Buy MCX Copper at Rs 410.50; tgt Rs 413: Dani Commodities
Dani Commodities has come out with its report on Copper. According to the research firm, one can buy MCX Copper at Rs 410.50 with a stop loss of Rs Rs 409 for price target of Rs 413.
Dani Commodities' report on MCX Copper -
The decline in Copper is possible from the fact that the Federal Reserve Chairman stance on the economy was dovish. The earlier expectations of stopping of stimulus package faced the bump after Ben Bernanke warned against tightening monetary policy too soon. The tightening of monetary policy could lead interest rates to rise temporarily but will carry risk of slowdown in economy.Meanwhile, International Copper Study Group (ICSG) has said that the refined Copper markets showed a production surplus of 40000 tonnes in February 2013, this was due to low refined metal demand. Further after making seasonal adjustments refined Copper markets were in production surplus of 46000 tonnes. The refined copper balance for the first two months of 2013, including revisions to data previously presented, indicates a production surplus of 127000 tonnes. This compares with a production deficit of 170000 tonnes.Also Read: Gold, Silver likely to trade on negative side: AngelMCX COPPER
Domestic: Buy at Rs 410.50, stop loss Rs 409, target Rs 413Disclaimer: 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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