Tuesday, June 14, 2011

Copper Updates

Copper June futures quoted at Rs 405.00 per kg, up Rs 3.95. It traded in the range of Rs 405.50- 401.50 per kg. Total volume so far recorded 59,590 lots.

Copper has been witnessed in the shop today. On MCX Copper sluggish in early trading after the business is on the edge of 1 per cent. Analysts said the rise in LME copper is to get the support. Actually LME copper stocks on the decrease, and 1-year records of nearly 10,000 tonnes of copper has dropped.
Base Metals sluggish since the beginning has been witnessed in the Light shopping. MCX Copper and nickel on nearly half percent is traded on the edge.
Yesterday copper updates as traded with the positive node and settled 2.35% up at 410.7 after China announced CPI was up 5.5% in May, which was in line with market expectations. SHFE copper pushed up to RMB 67,610/mt due to position closings by the shorts, but failed to stabilize, with prices falling to below the daily moving averages.
However, China’s CPI data released on Tuesday was in line with market expectations, causing copper prices updates to rebound slightly.  London copper fell on a stronger dollar and arbitrage trading but held on to most of its gains from the previous session in which it had shot up nearly 3 percent, driven by data from United States.
In yesterday's trading session copper updates and touched the low of 401.5 after opening at 401.5, and finally settled at 410.7. For today's session market is looking to take support at 404.5, a break below could see a test of 398.2 and where as resistance is now likely to be seen at 414, a move above could see prices testing 417.2.
Trading Ideas:
Copper trading updates range is 398.2-417.2.
Copper rebounded lows after release of better-than-expected China industrial production data
Copper is taking resistance at 414 and support is seen at 404.50.
Copper daily stocks at Shanghai exchange remained unchanged.

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