MUMBAI (Commodity Online):MCX Copper and Nickel gained in afternoon trade on Tuesday as President Barack Obama’s plan to tax the rich. MCX Copper November is up by 0.52% and is trading at Rs 406.80 while MCX Nickel September is up 0.81% to trade at Rs 1021.70 as of late afternoon trade on Tuesday.
US president Barack Obama’s plan to “ensure that the rich pay their due” supported investor confidence that the US will be taking strong steps to lower its debt burden and boost its economy. The proposed action will help in cutting US deficit by $4 trillion over 10 years.
At COMEX, Copper futures for the most traded December contract is up by 0.02% at $3.80
MCX Nickel is up after latest data showed that stocks in LME fell by 1410 tonnes last week. Reports of a Nickel ETF in China also support prices.
Technical targets by Geojit Comtrade
- MCX Copper November: Rallies to 408/410 could call for 402/398.
S1 402 S2 398 R1 410 R2 416
- MCX Nickel September: Rallies to 1028 could target 1005/990 with s/l above 1045.
S1 1000 S2 980 R1 1028 R2 1045
