Market and product
MCX Copper likely to trade sideways to bullish
MUMBAI(Commodity Online): Copper futures plunged on Wednesday taking cues from reports that German investor confidence tumbled to the lowest level in 21 months, signalling a faltering recovery in Europe’s biggest economy, putting a dent on the demand outlook for industrial metals.
At the India's Multi Commodity exchange(MCX), Copper futures for November 2014 contract is trading at Rs. 429.40 per 1 kg, down by 0.30 per cent(11.11 am). The trend in Copper futures for November delivery on MCX looks sideways to bullish for the day. Traders are advised to use buy on dip strategy for the day.
“For intra-day, support for the commodity is seen at 425 and resistance is seen at 422. If price will break level of 432 then further upside is expected till 436,” Amrita Mashar, market research analyst at Commodity Online, said. One can enter into buying side near 428 with stop loss of 425 for target near 432 and 435, Amrita added.
The gauge measuring investor sentiment in Germany fell to 6.9 this month from 8.6 in August. The losses in copper were curbed after a report said that China’s central bank is boosting stimulus to stem a deepening slowdown in Asia’s biggest economy. The US Core CPI m/m, CPI m/m and Current Account data schedule this evening at 6:00 PM may turn highly volatile for Copper futures.
