HomeCopper Updates Today: Base Metal Face Downtrend in Commodity Today
On the global front, today morning Asian stocks have headed for their first advance in this week, as South Korean bonds climbed after the central bank unexpectedly announced a cut in the interest rates. The surprise rate cut from S. Korea right after the same announced by Thailand has further strengthened the US Dollar to reach to multi year highs against major peers. From the base metals sector, most of the metals closed on a negative note as the rallying Dollar index continued to fade away the appeal for the green back metals. Copper faces additional downward pressure as not only the Dollar index but the weak economic data of the industrial production from China has further propelled the losses for this particular metal. For the day, we have retail sales data and unemployment claims from US which are expected to perform better than prior figures and is likely to add support to the base metals,
SELL COPPER At 364.55 Target 362-359-357 with Stoploss at 370.
MCX Calls For Today
SELL GOLD At 25635.00 Target 25500-25400-25300 with Stoploss at 25800.SELL COPPER At 364.55 Target 362-359-357 with Stoploss at 370.
