Buy MCX Copper at Rs 408; target Rs 411: Dani Commodities
Dani Commodities has come out with its report on Copper. According to the research firm, one can buy MCX Copper at Rs 408 with a stop loss of Rs 406 for price target of Rs 411.
June 27, 2013 / 16:02 IST
Dani Commodities' report on Copper
After moving down once again on Wednesday, Copper prices are trying to show a strong face in early Asian trades. The prices are trading USD 35 per tonne higher at USD 6753 per tonne. Although there is no guarantee that the moves will remain working throughout the day. Bottom fishing at three years lows is on in the metals space.The release of pressure points was also on account of US Dollar that declined against the Euro last night. The Dollar ended at 1.3005 against the Euro almost at one month low. Decline in Dollar make metals attractive.Indian Rupee weakened sharply against the Dollar ending at 60.72. The INR has now moved up in opening trades at 60.39 per Dollar on 27 June 2013.The fall in Dollar was after a disappointing first quarter GDP report. The U.S. Commerce Department said U.S. GDP grew 1.8 percent in the first quarter, well below the previous estimate of 2.4 percent growth. Growth in consumer spending was slashed to 2.6 percent from 3.4 percent. Only the home construction and government readings were not revised downward. In Europe, Germany's consumer climate rose to 6.8 looking forward to July from 6.5 for June.MCX Copper settled at Rs 408.75 per kg, up 1.3 percent. The prices tested a high of Rs 410.35 per kg and a low of Rs 398.5 per kg. Markets can become choppy in the opening on account of strength in Rupee.MCX COPPER
Domestic: Buy at Rs 408, stoploss Rs 406, target Rs 411Disclaimer: 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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