Buy MCX Copper; target Rs 422: Dani Commodities
Dani Commodities has come out with its report on Copper. According to the research firm, one can buy MCX Copper at Rs 419.50 with a stop loss of Rs 417.50 for price target of Rs 422.
Dani Commodities' report on MCX Copper -
Chinese manufacturing data expectations have made metals quite after most of them barring Nickel jumped on Thursday. The smart moves in metals yesterday were driven by fall in US Dollar against the Euro. The Dollar was seen trading at 1.3036 against the Euro after it declined to 1.3043, down 104 pips on Wednesday. Chinese economy is expected to shrink down but the traders are looking for some exceptions in the report. Recently, the IMF has predicted a downtrend in China GDP to 7.75 percent in the year 2013, from 8 percent in earlier forecast.The rise in Copper has been mainly driven by fall in US Dollar and the rise of spot premiums in China as most of the metal is struck in financing deals. Some of the shutdowns in units of Copper has happened due to shortage of scrap. LME Copper three month prices were seen trading at $ 7315 per tonne, down $ 30 per tonne from last night. MCX Copper moved sharply higher settling at Rs 414.5 per kg, up 0.75 percent. The prices tested a high of Rs 416.1 per kg and a low of Rs 405.1 per kg.MCX COPPER
Domestic: Buy at Rs 419.50, stoploss Rs 417.50, Target Rs 422.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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