Copper Trading At $6647 Up By $15
CommodityOnline | Apr 17, 2014 06:08AM ET
3 month forward copper prices at LME ended the day at $6619 up by $80 from its previous close. Interestingly the commodity was trading steady until mid European session however, just before the US market opened the housing and industrial production data were about to release the commodity moved sharply higher. In fact the commodity had moved up in making its intraday high of $6695 levels. In the similar lines at MCX April future ended at Rs. 404.70 while it made its intraday high of 408.80 levels. We believe although the US data supported the metal to trade higher but better than expected Chinese economic growth which stood at 7.40% may have supported the metal to move higher.
This morning at LME copper prices for 3 month forward is seen trading at $6647 up by $15 from its previous close. We believe the commodity may remain sideways and only in the next week we shall be able to take strong stance. There are various factors ruling out on copper. In one hand Chinese growth remaining at 7.40% with higher industrial production data may support the commodity to remain higher levels. Falling USD index may support the metals to trade positive along with lower inventory. However, this morning Asian markets are trading negative might not permit the metal to move much higher. So, we take a stance of selling the metal with strict stop loss for the day.
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