Buy MCX Copper at Rs 440.50; target Rs 442.50: Dani Comm

Dani Commodities has come out with its report on commodities. According to the research firm, one can buy MCX Copper at Rs 440.50 for the target of Rs 442.50 with a stop-loss of Rs 439.

LME three month forward prices appreciated on Monday on the back expectations that China will spearhead the demand and keep consuming metal for its infrastructure projects. The accommodative monetary policy stance by the traders also gave an indication that China was serious for its consumption theory.

LME three Copper forwards were up by $ 81 per tonne, at $ 7955 per tonne. MCX Copper benchmark expiry contract settled at Rs 439 per kg, up 0.13%. The prices are expected to move up in opening trades with targets of Rs 442-444 per kg. LME Nickel three month forwards were trading at $ 163 per tonne, at $ 17263 per tonne. MCX Nickel benchmark contract which settled at Rs 940 per kg, up 0.8%, is likely to trade up at Rs 945 per kg.

Growing expectations of reviving China GDP has resulted in uptick in Non ferrous metals space, one day. China's GDP rose 7.4 percent in the third quarter from one year earlier, slowing for seven consecutive quarters and marking the lowest growth in more than three years.

National Association of Realtors said that pending home sales fell to a seasonally adjusted 1.7%, from 5.0% in the preceding month whose figure was revised down from 5.2%.

MCX GOLD
International: Major Support at USD1700. Bearish Below USD1700.
Domestic: Buy at 30700, Stoploss 30640, Target 30780.

MCX SILVER
International: Major Support at USD29. Bearish Below USD32.
Domestic: Buy at 57780, Stop loss 57680, Target 58000.

MCX COPPER
Domestic: Buy at 440.50, Stoploss 439, Target 442.50.

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