MCX Copper may trade volatile for the day; Comex Copper neutral...

MCX Copper may trade volatile for the day; Comex Copper neutral:-

                                                


MUMBAI :- The trend in copper futures for August delivery on India's Multi Commodity Exchange (MCX) is expected trade volatile for the day and traders are advised to sell on rise for the day.

Meanwhile, copper futures for September delivery Globex platform of Comex is seen trading neutral and is expected to trade neutral for the day.

Copper futures for September delivery on Globex division of Comex was seen trading down by 0.44% at $3.118 per pound as of 02.28 PM IST on Friday.

“For intra-day, support for MCX copper is seen at 411 and 408 levels while resistance is seen at 418 and 422.5 levels,” according to our analyst at Commodity Online.

MCX copper for August delivery was seen trading down by 0.47% at Rs.413.60 per kilogram as of 02.44 PM IST on Friday.

Fall in US jobless claims, recent comments from US Federal Reserve Chairman Ben Bernanke and a rise in the Federal Reserve Bank of Philadelphia’s Manufacturing data were limited further fall in the base metal in both domestic and global markets.

Manufacturing firms responding to the Federal Reserve Bank of Philadelphia’s Business Outlook Survey reported increased business activity. The survey’s index of current activity increased to 19.8 in July from 12.5 in June. In the special questions, firms were asked about the effect of the Affordable Care Act on their health insurance plans and workforce.

Meanwhile, in the United States, in the week ending July 13, the advance figure for seasonally adjusted initial claims was 334,000, a decrease of 24,000 from the previous week's revised figure of 358,000. The 4-week moving average was 346,000, a decrease of 5,250 from the previous week's revised average of 351,250, according to the data released by the US Department of Labor.

US Federal Reserve Chairman hinted in its recent statement that the central bank still plans to withdraw its monetary stimulus if economy backs to its track.

Orders to withdraw copper stocks from London Metal Exchange (LME) accredited warehouses increased 1,325 tons to 336,600 tons, when compared to the total stockpiles of 640,600 tons, according to the Exchange data.

Higher copper supply, less than expected economic growth around the globe have been pressuring the base metal price movement in the global market to certain extent. 

To know more what's happening in the market contact Niva Capital Advisory or visit www.nivaca.com. PHONE NUMEBer:-+91 90360 55100/200/300