MCX Copper positive; Comex Copper bullish ahead of FOMC meeting

Copper futures on India's Multi Commodity Exchange (MCX) is positive and the base metal is expected continue with the trend for the day, according to our analyst at Commodity Online. The base metal prices in the global market recorded an up-tick on Wednesday and Comex copper was seen trading bullish.

Copper futures for September delivery on Globex division of Comex was seen trading up by 1.20% at $3.079 per pound as of 02.15 IST on Wednesday.

“For intra-day, resistance for the MCX copper is seen at 419 and 422 levels while support is seen at 412 and409 levels. Intra-day traders may buy at lower levels,” said Tarang Parmar, Research Analyst at Commodity Online.

MCX copper for August delivery was seen trading up by 1.59% at Rs.417.75 per kilogram as of 02.20 PM IST on Wednesday.

Depreciation of Indian Rupee was seen supporting the commodity movement on MCX to certain extent on Wednesday. As of now Indian Rupee was seen depreciating by 0.18% against US Dollar at 61.045 per US Dollar.

In the global market, copper recorded an up trend after a report that China would continue with its stable second-half economic growth amid highly complicated domestic and international conditions. Xinhua News Agency reported this fact on Tuesday after a Politburo meeting led by President Xi Jinping.

US ADP Nonfarm Employment Change (The ADP National Employment Report) and quarterly data on Gross Domestic Product (GDP) are scheduled to be released at 05.45 and 06.00 PM IST today.

The US Federal Reserve's Federal Open Market Committee (FOMC) statement is expected at 11.30 PM IST today and traders are expected to critically analyse the statement to gather clues whether US Federal Reserve withdraw its monetary stimulus later this year.

According to provisional results of the Federal Statistical Office (Destatis), retail turnover in June 2013 in Germany decreased 1.0% in nominal terms and 2.8% in real terms compared with the corresponding month of the previous year. The number of days open for sale was 25 in June 2013 and 26 in June 2012.

In June 2013, a total of 41.8 million persons resident in Germany were in employment according to provisional calculations of the Federal Statistical Office (Destatis). Compared with June 2012, this was an increase of 232,000 persons in employment or 0.6%.