Buy MCX Copper at Rs 409; target Rs 411: Dani Commodities
Dani Commodities has come out with its report on MCX Copper. According to the research firm, one can buy MCX Copper at Rs 409 with a stop loss of Rs 407 for price target of Rs 411.
Dani Commodities' report on MCX Copper -
Copper has moved higher on Tuesday supported by rise of Euro and some bottom fishing after a sharp correction. The three month prices of LME Copper were trading at USD 7370 per tonne in early Asian trades compared to USD 7296 per tonne on Monday. Dollar moved lower against the Euro last night and was at 1.2884 against when last seen.The shutdown of production in Freeport Grasberg mine after the fatal incident has caused little impact on the red metal which declined by USD 54 per tonne to USD 7296 per tonne on Monday.Last week, Commitment of traders report for week ending 14 May 2013 showed decline in the short positions while there was concurrent minor increase of long positions by hedge fund managers. The total short positions declined by 3064 contracts taking total short contracts number to 40667 contracts from 43731 contracts in the previous week.Markets are keenly awaiting hints from Federal Reserve minutes regarding central bank monetary policy. Copper prices have gained last week on the back of news that Federal Reserve will end its monetary policy stimulus of USD 85 billion per month.Indian Copper futures moved up smartly by Rs 3.5 or 0.9 percent to end at Rs 409 per kg. The prices tested a low of Rs 400 before recovering. Further appreciation can take the metal towards Rs 411 and 413 per kg today.MCX COPPER
Domestic: Buy at Rs 409, stoploss Rs 407, Target Rs 411.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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