copper intraday

MCX Copper dropped to a low of 356.30 following LME and energy movement, slight increase in stock at Lme also supported the move. Copper June closed near 357 with loss of Rs. 3.05 per kg, intra day high registered near 360.45

Copper futures eased Tuesday in a market concerned about demand due to a slowing economy, with some liquidation occurring after resistance held at the highs from the last five weeks or so.

But most also described the market as subdued as traders await the outcome of a two-day meeting of the Federal Open Market Committee that ends after the copper market closes on Wednesday.

A market "increasingly worried" about poor demand from the U.S. spreading to other nations probably led to lower copper prices despite a softer tone in the dollar that often underpins commodities such as copper, he continued.

The Conference Board said the June confidence index fell to 50.4 from 58.1 in May. This comes after weak German business-sentiment and euro-zone manufacturing data on Monday.

The metal came into the session softer even ahead of the U.S. data, with other observers also citing some worries about Chinese demand as well as chart-based selling.

Traders will have several U.S. reports to digest Wednesday while awaiting a post-meeting statement from the Federal Open Market Committee, May durable-goods orders, May new-home sales, weekly energy inventory data, which affects crude oil and sometimes spills over into metals

Inventories of copper stored in London Metal Exchange warehouses rose 25 metric tons Tuesday, leaving them at 123,150. The most recent Comex inventory data, released late Monday afternoon, were steady at 11,040 short tons.

MCX Copper June - Technical Outlook:

The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.

Technical have turned neutral to bullish and market is expected to remain positive above 359.5 levels. If sustain above this level can see a rally towards 362.1 and 363.7, If market sustains below 357.9 can see a further fall towards 355.4 and 353.8

Recommendations-MCX Copper June: Sell at 358.50-359 Target 355 and 353 SL 361.20

MCXARUN
9994500540