Sell MCX Copper, says Dani Commodities
Dani Commodities has come out with its report on copper. According to the research firm, one can sell MCX Copper at Rs 405 with a stop loss of Rs 407 for a price target of Rs 403.
Dani Commodities' report on Copper -
Copper is trading in a rangebound fashion on Tuesday in early Asian trades after the Chinese industrial production data came below expectations last night. The dullness in Copper and other metals is also due to the fact that the rise in inventories levels is making things difficult for the prices to move ahead. LME Copper three month prices are trading at USD 7335 per tonne, against USD 7378 per tonne on Monday. The inventories levels of Copper are at decade high of 606700 tonnes.Chinese industrial production increased by 9.3 percent but below market expectations of 9.5 percent increase. The industrial production numbers moved higher compared to March figures of 8.9 percent. Various data agencies have been warning of decline in Chinese economy in coming days.Last week, Copper and Copper product imports in China declined to multi month low levels as per the data from China General Administration of Customs. The report showed that the Copper imports were 295799 tonnes in April 2013, down 7.4 percent from last month levels of 319603 tonnes. The decline was more denting on a yearly basis by 21 percent from 375258 tonnes in April 2012. In other economic news, US Commerce Department said that the retail sales increased 0.1 percent in April following in March. The increase was the result of rise in auto sales numbers by 1 percent.MCX COPPER
Domestic: Sell at Rs 405, stoploss Rs 407, Target Rs 403.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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