AHMEDABAD (Commodity Online): MCX Copper after making a high of Rs. 420.50, on day before yesterday (i.e. on 31-5-2011) has made a low of 406.20, today. Dollar Index is constantly moving up after making a low of 74.306, and if continues to move in the north direction, then it may create constant pressure on the prices of Precious and Base Metals, and may force them to remain in negative zone today. An important event of Unemployment Claims are going to released today at 6:00pm (IST), as per the data the previous observation was 424K and forecasted to be at 416k, as the expectations are going to be positive, we may observe pull back in the prices of base metals and bullions (although the short term trend will remain negative to flat for both segments.) As per the data of Crude Oil inventories which are going to get released at 8:30 pm (IST), we may expect some upward movement in the black gold. We can observe from the Chart of MCX Copper that prices are taking support from the bottom, and it is expected to remain in positive direction for the day. However, prices are not looking to break the level of 413.60 in today’s session. One may hold buy position with stop loss of Rs. 405 for the target of Rs.411-Rs.412 as said by Hardik Jani, Commodity Research Analyst with Commodity Online. To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com

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