MCX Copper Base Metals Trading Levels and Updates By Moneymaker

MCX Copper surpassed the levels of Rs 340 that was acting as psychological resistance. The prices are now under a free run toward s Rs 345 if profit booking doesn't chip in. The Metal closed at Rs 340.40 per kg on 7 March 2016 against Rs 339.20 per kg on 4 March 2016. With the breach of double top the prices are looking to move towards Rs 350 per kg in the medium term.

The prices tested levels of Rs 341.90 per kg as highs and Rs 338 per kg as a low. Volumes gained during the session. The holiday thinned session saw Copper declining to 26586 lots on 7 March 2016 against 67624 lots on 4 March 2016. Open interest declined to 13972 on 7 March 2016 against 13878 on 4 March 2016.

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Moneymaker Research

Asian Market Updates, Indian Market off on MahaShivRatri

On the first trading session of this week, due to the occasion of Maha Shivratri, Indian Stock Market, Currency Market and Commodity market will be closed for today and the trading will be continued on Tuesday. In Asian Market, Monday morning gave an average opening. The Japan’s benchmark index Nikkei has been dropped by 0.61% and went down to 16911 and the Hong Cong's Index is moving with the minor loss of 17 points. However, the China’s Index Shanghai is moving up with the hike of 0.20%. 

Weekly Update for the Budget Week

This week started with an impressive opening, Monday morning was quite stressful because of the upcoming budget and market was moving slow but the market starting falling heavily downwards as the budget was getting announced. After the completion of the full budget announcement, market surprisingly took a jump of approx 467 points on that day. While following the same trend the Indian Market closed with an approximate hike of 3.5% on Tuesday. Except the Telecom and Aviation, all other sectors had received major hikes on that day. The Stock Market seemed slowing down on Friday but still ended up with positive leads. Overall this week, Sensex hiked up by 1552 points and Nifty hiked up by 462 points. 

This week Rupee has received the gain of 2.2% against the Dollar and went up to the top of last 12 weeks. This whole Rupee has performed nicely and got closed at 67.08 with the hike of 26 paise on the last trading day. 

The week starting wasn't mach good for Mcx Commodities but in the last 2 days Mcx made a surprising recovery and ended up in green zone with positive leads. Overall this week, Gold hiked by approx 208 points and Silver hiked by approx 1700 points.