MCX Copper may trade bearish; support 405

3 Apr

“For intra-day, the commodity has support at 405 and below that it could test level of 403, said Amrita Mashar, Research Analyst at Commodity Online.

MUMBAI (Commodity Online): Copper futures for April delivery on India’s Multi Commodity Exchange (MCX) is likely to continue with its bearish trend on weak global cues.

“For intra-day, the commodity has support at 405 and below that it could test level of 403, said Amrita Mashar, Research Analyst at Commodity Online.

The base metal has resistance at 408 above which it may test 410,” she noted.

“MCX copper is likely continue with its bearish trend till it closes above 415 mark on a daily basis,” she said.

MCX copper for April delivery was down by 0.58 percent at Rs.406.20 per kilogram as of 03.38 PM IST on Wednesday.

The futures stayed in a thin trading range of 405-408 for the last two trading sessions. The base metal has dropped in the morning session after disappointing US and Chinese manufacturing data which raised concerns over the strength of the global economic recovery.

Investors are cautiously looking at Friday’s highly-anticipated U.S. monthly jobs report to asses the health of world’s largest economy.

U.S. ISM non-manufacturing data is scheduled to be released at 12.00 GMT.

Comex copper futures for May delivery was down by 0.60 percent at $3.358 per pound as of 03.51 PM IST on Wednesday.

>> Get accurate copper updates tips, by www.sharetipsexpert.com India’s No 1 Advisory company.

Source: commodityonline.com

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