Copper - Crude Updates and Trading tips for Today

Decreasing demand in Europe, US and chine has put pressure on crude prices and it is facing decline today and NYMEX crude prices have come down to $90 per barrel. Domestic market has witnessed a downfall of more than 0.60% in crude till now and mcx crude has come down to 4650 level. Consistent trading below this level may extend the bearish trend in crude oil and we can see the prices to come down to 4600-4550 level. Buyers can take interest above 4680 level.

Strengthening of dollar has caused base metals in LME to decline sharply due to which MCX copper has to suffer an initial downside of more than half percent. Copper is trading near 431 level and a trade below 430 can further push the prices down to 426-424. Traders can go for short in this commodity below 430. Technically, upside is expected above 436 only.  

MCX Copper Trading Strategy

MCX Copper has been performing so for last few trading sessions and now the trend is likely to face a bit lower dip towards 427-424 for short term. A trade below 430 can put copper in pressure to show some mild correction. But major sell off can be seen only below 417 levels. But if copper manages to cross 438 mark, a rally towards 442-445 can bee seen soon.
Intraday Traders can adopt strategy to buy on dips in copper and should wait for lower levels to initiate new buying.

Copper Trading range Today- MCX Base Metals Updates

Yesterday MCX Copper (June) settled in green Zone with 2.35% of gain (410.7%) after making a low of 401.50 which was the open price as well.

Today the Nearest support for Copper is seen near 404.50 a trade below which could lead Copper to go down till 398.2 levels. Where as resistance is seen near 412.50 above which Copper can see some more up-move towards 414 followed by 417.

Trading range for copper is 398-417.

For Intraday Buy Copper June around 410.50-411 fo the targets of 414-416 Stoploss 406.70

Commodity Updates - MCX Tips for Today

MCX Gold (August Futures): Buy on dips- 22490-22530 Stoploss - 22450 and the target - 22550-600

MCX Silver (July Futures): Buy on Dips around 55400 for the targets of 55550-55700-850 stolposs 55100


MCX Copper (June Futures): Sell - 402 keeping a stoploss above - 404.50 and Target - 299.50-398

above 405 go for buy for the targets of 409

Copper Updates- Trdaing Recommendations for Today

MCX Copper opened at 400.90 dropped by 0.70 percent in morning trades. MCX Copper futures test below levels at 395.95 with total volumes of 47630 lots.
Copper prices stays continuous bearish in last few trading sessions. Price is trading in tight range of 410-395. Due to heavy selling pressure at every weekly higher level, Copper prices remain under pressure in last week.

MCX Copper June delivery contract fell by 0.80 percent to 0.90 percent to 395.95 rupees per kilogram in beginning of the week.

Instant support for the Copper is seen at 397 and below could see a test of 394. Resistance is now likely to be seen at 403, a move above could see prices testing 409.

Technically, Copper seems to be weak from here. In case price closes below 397 on daily basis, Copper may drop lower till 380 in near term.