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“MCX Copper is expected to remain in the range of 435-440. It has good support at 437 with its second support level of 435. Resistance is at 440 followed by the second resistance level of 442,” said Amrita..

22 Jan 2013

MUMBAI (Commodity Online): Copper on India's Multi Commodity (MCX) is trading in a positive zone on global trends. Recovery in major economies is expected to boost demand for copper.

MCX copper futures for February contract is up by 0.76 percent at Rs.439.60 as of 04.31 PM IST on Tuesday.

“MCX Copper is expected to remain in the range of 435-440. It has good support at 437 with its second support level of 435. Resistance is at 440 followed by the second resistance level of 442,” said Amrita Mashar, Research Analyst at Commodity Online.

Medium term outlook is not clear for time being and intra-day traders are advised to buy on dips with stop loss of 435.

Intra-day traders are advised to buy near 437 at a stop loss of 435. Target is estimated at 440.

Copper February contract gained and stood in green region from morning as a result of strong global fundamentals.

Volatile supply of aluminium is expected to support copper prices in the medium term. Rise in global copper stocks and consumption ratio, growing copper consumption for building power grids in China are expected to support copper in the long run.

Meanwhile, global copper prices are showing stable or positive trend as a result of expectations on economic recovery in China, Europe and United States. European Union, meanwhile has approved the next aid disbursement to slowdown-hit Greece.

On Monday, Euro zone finance ministers gave their permission for the disbursement of 9.2 billion euros to Greece.


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