Sell MCX Copper at Rs 408; target Rs 406: Dani Commodities

Dani Commodities has come out with its report on bullion, metals and energy. According to the research firm, one can sell MCX Copper at Rs 408 with a stoploss of Rs 410 for the target of Rs 406.

Sharp selloff in metals last night that saw Copper dipping to a seven month low has seen some halt on Wednesday. The metal used in electrical appliances and construction is now showing rangebound moves on a rather dull note than usual. The contraction in Copper in last few days has been so sharp that the selling seems to have lost some pace. It seems that in coming days there can be retracement in the prices before next selling wave triggers. LME Copper declined by USD 145 per tonne to close at USD 7468 per tonne. Copper was trading at USD 7487 per tonne on Wednesday.

Manufacturing data in US was lackluster this week that has grimed the sentiments. US PMI in March was at 51.3 percent, a decrease of 2.9 percentage points from February's reading of 54.2 percent, indicating contraction in manufacturing. The undertone was already bearish on account of decade highs inventories of Copper in London warehouses and even Shanghai. In other news, Rio Tinto has taken a major step forward in its expansion of its Pilbara operations, with the installation of the new shiploader with a nominal 55 million tonne annual capacity on the new wharf at Cape Lambert.

MCX COPPER
Domestic: Sell at 408, Stoploss 410, Target 406.

MCX GOLD
International: Major Support at USD1580. Bearish below USD1580.
Domestic: Sell at 29450, Stoploss 29510, Target 29360.

MCX SILVER
International: Major Support at USD28. Bearish below USD28.
Domestic: Sell at 51000, Stoploss 51250, Target 50500.

MCX CRUDE OIL
International: Major Support for WTI at USD89 Bullish above USD 91
Domestic: Sell at 5280, Stoploss 5300, Target 5230.

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