Copper futures for April delivery on India's Multi Commodity Exchange
(MCX) is expected to trade on a bearish note today, according to our
analyst.
“The base metal has strong support at 425 while 428 is the resistance. If prices break 425 level then seller can sell with the stop loss of 428 for target near 421,” said Amrita Mashar Research Analyst at Commodity Online.
MCX copper for April delivery was down by 0.25 percent at Rs.426.20 per kilogram as of 04.14 PM IST.
Earlier, MCX copper opened on a negative note and touched intra-day low of 425.55 as investors eyed policy meetings by European Central Bank and Bank of England.
Market sentiments for base metals are not looking positive as selling pressure continues in the international market.
US non-farm payrolls are scheduled to be released on Friday and may impact base metal movement. Also, China is likely to announce its trade data for February, which will be followed by inflation and industrial numbers over the weekend.
Rising copper stocks and a drop in US factory orders directly caused for a weak trend at the London Metal Exchange (LME).
Members totalling six belonging to the European Central Bank Executive Board and 16 governors of Eurozone central banks will vote on setting of the interest rate later today. The decision is closely watched for by the traders as short-term interest rates influence currency valuation.
Subsequently a press conference by the European Central Bank (ECB) to be held at 07.00 PM IST today.
The ECB is expected to leave rates on hold at 0.75%, but concerns over the economy of the region fuelled speculation over the prospect of rate cuts.
Comex copper futures for April delivery was up by 0.25 percent at $ 3.502 per pound as of 04.28 PM IST on Thursday.
“The base metal has strong support at 425 while 428 is the resistance. If prices break 425 level then seller can sell with the stop loss of 428 for target near 421,” said Amrita Mashar Research Analyst at Commodity Online.
MCX copper for April delivery was down by 0.25 percent at Rs.426.20 per kilogram as of 04.14 PM IST.
Earlier, MCX copper opened on a negative note and touched intra-day low of 425.55 as investors eyed policy meetings by European Central Bank and Bank of England.
Market sentiments for base metals are not looking positive as selling pressure continues in the international market.
US non-farm payrolls are scheduled to be released on Friday and may impact base metal movement. Also, China is likely to announce its trade data for February, which will be followed by inflation and industrial numbers over the weekend.
Rising copper stocks and a drop in US factory orders directly caused for a weak trend at the London Metal Exchange (LME).
Members totalling six belonging to the European Central Bank Executive Board and 16 governors of Eurozone central banks will vote on setting of the interest rate later today. The decision is closely watched for by the traders as short-term interest rates influence currency valuation.
Subsequently a press conference by the European Central Bank (ECB) to be held at 07.00 PM IST today.
The ECB is expected to leave rates on hold at 0.75%, but concerns over the economy of the region fuelled speculation over the prospect of rate cuts.
Comex copper futures for April delivery was up by 0.25 percent at $ 3.502 per pound as of 04.28 PM IST on Thursday.
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