India Copper futures sideways to bearish, Silver may fall till 46500
MUMBAI-INDIA (Sept 24) Copper prices in the global market continued their southward movement on Tuesday and were seen trading negative. Comex copper futures on electronic trading was seen trading down by 1% at $3.265 per pound as of 15.37 IST.
Copper on London Metal Exchange (LME) for delivery in three months was seen trading down by 0.96% at $7180 per metric ton as of 14.15 IST on Tuesday.
Tracking a down trend on Comex India copper futures edged down on Tuesday and was seen trading down. Technically, the trend in copper futures for November delivery on Multi Commodity Exchange (MCX) looks sideways to bearish for the day and traders are advised to stay on sell side.
“For intra-day, support for the commodity is seen at 458 while resistance is seen at 465. If prices break the level of 458, then further downward movement is expected till 455,” said Amrita Mashar, Research Analyst at Commodity Online.
“Traders may take sell position near 462 with the stop loss of 465 for target near 458 and 455,” she added.
MCX copper futures for November delivery was seen trading down by 1% at Rs.459.40 per kilogram as of 15.36 IST on Tuesday.
On Tuesday, the US S&P/CS Composite-20 House Price Index and Conference Board (CB) Consumer Confidence are schedule to be released at 18.30 and 21.30 IST respectively and the data released may affect commodities complex to certain extent.
In August 2013, Italy's exports to non-EU countries decreased by 5.4% and imports decreased by 15.4% compared with the same month of the previous year. The trade balance showed a surplus of 559 million Euro compared with a 903 million Euro deficit in the same month of 2012, according to the data released by Istat on Tuesday.
The trend in silver futures for December delivery on MCX looks sideways to bearish for the day and intra-day trader are advised to sell on rise.
“For intra-day, support for the commodity is seen at 48000 and below that it may test the level of 46500 while strong resistance is seen at 49600,” said Amrita Mashar, Research Analyst at Commodity Online.
“Traders may take buy position near 49300 with the stop loss of 49600 for the target in the range of 48500 and 48000,” she added.
MCX silver futures for December delivery was seen trading down by 1.44% at Rs.48683 per kilogram as of 15.10 IST on Tuesday.
Silver futures for December delivery on Globex platform of Comex was seen trading down by 1.45% at $21.55 per troy ounce as of 15.56 IST on Tuesday.