Sell MCX Copper; target Rs 392: Dani Commodities
Dani Commodities has come out with its report on Copper. According to the research firm, one can sell MCX Copper at Rs 395.50 with a stoploss of Rs 397.50 for target price of Rs 392.
June 25, 2013 / 14:44 IST
Dani Commodities' report on Copper
Copper inventories ticked to 10 year high on Monday reaching 678225 tonnes. This is a cause of worry for the markets which is already carrying the burden of slack Chinese demand. Three-month copper futures turned lower on the London Metal Exchange, with losses in Shanghai shares Tuesday fueling selling, as concerns about China's cash crunch rattle investors.LME three month prices of Copper were seen at USD 6625 per tonne, compared to USD 6675 per tonne. Indian Copper prices suffered the same fate as its International counterpart. The prices declined to Rs 400.8 per kg, down Rs 8. Supports for the contract are at Rs 395 and 393 per kg.Last week, COMEX Copper fund managers, Commitment of traders (CoT) report showed heavy rise in short positions while there was minor increase of long positions by hedge fund managers. The total short positions increased by 11209 contracts taking total short contracts number to 55896 contracts against 44687 contracts in the previous week.In US economic news, the Federal Reserve Bank of Philadelphia said late last week that its manufacturing index rose to 12.5 in June from -5.2 in May, well above expectations for a -2.0 reading.MCX COPPER
Domestic: Sell at Rs 395.50 with a stoploss of Rs 397.50 for target price of Rs 392.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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