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MTECHTIPS;-MCX Copper bearish; support 405 and 403

MTECHTIPS;-MCX Copper bearish; support 405 and 403

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Published by MtechTips
MTECHTIPS;-MCX Copper bearish; support 405 and 403

The trend in copper futures for June delivery on India's Multi Commodity Exchange (MCX) is still bearish and intra-day traders may short.“For intra-day, support for the base metal is seen at 405 and 403 levels while resistance is seen at 412.5 and 415 levels,” said Tarang Parmar, Research Analyst at Commodity Online.“Intra-day traders may take short position near 408 with stop loss above 412 and may wait for the target at 403 level,” he added .MCX copper for June delivery was seen trading down by 0.36% at Rs.406.85 per kilogram as of 01.56 PM IST on Thursday.Copper in the international market fell after Chinese HSBC Purchasing Managers' Index declined to 48.3 in June from May's final reading of 49.2, according to the data released by HSBC China.Chinese manufacturing activity recorded a negative growth on weak consumer and industrial demand.US Federal Reserve Chairman Ben Bernanke said that, the Federal Reserve may start rolling back its bond-buying program this year and end it entirely in mid-2014. Ben Bernanke's statement is putting further pressure on the commodity movement in the global market.Copper for July delivery on Globex platform of Comex was seen trading down by 1.90% at dapperer pound as of 02.10 PM IST on Thursday.

WWW.MTECHTIPS.COM
07489294118-119
MTECHTIPS;-MCX Copper bearish; support 405 and 403

The trend in copper futures for June delivery on India's Multi Commodity Exchange (MCX) is still bearish and intra-day traders may short.“For intra-day, support for the base metal is seen at 405 and 403 levels while resistance is seen at 412.5 and 415 levels,” said Tarang Parmar, Research Analyst at Commodity Online.“Intra-day traders may take short position near 408 with stop loss above 412 and may wait for the target at 403 level,” he added .MCX copper for June delivery was seen trading down by 0.36% at Rs.406.85 per kilogram as of 01.56 PM IST on Thursday.Copper in the international market fell after Chinese HSBC Purchasing Managers' Index declined to 48.3 in June from May's final reading of 49.2, according to the data released by HSBC China.Chinese manufacturing activity recorded a negative growth on weak consumer and industrial demand.US Federal Reserve Chairman Ben Bernanke said that, the Federal Reserve may start rolling back its bond-buying program this year and end it entirely in mid-2014. Ben Bernanke's statement is putting further pressure on the commodity movement in the global market.Copper for July delivery on Globex platform of Comex was seen trading down by 1.90% at dapperer pound as of 02.10 PM IST on Thursday.

WWW.MTECHTIPS.COM
07489294118-119

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Categories:Types, Research
Published by: MtechTips on Jun 20, 2013
Copyright:Attribution Non-commercial

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MTECHTIPS
MCX Copper bearish; support 405 and 403
The trend in copper futures for June delivery onIndia's Multi Commodity Exchange (MCX) is stillbearish and intra-day traders may
short.“For intra
-day, support for the base metal is seen at 405 and403 levels while resistance is seen at 412.5 and 415
levels,” said Tarang Parmar, Research Analyst atCommodity Online.“Intra
-day traders may takeshort position near 408 with stop loss above 412
and may wait for the target at 403 level,” he added
.MCX copper for June delivery was seen tradingdown by 0.36% at Rs.406.85 per kilogram as of 01.56 PM IST on Thursday. Copper in the

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