Metals and energy futures in India more or less mirror the movements in global exchanges as they are benchmarked likewise. For example, US Gold futures with MCX Gold, US Silver with MCX Silver and so on.
Therefore it is not surprising to find below in the two charts, the LME three month copper and MCX Copper November contracts witnessing a rebound from lows. LME Copper has solid support at $7536 per ton while intermediate support is seen at $7613 per ton.
On the other hand in MCX, Copper November contract has witnessed a steep decline in recent times but looks set to gain strength for a move upwards supported by China manufacturing data, outcome of US elections although contraction in eurozone manufacturing output causes concern for the metals complex.
A reversal pattern in both LME and MCX copper can take prices to intermediate highs in the near-term but not to levels seen earlier during the year.
MCX Copper November has maintained Rs 419 levels from this month beginning and strong support is evident at Rs 415 per kg with reasonable good volumes and open interest.
Investors should closely watch both LME Copper, MCX Copper for further clues about its upward movement in the coming days and initiate buy position accordingly. According to leading analysts, it is very important to enter trade at the beginning of an uptrend and hold on and start booking profits before it hits resistance level and starts climb down. There are no major news triggers as in September when QE3 announcement by US Fed Reserve helped commodities to make a broad based rally.
By Sreekumar Raghavan
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Copper May Be Gaining Strength To Move Upwards
Published 11/15/2012, 06:56 AM
Updated 05/14/2017, 06:45 AM
Copper May Be Gaining Strength To Move Upwards
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