Tips for Copper Commodity Trading

Tips for Copper Commodity Trading : Copper yesterday traded with the negative node and settled -2.54% down at 433.85 hitting its lowest price in more than three weeks as unrest in Libya caused investors to flee assets with perceived risk. Risk aversion led to the massive sell off in metals, along with many other commodity markets. Defiant Libyan leader Muammar Gaddafi faced a nationwide public revolt against his rule, stoking worries over oil supplies from one of the world's major oil exporters and an OPEC member.

Gaddafi vowed to die in Libya as a martyr while threatening to quash the latest in a wave of protests across North Africa and the Middle East that this year has already deposed the leaders of Tunisia and Egypt. Investors are just looking to shed risk as interest rates are falling, equities are getting whacked, and metals are falling. In yesterday's trading session copper has touched the low of 432.25 after opening at 444.5, and finally settled at 433.85. For today's session market is looking to take support at 429.2, a break below could see a test of 424.6 and where as resistance is now likely to be seen at 441.5, a move above could see prices testing 449.1.

Trading Ideas:

Copper trading range is 424.6-449.1.

Copper ended lower as unrest in Libya caused investors to flee assets with perceived risk.

World copper market had deficit of 400,000 tonnes in January to November of 2010.

Copper daily stocks at Shanghai exchange came down by 2602 tonnes.

YESTERDAY LME STOCK FOR COPPER CAME Up BY 275
sourch... For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post: