COPPER IS LIKELY TO TRADE ON
SIDEWAYS DURING MORNING SESSION
Date : 27.02.12
Copper
is likely to trade sideways during the morning session on Monday, 27th February
after recovering from previous losses during the last week. The economic
recovery in the US is supporting the metals but the bleak view of exports from
China and contraction in its manufacturing data last week might weigh on the
sentiment and led the metal to trade sideways. Copper is likely to find support
at Rs 413.3 per kg and Rs 415.3 per kg and resistance at Rs 420 per kg and Rs
422.8 per kg. www.goldennifty.com
Copper
ended mostly higher on Friday, 24th February at LME as the upbeat data from the
US conspired with the huge rise in euro prompted the investors to cover their
positions.
Copper
edged up by 0.4% at $8440 per tonne on Friday. Comex Copper surged by 1.5% or 6
cents at $3.863 a pound compared to $3.806 a pound traded last day. At MCX,
Copper rose by 1.2% or Rs 5.05 at Rs 418 per kg. The contract traded below
50-day EMA and RSI stood at 53.47.
The
dollar index fell by 0.6% at 78.33 against the basket of 6 major currencies as
the easing concerns over the Greece citing the ECB long-term refinancing
operation this week hampred the safe haven dollar. www.goldennifty.com
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HAVE A PROFITABLE DAY
By
GIRL Team
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