MCX Copper volatile; resistances 422.5 and 426...

MCX Copper volatile; resistances 422.5 and 426

MUMBAI:- The trend in copper futures for August delivery on India's Multi Commodity Exchange (MCX) is volatile and intra-day traders are advised to remain cautious while taking positions.

“For intra-day, resistance for the base metal is seen at 422.5 and 426 levels while support is seen at 417 and 414 levels,” said Tarang Parmar, Research Analyst at Commodity Online.

MCX copper for August delivery was seen trading up by 0.11% at Rs.420.20 per kilogram as of 01.36 PM IST on Tuesday.

Copper prices in the global market edged up on Tuesday amid speculation that China, world's second largest economy is planing to boost its economic growth.

                

Premier Li Keqiang’s government perceives that 7 percent growth as the lowermost point for tolerance of an economic slowdown, as per a media report. As of now, the traders hope that the Chinese government would take necessary steps to boost its economic growth.

Copper futures for September delivery on Globex platform of Comex was seen trading down by 0.53% at $3.168 per pound as of 01.48 PM IST on Tuesday.

US House Price Index is scheduled to be released at 06.30 PM IST while Eurozone Consumer Confidence data is expected at 07.30 PM IST today.

In the United States, existing-home sales declined in June but have stayed well above year-ago levels for the past two years, while the median price shows seven straight months of double-digit year-over-year increases, according to the data released by the National Association of Realtors on Monday.

Total existing-home sales, which are completed transactions that include single-family homes, town homes, condominiums and co-ops, dipped 1.2 percent to a seasonally adjusted annual rate of 5.08 mn in June from a downwardly revised 5.14 mn in May, but are 15.2 percent higher than the 4.41 mn-unit level in June 2012.

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