Monday, March 05, 2012

MCX Copper Futures Tips

Weekly Outlook -

MCX Copper Futures last week posted second straight weekly gains at MCX on the back of positive trend in the overseas market and a sharp depreciation of Indian rupee against the US dollar that kept the prices higher in the domestic market.

Copper prices rose around 3.5 percent last week at MCX, despite uncertainty in European market, due to supply concern in Chile, the world’s largest copper producer, and positive economic data released in China.
In today's session MCX Copper April futures open slightly positive and currently trading at Rs 432.40 per kg, up by 0.17 percent by 12:08 IST.

Technically MCX Copper April futures having good support at Rs 425 and resistance at Rs 440 and Copper prices expected to trade in between the above said levels for this week, breakout of any of side would give the more upside or downside momentum for coming sessions. If Copper prices sustain below Rs 425 then we can see next price level of Rs 416 in coming sessions.

Short term traders advise to buy MCX Copper April future around Rs 428-429 with stop loss of Rs 425 for target near Rs 440 and Rs 448 for this week.

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