Sell MCX Copper at Rs 443.20; target Rs 437: Dani Comm

Dani Commodities has come out with its report on precious metals and base metals. According to the research firm, one can sell MCX Copper at Rs 443.20 with a stop loss of Rs 445 for the target of Rs 437.

MCX Copper got chopped from day's high as traders opted to book profits in holiday thinned trading from China. Most of the other metals closed in red on modest settlement on London Metal Exchange. LME inventories of Copper declined by 50 tonnes to 399775 tonnes on Monday. London Metal Exchange Copper closed at $ 8257 per tonne, up $ 17 per tonne. Early Asian trades are witnessing Copper at $ 8188 per tonne, down $ 69 per tonne.

In currency markets, Dollar closed at 1.3406 against the Euro, down by 41 pips. However this failed to invite any positive usher in the metals. Investors are keenly monitoring any developments in Euro Zone on the back of uncertainty in upcoming elections in Italy and political tensions in Spain. Indian currency Rupee settled at 53.84 against the Dollar. The selling pressure in Rupee has been on account of demand of Dollar from Oil importers and expectations of weak IIP numbers.

MCX Copper February expiry contract tested a high of Rs 447.4 per kg, before settling down by 0.42% at Rs 444 per kg. The prices are likely to support at Rs 442 per kg. Resistance for the contract is at Rs 445 per kg. The volumes showed a dip on Monday. Total volumes of Copper were 67947 kgs against 84943 kgs on Friday. Open interest declined to 26533 lots from 33305 lots last week, an indicator that long positions were liquidated on Monday.

MCX COPPER
Domestic: Sell at 443.20, Stoploss 445, Target 437.

MCX GOLD
International: Major Support at USD1630. Bullish above USD1670.
Domestic: Sell at 30580, Stoploss 30630, Target 30470

MCX SILVER
International: Major Support at USD29. Bullish above USD31.
Domestic: Sell at 57450, Stoploss 57680, Target 57100.

MCX LEAD
Domestic: Sell at 129.50, Stoploss 130, Target 128.80.

MCX ZINC
Domestic: Sell at 117.20, Stoploss 117.70, Target 116.60.

MCX ALUMINIUM
Domestic: Sell at 112.10, Stoploss 112.60, Target 111.50.

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