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The trading pattern in copper futures for August delivery on MCX is unstable and brokers are encouraged to remain wary while taking positions for the day. Devaluation of Indian Rupee against US Dollar was seen topping the decrease in the base metal price to certain degree in the local market on Tuesday. As of now Indian Rupee deteriorated by 0.86% against US Dollar.
For intra-day, resistance for the Copper is seen at 412.5 and 416 levels while support levels are seen at 409 and 406. MCX copper for August conveyance was seen exchanging up by o.17% at Rs.411.55 for every kilogram starting 03.02 PM IST on Tuesday. Copper futures for September delivery on Globex stage of COMEX was seen exchanging around 0.67% at $3.087 for every pound starting 03.16 PM IST on Tuesday.
Silver Trend Today
Since May, MCX Copper has formed a pullback rally. It has retraced 61.8% of the previous fall and at that key Fibonacci level copper has formed a distribution since the last few weeks. In terms of the price pattern, it has formed a distribution triangle and has broken out on the downside recently. Thus, the red metal can be considered to have resumed with the larger downtrend. The daily momentum indicator has triggered a bearish crossover. The short-term targets on the downside will be 393.30 and 390. The reversal can be tightened to 416 on a closing basis.
MCX Tips Today
MCX Gold Tips: Sell around 28200 with a stop loss of above 28500 for targets of 27700.
MCX Silver Tips: Sell below 41000 with a stop loss at 41600 for targets of 40000.
Crude Oil Tips: Buy above 6230 with a stop loss placed below 6180 for targets of 6320.