455.5
Intraday Support of COPPER are 415.9 : 412.7 : 405.4 : 399.5 : 393.7 : 389.6 : 385.5

Copper Technical Analysis

Copper Technical Analysis (COMEX E-Mini) - Prices are pulling back from resistance at the top of an emerging rising channel to approach support at 3.112, the 38.2% Fibonacci expansion. A break below that targets the channel bottom at 3.054 and the 50% level at 3.024. Resistance is reinforced by the 23.6% Fib at 3.221, with a reversal above that eyeing a horizontal pivot level at 3.270.

Daily Chart - Created Using FXCM Marketscope 2.0

(http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2013/07/18/Commodities_Gold_Crude_Oil_Remain_Focused_on_Bernanke_Commentaryhtml)

Copper news

Trend updated for-Apr/12/2013.CMP-412 Overall trend of the Copper is bearish for medium-long term .Currently Copper is moving sideways The oscillator is showing BUY signal .In last 1 month volatality is very less and fresh Buy can be considered in the Copper if it close above422 or buy with strict stop at 394. The oscillator is showing BUY signal For short term Copper is in HOLD LONG position.Positionally Support for the Copper is 409-407-.Resistance for the Copper is 416-425-431-435-

Currently Copper is in HOLD LONG position Copper is in profit booking mode so either sell of or keep stop at409 so better sell and enter at lower level The oscillator is showing BUY signal
Intraday Trend- Buy is advised above 416.9 with a stop at 409 Below 406.9 go for sell
Intraday Resistance of COPPER are 414.8/417.2/420.9/426.7/436.6/442.1/452.7/463.4
Intraday Support of COPPER are 409/406.6/401.5/395.9/386.5/381.3/371.6/362

copper news

Base metals

LME base metals pack is trading on a mixed note, whereby Copper prices have pared gains, while Lead prices have witnessed moderate signs of bottoming out. However, the broader weakness persists in the non-ferrous pack, as Chinese exports have grown at a slower pace than expected. Slowing exports has raised doubts regarding the growth prospects of an export oriented Chinese economy.

MCX Copper (April)Price indication: Prices have support at Rs 408/kg and resistance at Rs 415/kg.

Precious metals

Precious metals have scaled back gains, as FOMC policy minutes revealed that US Federal Reserve officials remain undecided over the duration of the
bond buying program. However, several Fed officials stated that the central bank should narrow its bond purchases later in the year and close down it altogether by year-end if the labor market improves. On sovereign front, Cyprus is reported to have sold 400mn euros worth of gold reserves to partially finance its bailout. Gold prices are trading around USD 1,560/ounce and Silver prices are sustaining above the crucial level of USD 27/ounce

Metal news

Industrial metals prices dipped yesterday, giving up some gains from the previous session when it hit two-week highs, as some traders locked in profits and other investors remain concerned about sluggish demand amid weak Chinese imports.

South Korea is seeking 2,000 tonnes of copper for September arrival via a tender, the state-run Public Procurement Service said on its website

Chinese copper smelters are set to cash in on the closure of India's top smelter by raising production in the current quarter to benefit from higher treatment and refining charges for raw material concentrates.

The spread between cash copper on the LME and the spot Shanghai market in March widened to the best arbitrage opportunity for imports since late 2011, prompting investors and end-users to move refined copper in bonded warehouses in Shanghai into the domestic market.

Top global copper producer Codelco's massive mines returned to normal operations on Wednesday morning after the end of a 24-hour companywide strike to demand improved job security and better safety, Mining Minister Hernan de Solminihac said.

Nickel stocks held in the London Metal Exchange (LME) warehouse system hit a fresh all-time high of 167,700 tonnes on Tuesday.

Fundamental Outlook: Industrial metals prices are trading a tad higher on international bourses today. We expect a further rise in the prices of metals on account of positive New loans data from China. This may lead to an expectation of higher growth in Chinese economy thus supporting the prices of Industrial metals.(http://www.moneycontrol.com/news/brokerage-recos-commodities/industrial-metals-may-rally-further-nirmal-bang_850976.html)

Copper news

Trend updated for-Apr/11/2013.CMP-412 Overall trend of the Copper is bearish for medium-long term .Currently Copper is moving sideways The oscillator is showing BUY signal .In last 1 month volatality is very less and fresh Buy can be considered in the Copper if it close above422 or buy with strict stop at 394. The oscillator is showing BUY signal For short term Copper is in HOLD LONG position.Positionally Support for the Copper is 409-407-.Resistance for the Copper is 417-426-432-435-

Currently Copper is in HOLD LONG position Copper is moving sideways so short term investor better to buy only above 415.5 with stop at 404.15 The oscillator is showing BUY signal

Intraday Trend- Buy is advised above 417.5 with a stop at 409.6 Below 407.5 go for sell
Intraday Resistance of COPPER are 414.6/416.4/422.2/428/437.9/443.4/454/464.7
Intraday Support of COPPER are 410.4/408.6/402.7/397.1/387.7/382.5/372.8/363.2

Metal tips

MCX ALUMINIUMDomestic: Buy at 103.20, Stoploss 102.80, Target 103.80.

MCX NICKELInternational: Buy at 884, Stoploss 878, Target 894.

MCX COPPER news

MCX COPPERDomestic: Buy at 413.20, Stoploss 411, Target 4165.

Copper news

Trend updated for-Apr/10/2013.CMP-414 Overall trend of the Copper is bearish for medium-long term .Currently Copper is in strong downtrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend .. The oscillator is showing BUY signal For short term Copper is in SELL position and closed above 1 week high with volume signals up breakout.Positionally Support for the Copper is 410-407-.Resistance for the Copper is 417-427-432-436-

Copper closed above 1 week high with volume signals up breakoutCurrently Copper is in HOLD LONG position In short term Copper is in strong up trend so hold with stop at 406 The oscillator is showing BUY signal
Intraday Trend- Buy is advised above 420.7 with a stop at 411 Below 408.3 go for sell with a stop at 418
Intraday Resistance of COPPER are 416.6/418.7/422.1/428.2/438.2/443.7/454.3/465
Intraday Support of COPPER are 412.4/410.3/406.9/403/397.4/387.9/382.8/373/363.4

Copper news

MCX Copper April contract is looking negative for the day. Market may find support near 405 & 402; intraday resistance can be seen near 410 & 413. Day traders are advised to sell intraday on rise. (Sell around 410 with SL 413, for the target of 405 & 402.)

Copper may rally on ongoing strike at Chile: Nirmal Bang

Nirmal Bang has come out with its report on industrial metals. According to the research firm, a further rise is expected in the prices of copper on account of the ongoing strike at Chile, the highest copper mining nation.

Industrial metals prices rose yesterday, rebounding from falls the previous week, as the euro gained ground against the dollar and a strike in major producing nations raised concerns over temporary supply constraints.

Chilean state miner Codelco's unionized workers said on Monday they would conduct a 24-hour work stoppage at all units of the world's top copper miner on Tuesday for safety improvements and greater job security.

Aurubis, Europe's biggest copper smelter, will increase capacity at its two smelters in Bulgaria and Germany as the market moves into a bigger surplus, Chief Executive Peter Willbrandt said on Monday.
Chinese steel futures rose on Monday to their highest in more than a week in anticipation of improving demand in the second quarter, supporting raw material iron ore, although large steel inventories may limit gains.
Global miner Anglo American should produce 3 percent more copper this year than last in part as the promising but troubled Collahuasi mine turns the corner after a tough 2012, the company's head of copper told Reuters.

The costly port strikes that recently hit top copper producer Chile and detained an estimated 9,000 tonnes of the red metal's exports per day were an unwelcome reminder for miners of the risk of labor action during an electoral year.
Industrial metals prices are trading higher on international bourses today. We expect a further rise in the prices of copper on account of the ongoing strike at Chile, the highest copper mining nation

Copper news

Copper rose the most in more than two weeks as miners prepared to strike in Chile, the world’s biggest producer.
Copper-mine workers in Chile will hold their first nationwide strike tomorrow to push for greater job security, with unions vowing to halt all mining activity. Employees from mines operated by Anglo American Plc (AAL), BHP Billiton Ltd. (BHP) and state-owned Codelco will put down tools for 24 hours, Raimundo Espinoza, who heads Codelco’s union and represents workers on the company’s board, told reporters in
 Santiago today. 

 
“The firmer tone was due in part to news that Chilean unions representing Codelco will announce a planned nationwide strike date,” Edward Meir, an analyst at INTL FCStone in New York, said in a report. “Copper production over the past year has been rather trouble-free.”
Copper futures for delivery in May added 0.8 percent to settle at $3.371 a pound at 1:15 p.m. the Comex in New York, the biggest gain since March 22. The metal has posted three straight weekly losses.
The union announcement comes after a three-week strike by Chilean port workers that restricted copper shipments.
Money managers increased their net-short position, or wagers on falling copper prices, to a record 38,951 Comex futures and options contracts as of April 2, according to the U.S. Commodity Futures Trading Commission. That’s the most bearish for government data that goes back to 2006.
Some investors bought to close out bets on lower prices, Andrew Silver, a broker at Triland Metals Ltd. in London, said by e-mail today.
The number of London Metal Exchange copper futures outstanding rose 3.2 percent in the week ended April 4 as prices fell 1.3 percent, indicating new short positions. The fee to borrow copper for a day on the LME jumped today to $3 a metric ton, the highest this year.
On the LME, copper for delivery in three months climbed 0.6 percent to $7,450 a ton ($3.38 a pound).

Copper news

Trend updated for-Apr/09/2013.CMP-408 Overall trend of the Copper is bearish for medium-long term .Currently Copper is in strong downtrend and the trend is supported with good volume The open interest is not increasing with trend .. The oscillator is showing BUY signal For short term Copper is in SELL position.Positionally Immediate support for Copper is 394.Resistance for the Copper is 411-414-418-427-433-436- Currently Copper is in HOLD LONG position Copper is moving sideways so short term investor better to buy only above 410.95 with stop at 401.45 The oscillator is showing BUY signal Intraday Trend- Buy is advised above 414.1 with a stop at 404.5 Below 401.9 go for sell Intraday Resistance of COPPER are 409.8/411.4/418/423.8/433.6/439.1/449.7/460.3 Intraday Support of COPPER are 406.1/404.5/398.6/393.1/383.7/378.5/368.9/359.3

Buy MCX Copper April on dips near Rs 405-401: Fortune Fin

Fortune Financial Servies has come out with its fundamental report on Copper. According to the research firm, short term traders can buy MCX Copper April contract on dips near Rs 405-401 for target of Rs 412 417 with stop below Rs 394. Traders can also consider selling near Rs 417 with stop above Rs 423 for target of Rs 408 and Rs 405.

Fundamental Update - Copper prices ended lower last week, as a weaker dollar helped offset pressure from a disappointing U.S. employment report. The U.S. economy added 88,000 jobs in March, well below the 200,000-payroll increase forecast by economists. The data triggered concerns that copper demand in the U.S., the world's second-largest copper market after China, would slacken. But copper prices pared some of these losses as the dollar retreated against a basket of international currencies. Copper is traded in dollars and becomes cheaper for investors who use other currencies when the dollar eases, luring these traders to the market as buyers. Standard Chartered cut its copper price forecast for the year to average around USD 3.4510 from an earlier forecast of USD 3.7738 a pound. The bank said it now expects copper supply to exceed demand in 2013, a shift from an earlier report which called for a shortfall. Copper traders have been growing increasingly concerned about the build-up of excess copper inventory at warehouses overseen by the London Metal Exchange, Europe's main metals trading hub. LME's copper stocks are up 81 percent so far this year to 579,600 metric tons.

MCX Copper April contract is trading near short term support of 395 and immediate bounce back is possible towards432 and 449 range if market hold and sustains above 417 ranges, minor resistance is seen near 423, 431.

If market breaches critical level of 395 then further down side level of 362 cannot be denied.

Immediate trend is range bound between 417 -400 as copper may consolidate in this range for near term.

Recommendation short term traders can buy on dips near Rs 405-401 for target of Rs 412 417 with stop below Rs 394. Traders can also consider selling near Rs 417 with stop above Rs 423 for target of Rs 408 and Rs 405.
(http://www.moneycontrol.com/news/brokerage-recos-fundamental/buy-mcx-copper-aprildips-near-rs-405-401-fortune-fin_848728.html)

Copper futures move further off 8-month low; China data in focus

Copper futures edged higher to move further off last week’s eight-month low on Monday, as market players awaited the release of key Chinese economic data later in the week to gauge the strength of the world’s second largest economy.

China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.370 a pound during European morning trade, up 0.8% on the day.

New York-traded copper prices rose by as much as 1% earlier in the session to hit a daily high of USD3.378 a pound. Comex copper fell to an eight-month low of USD3.306 a pound last Thursday.

China will announce inflation data for March on Tuesday. A higher-than-expected reading could dampen hopes that Beijing will introduce fresh easing measures in the near-term to boost economic growth.

Gains were limited amid concerns the U.S. economic recovery is losing momentum, reducing hopes for higher copper demand.

The U.S. Department of Labor said the economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000.

The data also showed that the unemployment rate ticked down to 7.6% from 7.7% in February, but the decline stemmed from more people dropping out of the labor force. The labor participation rate fell to 63.3%, the lowest level since 1979.

The U.S. is second behind China in global copper demand.

Elsewhere on the Comex, gold for June delivery added 0.1% to trade at USD1,577.65 a troy ounce, while silver for May delivery eased up 0.1% to trade at USD27.24 a troy ounce.

Copper news

Gold and silver futures extended gains from the previous session on Monday, as investors continued to buy the precious metals after U.S. nonfarm payroll figures indicated the Federal Reserve would keep its loose monetary policy in place for the indefinite future.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,579.65 a troy ounce during European morning trade, up 0.25% on the day.

Comex gold prices held in a tight range between USD1,575.25 a troy ounce, the daily low and a session high of USD1,582.85 a troy ounce, the strongest level since April 2.

Gold prices were likely to find support at USD1,539.85 a troy ounce, the low from April 4 and an 11-month low and resistance at USD1,604.25, the high from April 2.

Gold remained underpinned after the U.S. Department of Labor said Friday the economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000.

The data also showed that the unemployment rate ticked down to 7.6% from 7.7% in February, but the decline stemmed from more people dropping out of the labor force. The participation rate fell to 63.3%, the lowest level since 1979.

The dismal jobs report fuelled fears that the recovery in the labor market is losing momentum, easing recent jitters the Fed would start to withdraw its super easy monetary policy.

The central bank previously stated that monetary policy will remain accommodative “at least as long” as the jobless rate remains above 6.5%.

Gold traders are awaiting the release of the minutes of the Federal Reserve’s March policy meeting on Wednesday for further hints on the future of its monetary policy.

Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank could bring quantitative easing, one of the biggest boosts to gold’s bull run, to an end this year.

Elsewhere on the Comex, silver for May delivery eased up 0.15% to trade at USD27.26 a troy ounce, while copper for May delivery rose 0.9% to trade at USD3.376 a pound.

Copper news

Trend updated for-Apr/06/2013.CMP-406 Overall trend of the Copper is bearish for medium-long term .Currently Copper is in strong downtrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend .. The oscillator is showing BUY signal For short term Copper is in SELL position.Positionally Immediate support for Copper is 394.Resistance for the Copper is 413-415-419-429-434-437-

Currently Copper is in HOLD SHORT position Copper is moving sideways so short term investor better to buy only above 410.95 or hold with stop at 401.45 The oscillator is showing BUY signal

Intraday Resistance of COPPER are 408.7/410.7/416.8/422.6/432.4/437.9/448.5/459.1
Intraday Support of COPPER are 403.8/401.8/397.5/391.9/382.5/377.4/367.7/358.2

Chile’s port strikes hitting fruit more than copper: experts

The series of fast-spreading port strikes in Chile, ignited by the top copper union mid-March, has started to also affect shipments of fruit, wine and wood pulp, keeping thousands of workers idle in the export-dependent nation.
 
According to the former head of state miner Codelco, Diego Hernandez, who is the current CEO of Antofagasta Minerals (LON: ANTO), the most affected sector by an extended stoppage at the ports will be fruit exporters.
The fruit industry, he explains, is in the middle of the packing and export season “and that is something that can’t wait,” he told Metal Bulletin (subs. required).
“It’s not just copper; all the export businesses in Chile are affected. That is the reason I don’t believe this strike will last too long. Everybody needs to make a big effort to solve this issue,” he said.
The nation’s current labour unrest sparked over the amount workers will be paid in exchange for skipping their lunch break in the northern port of Angamos three weeks ago. The protest has since shot through the country.
In addition to port-troubles and Codelco miners threats, workers at BHP Billiton (ASX, NYSE:BHP) and Anglo American (LON: AAL) operations in Chile are also announcing protests to push for greater job security.
All these strikes come against a backdrop of presidential election year and that they may heavily weigh on the results.
The South American country generates about a third of the world's copper and its stable economy is largely built around exports of minerals. The red metal alone accounts for nearly a third of government revenue.
Mining also provides most of the nation's poor their best shot at a middle-class life, especially in the rural and rugged desert areas of northern Chile, where the majority of mines are located.
Copper fell on Friday to within sight of the eight-month lows it hit yesterday, after extremely weak U.S. jobs data alarmed investors about the state of the country’s economy

MCX Copper may trade range bound between 405-410

On India's MCX, Copper for April delivery is looking sideways for today's trading session and trend is unclear for now. Copper prices are expected to trade in range of 405-410, according to our analyst.
“The commodity has good support at 405 and if it falls below the level, then it could test level of 403,” said Amrita Mashar, Research Analyst at Commodity Online.
“The resistance of the commodity is likely to be at 410 and if it trades above that level then it could touch 412 levels. Intra-day traders should wait till evening before entering into short term trades,” she added.
On India's MCX, copper for delivery on April 30 was spotted trading at Rs.406.80 a fall of 0.55% as of 05.06 PM, IST.
Due to short covering fuelled by a port strike in Chile, and a force majeure event called by India's largest copper smelter, Copper gained above 405 mark.
The Chile's government has called for a swift solution to the stoppage on Thursday. But there are no clear signs of when that could happen.
Copper on the COMEX for delivery on May13 is trading at $ 3.344 a fall of $ 0.008 or 0.24% as on 05.18 PM, IST.

Copper Set for Third Weekly Decline Amid Rising Stockpiles

(Bloomberg) -- Copper traded near an eight-month low, poised for a third weekly drop, on concern that growth is slowing in China, the biggest user, and as global inventories continued to climb.

Metal for delivery in three months fell 0.2 percent to $7,424 a metric ton on the London Metal Exchange at 2:55 p.m. in Seoul. Prices are down 1.5 percent this week and yesterday touched the lowest since Aug. 3. Futures for May delivery were down 0.2 percent at $3.344 a pound on the Comex in New York. Markets in China are closed today for a national holiday.

Inventories tracked by the LME rose for a 34th session to 579,175 tons, daily exchange figures showed. That’s the most metal since October 2003. Reports this week showed an official gauge of Chinese manufacturing for March came in lower than analysts forecast, while euro-area services output shrank more than initially estimated last month.

 

“Questions about growth in China and continued problems in Europe will likely cap gains for now,” RBC Capital Markets said in a report e-mailed today. “Falling bonded warehouse stocks of copper along with rising physical premiums in China will likely prove supportive through the second quarter.”

Stockpiles in bonded warehouses in China will fall by 80,000 to 100,000 tons in April, Macquarie Group Ltd. said in e- mailed report on April 4. Prices won’t fall sustainably below $7,000 a ton until 2014, Goldman Sachs Group Inc. said in an e- mailed report today.

Workers at Chilean copper mines owned by BHP Billiton Ltd. and Anglo American Plc are preparing protests to push for greater job security at a time when a strike at a port is restricting exports by 60 percent after Angamos port workers started protests March 16.

On the LME, zinc and lead declined, while tin and nickel rose

Copper drifts ahead of payrolls, BoJ supports

London copper drifted on Friday, not far from 8-month lows hit the prior session, biding time ahead of the U.S. jobs report with top consumer China out on holiday, while expectations of further easing by central
banks curbed losses. Three-month copper on the London Metal Exchange  edged down 0.20 percent to $7,425 a tonne by 0704 GMT, from the previous session.  Copper on Thursday plumbed its lowest since Aug. 3 at $7,331.25 a tonne. Prices are now down more than 6 percent for
the year.  The Shanghai Futures Exchange will reopen on Monday after a two-day break. "We don't think copper will go much below the recent lows, at least in the near term," said economist Alexandra Knight at
National Australia Bank in Melbourne. A soft patch in demand will fade out as the market recovers from a bout of shaky confidence after manufacturing reports from China and the U.S. failed to live up to expectations, she said. "We're expecting a modest recovery from the U.S. to continue and Chinese recovery to remain fairly robust," she added. Expectations that central banks around the world will keep an easy monetary stance have underpinned metals which as hard assets tend to climb in value as paper depreciates.  The Bank of Japan unleashed the world's most intense burst of monetary stimulus on Thursday to jump start its economy out of decades of deflation, while the European Central Bank opened the door to an interest rate cut as soon as next month, to boost its recession-hit economy.  "Declining metal markets have highlighted the unusual divergence between falling commodity markets and rising equity
markets particularly in the States," noted Michael Turek, a trader at brokerage NewEdge in New York.
"The belief that ...Bernanke will stimulate if the economy weakens will continue to be most supportive. In terms of metals, we do appear to be oversold," he added. U.S. job growth likely was moderate in February as higher taxes and fears of deep government spending cuts made employers cautious, suggesting there was still not enough momentum in the economy for the Federal Reserve to scale back its monetary
support.(http://www.kitcometals.com/news/)

Copper news

Trend updated for-Apr/05/2013.CMP-409 Overall trend of the Copper is bearish for medium-long term .Currently Copper is in strong downtrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend .. The oscillator is showing BUY signal For short term Copper is in SELL position.Positionally Immediate support for Copper is 394.Resistance for the Copper is 414-415-420-429-434-437- Currently Copper is in HOLD SHORT position Copper is moving sideways with low volatality so short term investor better to buy if close above 413.0 close below 396.5 sell will happen. The oscillator is showing SELL signal Intraday Trend-Intraday better to buy above 426.9 and Sell if below391.2 Intraday Resistance of COPPER are 411.7/414.3/418.7/422.6/432.5/438/448.5/459.2 Intraday Support of COPPER are 406.4/403.8/399.4/392/382.6/377.4/367.8/358.3

Base metals

Base metals

LME base metals continue to tread lower, in light of expansion in supply, mounting stockpiles and doubts about end-user demand in China, the world’s largest metal’s consuming nation. Copper prices have breached the crucial support of USD 7,500/ton and can retest the 2012 low of USD 7,219/ton. Strengthening US dollar is also weighing on the complex. US dollar index has rebounded back above 83, deriving cues from improving macroeconomic tone in US.

MCX Copper (April)Price indication: Prices have support at Rs 400/kg and resistance at Rs 415/kg

 MCX Copper April : Sell around 406 levels with a stop loss placed above 409 levels for targets of 402 levels.

Copper news

Trend updated for-Apr/04/2013.CMP-403 Overall trend of the Copper is bearish for medium-long term .Currently Copper is in strong downtrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend . In last few days volume based selling happened in the Copper. The oscillator is showing BUY signal For short term Copper is in SELL position.Positionally Immediate support for Copper is 394.Resistance for the Copper is 415-416-421-430-435-437-

Currently Copper is in HOLD SHORT position Copper is moving sideways with low volatality so short term investor better to buy if close above 418.4 close below 396.5 Sell will happen. The oscillator is showing BUY signal

Intraday Trend-Intraday better to buy above 421 and Sell if below385.8

Intraday Resistance of COPPER are 406.4/409/414.8/420.5/430.3/435.8/446.3/456.9
Intraday Support of COPPER are 400.3/397.7/395.4/389.9/380.6/375.4/365.8/356.3

Lead news

Copper futures fell to the lowest level since early August during European morning hours on Thursday, as a broadly stronger U.S. dollar dampened the appeal of the industrial metal.

Investors now looked ahead to the European Central Bank’s policy decision due later in the day, as well as Friday’s U.S. jobs data for trading cues.

On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.323 a pound during European morning trade, down 0.3% on the day.

New York-traded copper prices fell by as much as 0.8% earlier in the session to hit a daily low of USD3.306 a pound, the weakest level since August 3.

Copper prices struggled for upside traction due to a stronger U.S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.7% to trade at 83.47, the strongest level since August.

Market players now looked ahead to Friday’s highly-anticipated U.S. monthly nonfarm payrolls report to further asses the strength of the country’s economy.

The U.S. is second behind China in global copper demand.

Investors also awaited the European Central Bank’s policy decision due later in the day, as well as comments by ECB President Mario Draghi for further hints on the future of its monetary policy.

Elsewhere on the Comex, gold for June delivery dipped 0.5% to trade at USD1,545.75 a troy ounce, while silver for May delivery was flat to trade at USD26.79 a troy ounce.

Gold and silver remained under pressure as investors were hesitant to enter the precious metals market amid a weak technical outlook.

Gold prices were trading at an 11-month low, while silver futures fell to the lowest since July. 

Copper news

Copper prices are expected to drift lower till 400 398 one could sell on rise till 405- 406 with a stop loss above 409.

Nickel prices are expected to witness a sideways to down move after the price break down. One can sell on rise around 885 - 890 with a stop loss above 900. Prices are expected to test 865 860.

copper news

MCX Copper April : Sell around 406 levels with a stop loss placed above 409 levels for targets of 402 levels.
MCX Nickel April : Sell around 890 levels with a stop loss placed above 902 levels for targets of 870 levels.

Copper news

Metals: Domestic base metal futures were trading lower tracking the fall in benchmark contracts on the London Metal Exchange and due to firm rupee against the dollar. Base metal futures on the LME traded lower on concerns over demand from China and rising inventory in exchange warehouses. Metal prices came under pressure also because of lower-than-expected rise in China's manufacturing Purchasing Managers' Index.
MCX Copper April contract is looking negative for the day. Market may find support near 406 & 403; intraday resistance can be seen near 411 & 414. Day traders are advised to sell intraday on rise. (Sell around 411 with SL 414, for the target of 406 & 403.)

MCX Nickel April contract is looking negative for the day. Market may find support near 889, 878, intraday resistance can be seen near 905 & 916. Day traders are advised to sell intraday on rise. (Sell around 905 with SL 916 for the target of 889 & 878.)

Copper news

Copper prices are holding the support at 405 one can expect a bounce till 410-411. Further weakness can be observed below 405. Price range expected for intraday 411-402.

Copper news

Trend updated for-Apr/03/2013.CMP-409 Overall trend of the Copper is bearish for medium-long term .Currently Copper is in strong downtrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend .. The oscillator is showing BUY signal For short term Copper is in SELL position.Positionally Immediate support for Copper is 394.Resistance for the Copper is 417-418-422-431-435-438

Currently Copper is in SELL position Copper is in sideways so for short term better buy above 418.4 with stop at 396.5 The oscillator is showing BUY signal

Intraday Trend- Buy is advised only above 418.7 with a stop at 403.1 Below 398.5 go for sell and put stop at 414

Intraday Resistance of COPPER are 410.1/411.4/417.6/423.3/433.2/438.7/449.2/459.9
Intraday Support of COPPER are 407/405.7/398.2/392.6/383.3/378.1/368.5/358.9

Copper Swings in New York on Seven-Month Low and China Factories

Copper swung between gains and drops in New York as investors weighed the lowest prices in seven months against weaker-than-estimated manufacturing growth in China, the world’s biggest consumer of the metal.
An official gauge of Chinese manufacturing came in at 50.9 for March, the country’s statistics bureau and logistics federation said yesterday, below the reading of 51.2 predicted by economists surveyed by Bloomberg. Figures today will show factory orders rose the most in five months in February in the U.S., the second-ranking copper user, a separate survey showed.
“We expect things to improve gradually, but would see the recent price drop as an attractive buying opportunity,” said Nic Brown, head of commodity research at Natixis SA in London.
Copper for delivery in May was little changed at $3.374 a pound by 6:45 a.m. on the Comex in New York. Prices touched the lowest since Aug. 3 yesterday and today added as much as 0.3 percent and slid as much as 0.4 percent.
Prices in New York also retreated yesterday as a U.S. factory measure from the Institute for Supply Management fell to 51.3 in March, against economists’ projection of 54 in a Bloomberg survey.
Markets in China will be closed April 4-5 for a holiday and traders will “just watch the market and wait for the finishing of the long weekend, instead of taking any extra positions,” said Pengjiang “Richard” Fu, director for Asian commodities trading at Newedge Group SA in London.
Copper for three-month delivery fell 0.9 percent to $7,470 a metric ton on the London Metal Exchange, which was shut yesterday and March 29 for public holidays.
Copper may hit a low of $7,000 a ton by May on weak demand and rising inventories, Edward Meir, an analyst at INTL FCStone Inc. in New York, said in a report e-mailed today. Stockpiles of the metal tracked by the LME are the highest since October 2003.
Inventories expanded for a 32nd session to 571,125 tons, daily LME figures showed. Orders to remove copper from warehouses surged 28 percent to 116,625 tons, the highest level since Feb. 26, 2004, on bookings in New Orleans.
Aluminum for delivery in three months fell 0.5 percent to $1,894.50 a ton in London after reaching $1,893, the lowest since Oct. 30. Nickel, lead, zinc and tin dropped.
( http://www.bloomberg.com/news/2013-04-02/copper-tumbles-to-seven-month-low-as-metals-fall-on-factory-data.html)

Copper news

Trend updated for-Apr/02/2013.CMP-408 Overall trend of the Copper is bearish for medium-long term .Currently Copper is in strong downtrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend .. The oscillator is showing BUY signal For short term Copper is in SELL position.Positionally Immediate support for Copper is 394.Resistance for the Copper is 418-419-423-432-436-438-

Currently Copper is in HOLD SHORT position The Copper is in downtrend For short term buy only if close above 414.0 The oscillator is showing SELL signal

Intraday Trend- Buy is advised above 418.1 with a stop at 402.6 Below 397.9 go for sell

Intraday Resistance of COPPER are 410.9/413.2/417.5/423.3/433.1/438.6/449.2/459.8
Intraday Support of COPPER are 405.1/402.8/398.1/392.6/383.2/378/368.4/358.8

Copper news and trend

MCX Copper April contract is looking negative for the day. Market may find support near 405 & 402; intraday resistance can be seen near 410 & 413. Day traders are advised to sell intraday on rise. (Sell around 410 with SL 413, for the target of 405 & 402.)

Buy MCX Copper April around Rs 407; target Rs 412

MCX Copper April : Buy around 407 levels with a stop loss placed below 404 levels for targets of 412 levels.
 
 Metals: Base metal futures on MCX were trading lower due to concerns over demand from China, as the country reported a lower-than-expected rise in manufacturing Purchasing Managers' Index. The data showed that China's March PMI rose to 50.9 from 50.1 in February, while market had expected it around 52. Absence of cues from the London Metal Exchange today also kept sentiment weak in domestic market.

Sell MCX Copper April Fut at Rs 412, SL Rs 415

Pick of the day:

MCX Copper (April): Sell- Rs 412, stoploss- Rs 415, target- Rs 407.

MCX Silver (May): Sell- Rs 53300, stoploss- Rs 53650, target- Rs 52700

Gold prices ended marginally lower, as improving macroeconomic tone in US led to investor’s preference for riskier assets. As a result, we witnessed strengthening in US equities and energy prices. However, gold prices have done well to hold around USUSD1600/ounce and are trading moderately higher today. Uncertainty over the implications of a severe haircut on the bank deposits in Cyprus is keeping the safe haven appeal for the yellow metal intact. In this respect, Cypriot central bank has confirmed that major depositors in Cyprus's biggest bank will lose around 60percent of savings over 100,000 euros.

LME base metals traded on a pessimistic note, with copper prices struggling around USD7,500/ton. The short term outlook for the red metal looks gloomy, with rising LME and Shanghai inventories, coupled with sluggish spot physical premiums. LME warehouse stocks are up by literally 80percent during this year and SHFE inventories are at 10 year high. 

WTI Crude oil futures traded steady, deriving strength from improving macroeconomic landscape in the world's top oil consuming nation. Strong US retail sales, improving labour markets, bottoming housing sector and improving consumer confidence has overshadowed subdued Chinese and European macroeconomic numbers. In addition, escalating belligerence between North Korea and South Korea has aggravated the geopolitical tensions, which has also lifted the energy prices.

Copper nwes and trend

Trend updated for-Apr/01/2013.CMP-410 Overall trend of the Copper is bearish for medium-long term.Currently Copper is showing some down move and trend is strong momentum is also showing strength and supported with good volume The open interest is not increasing with trend . Caution note selling at lower levels seems decreasing. The oscillator is showing BUY signal For short term Copper is in SELL position.Positionally Immediate support for Copper is 394.Resistance for the Copper is 418-420-424-432-437-439-

Currently Copper is in SELL position Copper has formed a new 5 day low yesterday but failed to keep the trend so if selling has to considered better below400.1 Buy if above 419.8 The oscillator is showing SELL signal

Intraday Trend- Buy is advised only above 415.7 with a stop at 404.7 Below 400.1 go for sell

Intraday Resistance of COPPER are 414.9/419.5/427.3/431.9/437.4/447.9/458.5
Intraday Support of COPPER are 405.5/400.9/393.1/382/376.9/367.2/357.7

Copper can test Rs 432.30: Sharekhan

Sharekhan has come out with its report on Copper. According to the research firm, the metal is expected to test its swing high of Rs 432.30.

MCX Copper has done a five-wave decline in its recent fall from Rs 454.65. It has taken support near a level at which it had taken support multiple times in the recent past and has entered a pullback mode. As per Elliott wave theory, a five-wave decline is usually followed by a three-wave pullback. Thus, unless the low of Rs 411.85 is broken, the red metal can go for a descent pullback.

The daily momentum indicator is showing a positive divergence, which adds to the bullish probability. Recently, copper has formed a bullish triangle. Thus, this is an opportunity to enter into fresh long position. On the upside, the key resistances are the 20-daily moving average (Rs 422) and the 40-daily exponential moving average (Rs 426). Overall, copper can test its swing high, ie Rs 432.30.