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“Resistance for the base metal is seen at 376 while 368 is the support,” Melbin Noble, Research Analyst at Commodity Online.

23 Apr 2013

MUMBAI (Commodity Online): Copper futures sentiments on India's Multi Commodity Exchange (MCX) looks bearish till the break of 376 and sustaining below 367 may drive the prices to test 363 level in the evening session.

“Resistance for the base metal is seen at 376 while 368 is the support,” Melbin Noble, Research Analyst at Commodity Online.

MCX copper futures for April delivery was trading down by 0.48% at Rs.373.20 per kilogram as of 06.31 PM IST on Tuesday.

Investors are awaiting for US new homes sales data to get trading clues which is scheduled to be released later today.

Less than expected China's manufacturing data has narrowed investor confidence today.

China’s HSBC Flash Purchasing Managers Index, fell to a two-month low of 50.5 in April from the final reading of 51.6 in March.

Meanwhile, Markit's flash German composite Purchasing Managers' Index (PMI), fell for the first time in five months in April, according to the data released. The index fell to 48.8 points in April from 50.6 points in the month before.

China's refined copper imports fell to 218Kt in March, down by 37% from last year and taking Q1 imports to 677Kt, 36% below 2012’s levels, according to Barclays.

Exports shot up to 60.6Kt from 38.6Kt in February, and 31.8Kt were bound for Malaysia, most likely to the Johor LME warehouse, the bank added.

Copper futures on Globex division of Comex was down by 0.69% at $3.109 per pound as of 06.43 PM IST on Tuesday.


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