Copper in a short term uptrend
BL Research Bureau |
Updated on
April 28, 2021
Yoganand D
The price of Copper futures continuous contract on the Multi Commodity Exchange of India (MCX) had recently breached a key medium-term resistance at ₹700 per kg and continued to trend upwards. Last week, the commodity had gained 3.6 per cent with good volume. Again this week, the contract extended the rally and has advanced 3 per cent so far. The contract is currently hovering at ₹757. Across all-time frames – the short, medium and long-term, the contract is in an uptrend.
Following a corrective decline, the contract found support at around ₹660 in late March this year and continued to trend upwards. Since then, it has been in a short-term uptrend. The contract trades well above the 21- and 50-day moving averages. Both the daily and the weekly relative strength indices are featuring in the bullish zone backing the uptrend. However, the contract needs to surpass the immediate resis
If copper tops ₹763, take fresh guard
Yoganand D
BL Research Bureau |
Updated on
April 28, 2021
× The price of copper futures continuous contract on the Multi Commodity Exchange of India (MCX) recently breached a key medium-term resistance at ₹700 per kg and continued to trend upwards.
Last week, the commodity gained 3.6 per cent with good volume. Again this week, the contract extended the rally and has advanced 3 per cent so far. The contract is currently hovering at ₹757. Across all-time frames – the short, medium and long-term, the contract is witnessing an uptrend.
Following a corrective decline, the contract found support at around ₹660 in late March this year and continued to trend upwards. Since then, it has been in a short-term uptrend. The contract trades well above the 21- and 50-day moving averages. Both the daily and the weekly relative strength indices are featuring in the bullish zone backing the uptrend. However, the contract needs to surpass the i
MCX natural gas futures testing key barrier of ₹207
Yoganand D
BL Research Bureau |
Updated on
April 26, 2021
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The natural gas continuous contract on the Multi Commodity Exchange of India (MCX) has been in a medium-term sideways consolidation phase since October 2020 in the wide band between ₹180 and ₹240. It currently trades at ₹203 mmBtu. The lower boundary at ₹180 had cushioned the commodity in mid-March and early April this year.
Subsequently, the contract started to trend upwards within the consolidation phase. Since early April, the contract has been in a near-term uptrend. While trending up, the contract had surpassed the 21- and 50-day moving averages. However, the contract has encountered a key resistance at ₹207 and it continues to test this hurdle over the past one week.
FTSE Mondo Visione Exchanges Index Down 2.7 % In March, London Stock Exchange Group Down By 28.8% On Refinitiv Integration Fears, Index Down 0.5 % In Q1 2021, Up 35.3% Over 12 Months Date
12/04/2021
The implosion of Archegos caused wide-spread chaos on markets amidst concerns on the potential contagion effect that the sell-off could have on global equity markets where sentiments have recently been dampened by surging bond yields.
Despite returning a solid set of figures for full-year 2020, London Stock Exchange Group s (LSEG s) updated guidance for operating costs and capital expenditure for 2021 provided a strong indication of the challenges that are still to come with integrating Refinitiv, and this had a negative impact on the LSEG share price and performance in March.
Since the copper continuous futures contract on the Multi Commodity Exchange of India (MCX) got support at ₹335/kg in March 2020, it has been on a long-term uptrend, forming higher peaks and higher tr