Max Commodity has come out with its funder mental report on MCX Copper. According to our research firm, demand for the red metal is expected to be robust by the year end; China being a dominant driver, as monetary stimulus measures by the government and the country’s shift to consumption based model are likely to boost MCX copper demand.
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MCX Copper price have declined sharply from Q1 2012 levels on weaker-than-expected economic growth indicators especially from the Euro-zone and China. However, on the macro economic front, with China’s new leadership focusing on pro-growth policies and the improving stock economic scenario in the US and euro zone, Copper rate are expected to get some support from the demand side by the end of Q4 2012.
MCX Copper November contract is looking positive for the day. Stock Market may find support near 431 & 428; intraday resistance can be seen near 434 & 437. Day traders are advised to buy intraday on tips. (Buy around 431 with SL 428, for the target of 434 & 437.)
Demand for the red metal is expected to be robust by the year end; China being a dominant driver, as monetary stimulus measures by the government and the country’s shift to consumption based model are likely to boost MCX copper demand. This may provide a fresh impetus to MCX copper rate.
MCX Copper rate on LME are expected to trade between $7500-$8500 per tone for the balance of this year, while next year, we could see a $7200-$8800 per ton trading range in place, with an average price of $8000 per ton.
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Copper yesterday traded with the negative node and settled -0.48% down at 406.65, Copper fell to a one-week low on concern that the global economic recovery may be faltering as manufacturing slows from China to the U.S., the world’s largest metals buyers. Manufacturing in the U.S. grew at the slowest pace in more than a year last month, and more Americans than forecast filed applications for unemployment benefits last week.
China said industrial production was the weakest since August. Copper prices have dropped 12 percent from a record in February. Copper may fall further on speculation demand will slow as global economic growth falters. China’s manufacturing growth fell, with the China Federation of Logistics and Purchasing saying on June 1 that its purchasing managers’ index dropped to 52 in May from 52.9 in April.
In yesterday’s trading session copper has touched the low of 401.8 after opening at 408, and finally settled at 406.65. For today’s session market is looking to take support at 402.4, a break below could see a test of 398.1 and where as resistance is now likely to be seen at 410.4, a move above could see prices testing 414.2.
Trading ideas for copper updates :
Copper trading range is 398.1-414.2.
Copper fell on concern that global economic recovery may be faltering as manufacturing slows
Copper is taking resistance at 410.40 and support is seen at 402.40.
Copper daily stocks at Shanghai exchange came down by 301 tonnes.
Fifth day in progress base metals saw interested buyers running with money to chase the metals. The prices of most of the metals are at multi month highs. Copper already sets new records on every trading day. The rise was despite of the fact that the Chinese buyers will be missed from the scene in couple of days from now. The markets will also be missing any positive news flows from China. The negative news flows will also be missed as the marginal decline in China PMI indicated that the fresh hike in interest rates might get delayed. Chinese PMI expanded at 52.9. The rise in Tuesdays markets was currency driven and improving fundamentals of Europe. The PMI in Europe tested a 9-month highs and inflation also remained moving higher.
Indias manufacturing sector activity continued to expand in January, the latest survey from Markit Economics showed Tuesday. The seasonally adjusted HSBC Purchasing Managers Index rose to 56.8 from 56.7 in the previous month. The latest reading indicated a marked expansion of the Indian manufacturing sector and at a strong pace.
Meanwhile, production report from Xstrata showed, Coppers total mined copper production increased to 913,500 tonnes in 2010 compared to 907000 tonnes the previous year, despite challenging operating conditions at some of its South American operations. Xstrata Coppers share of production decreased by 6% to 221,800 tonnes compared to the record production levels achieved in 2009.
MCX Copper yet again tested all time highs on Tuesday. Soon after the opening ticks, the prices witnessed a move towards Rs 456.5 per kg, which is also its all time high so far. The red metal now trades at Rs 454 per kg, up Rs 2. COMEX Copper March delivery is trading at $ 4.482 per pound, up 2 cents. MCX Nickel February tested a high of Rs 1277.6 per kg, the prices are now trading at Rs 1270 per kg. MCX Lead is trading at Rs 116.7 per kg, up 0.73%.
MCX Copper futures are expected to witness a mixed opening and the bias is expected to be negative during the session after a massive surge in last session, which made the commodity, tests its 27 month highs on COMEX and LME. Commodities started in an upbeat manner yesterday as the US dollar slumped following the weekend talks among the Group of 20 nations. The dollar tested levels of 1.4000+ against the Euro after the Group of 20 meeting found common ground on the need for more market oriented exchange rates. Focus has shifted back to a Federal Reserve policy meeting on Nov. 1-2 that could result in the central bank printing money to buy assets.
Copper shot up in Asia yesterday, with the LME prices hitting above $8,500 for the first time since July 2008. The benchmark London Metal Exchange forward contract hit $8,549 a tonne, its strongest since the record $8,940 struck in July 2008. Meanwhile, the New York trades witnessed some moderation but the economic data turned out to be supportive for the red metal. The sales of previously occupied properties rose by 10% last month to a seasonally adjusted annual rate of 4.53 million according to data out from the National Association of Realtors said. The figure was a surprisingly strong bounceback from a slump over the northern summer, in which sales bottomed out at 3.84 million in July – the lowest for 15 years.
COMEX Copper tested a high of $3.8895 per pound and slipped in the closing hours, as the dollar rose from lows of 1.4079 against the Euro and broke under 1.4000. The greenback has maintained a steady undertone today in Asia, hovering around the same levels though the undertone remained positive for the US currency after the latest rebound. The action in the last few days has confirmed that the greenback is well supported around 1.4000 mark a clear break above the same levels still eludes the Euro.ï¿½
COMEX Gold gained further today, hitting a fresh two and half year high of $3.8930 per pound before some selling emerged. The metal is drawing some strength from the recent drop in the LME inventories and it looks as though prices could not be in for a severe drop unless we see the persistent drop in the inventories coming to a halt. the LME copper stocks slipped by 750 tonnes to 370000 368,825 tonnes on Friday, their lowest in a year.ï¿½
MCX Copper futures ended at Rs 380.05 per kg after testing fresh highs of Rs 381.80 per kg during the session. The open interest went up by nearly 8% to 35804 lots. The COMEX Copper futures are quoting at $3.8695 per pound right now and we could see a mixed start on MCX. Expect the local futures to witness some sell off in case Rs 381 levels are not broken convincingly. The contract could test lows of Rs 378.10 in such a case.