Tuesday, July 10, 2012

MCX Copper Tips, Trend and Updates For Today

Copper Updates 
Copper is trading at 421 levels. Again a fall in base metal industry due to china economic effect. Intraday copper suggest that prices have breached the crucial support of 423 levels. RSI is in a sell mode. We expect prices to correct up to levels of 418. Although international updates say that Copper rose for the first time in three sessions on speculation that China will take more steps to spur its economy, bolstering the outlook for metals demand. Copper futures for September delivery gained 0.6 percent to settle at $3.4315 on the Comex in New York.

MCX Copper Trend
Recent trend for copper suggest the copper has already met the support level of 423 and it is now clear that it has triggered selling. Looking ahead, enduring chart formations is supportive for liquidation pressure and take prices towards 420/417 or even more later. However, rallies if sustain above 427 will be an early indication of reversal.

MCX Copper Tips
MCX Copper tips for today is to sell mcx copper on higher level else above 426 go for buying.