MCX Copper And Zinc Updates For Today


It hasn't been a good day so far for base metals where all the key commodities are trading lower on multi commodity exchange of India. MCX copper remained in a range today and hovering around 425 level. Technical support levels for copper are 422 followed by 418. To break come out of this sluggish mode, copper is required to breach 427 level at initial level which would initiate fresh buying in copper while below 418 we can expect some downside till 416-414 level.

The same range bound trading can be seen in Zinc metal also. As long as prices stays above 103 level, zinc will have the potential of getting bearish trend. The MACD is also in buy mode and its trading close to the short term average. Buying around 103 for short term with the targets of 105-107 may be a good short term pick. While below 102.50 selling is advised.

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