DAILY MCX NEWSLETTER
THE EQUICOM PROFIT UPDATE: PLEASE CLOSE YOUR POSITION IN COPPER, OUR SL TRIGGERED
According to HSBC, since the government’s
India copper futures was seen trading
closure, key economic indicators have not been
negative on Thursday amid weak
released and so far it’s unclear when the data
international cues. The base metal is
might be released.
expected to trade further down during intra-
“FOMC meeting result may be bullish for gold.
Here the odds are high that the central bank
Intra-day support for copper November
will stand aside once again, if for no other
delivery on India's Multi Commodity
reason than to make sure that it does
Exchange (MCX) is seen at 445, 441 and 435
administer yet another needless shock to the
levels while resistance is seen at 456.
system,” said Edward Meir, commodities
Traders may sell around 446 with the stop
consultant at INTL FCStone.
loss of 450 for the target of 441.
“The few economic indicators that have been
Earlier, in the global market, copper futures
released are weaker and there is talk that the
recorded an up-tick and jumped a two week
Fed may not do anything in the fourth quarter
high after US law makers passed an accord
at all and perhaps wait until the first half of
on the US debt. Copper for delivery in three
2014 before making any kind of move,” he
months on the London Metal Exchange (LME)
rose by 0.6% to $7,300 per ton, the highest
That would support gold prices, but Meir added
since October 3 this morning.
that gold must overcome other headwinds,
such as sluggish investment and physical
Technically, support for MCX crude oil October
delivery is seen at 6050 and 6000 levels while
resistance is seen at 6190 and 6250 levels.
Traders are advised to sell around 6120 with
the stop loss of 6250 for the target of 6050,
according to Amit Nagar, Research Analyst at
The Equicom. MCX crude oil is expected to
witness buying sentiments in the evening
session as US Budget and Debt deadlock
Quarter-on-quarter, the quantity bought in the
retail industry increased by 1.5%. This is the
largest quarter-on-quarter rise since March
2008 when the economy as a whole was at its
peak, before the economic downturn.
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