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“For intra-day, copper is looks sideways to bearish. Support is there at 442 while 445 is the resistance. Traders are advised to sell below 442,” said Amrita Mashar, Research Analyst at Commodity Online.

12 Feb 2013

MUMBAI (Commodity Online): Copper futures for February delivery on India's Multi Commodity Exchange (MCX) is expected to fluctuate on likely lower volumes in the international markets on account of Lunar New Year holidays in South East Asia.

“For intra-day, copper is looks sideways to bearish. Support is there at 442 while 445 is the resistance. Traders are advised to sell below 442,” said Amrita Mashar, Research Analyst at Commodity Online.

“The base metal may move towards 440 level, if it falls below 442,” she added.

MCX copper futures for February delivery was down by 0.15 percent at Rs.443.30 per kg as of 04.11 PM IST on Tuesday.

Earlier, copper opened on a negative note and is expected to continue with negative trend throughout the day.

Also, concerns over Euro zone and appreciation of U.S. dollar might have influenced investors' decisions in the international market.

Markets in Hong Kong will remain closed till Thursday on account of Chinese Lunar New Year holidays, while markets in mainland China will be closed for the entire week.

Investors are waiting for President Obama's State of the Union address scheduled to be held at 9.00 PM EST on Tuesday (0200 GMT Wednesday) where indications pertaining to automatic tax hikes and spending cuts are expected to be given out.

Meanwhile, G 20 finance ministers' meet is scheduled to be held in Moscow this week.

Comex Copper futures for March delivery was down by 0.07 percent at $ 3.720 per pound as of 04.26 PM IST on Tuesday.


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