MTECHTIPS MCX Copper trend uncertain on weak global cues

MTECHTIPS:-MCX Copper trend uncertain on weak global cues

The trend in copper futures for June delivery on India's Multi Commodity Exchange (MCX) looks uncertain and the futures are expected to trade in a range.“Support for the commodity is seen at 404 level, if futures break and sustain below the same then the next support level is 400. On the upper side resistance is seen at 408.5 and 412 levels,The commodity is trading in a narrow range for the last two days and intra-day traders are advised to remain cautious while taking positions. MCX copper futures for June delivery was seen trading flat at Rs.407.30 as of 12.02 PM IST  on Tuesday. In the global market, copper continued with negative trend on concerns over Chinese demand. Last week, Chinese manufacturing data recorded a negative trend. Copper futures for July delivery was seen trading slightly up by 0.04% at $3.303 per pound as of 12.08 AM IST on Tuesday. United States S&P/Case-Shiller Price Indices, Consumer Confidence data, Richmond Manufacturing data and Dallas Fed Manufacturing Business Index are scheduled to released at 06.30, 07.30, 07.30 and 08.00 PM IST today.