Sure Shot Copper Tips

COPPER

Short term up move over and time to rise to sell side......as remain below 450..... Now in this week we may consider resistance 435-442 and support 425-420 range....

This counter last weak shown some volatility but end of the week its close near to low, as we expect & mention that it can touch 430 soon. Now still more weakness looks continue till 422. This week keep your eyes on level of 439, only above this level, its looks again positive till life time high and once close above 445.5, you can hold till target 458. Today it will face resistance 436.7-439 & support 428.5-423.

Copper (MCX-Feb'11): Copper direction is not very much clear. Since it is just above its 20 DEMA of 429.70. It crossed and closed below this level then it can fall further till 422. To move upward it has to cross 446 for next target of 455. In considering economic scenario of industries, this counter is still strong. 

Copper futures prices are trading with negative note in the domestic market due to weaker trend in the spot market. However, concern over tightening the monetary policy in the first quarter by china also created a negative sentiment among the investors. At MCX, copper future for February contract is trading at Rs. 431.95 per kg, down by 0.09%, after opening at Rs. 435.25 against the previous close price of Rs. 432.40. (At 11:02 AM today). Since, London Metal Exchange (LME) is close today; all the base metals are trading with positive note except copper at multi Commodity Exchange (MCX) tracking cues from the domestic market.