Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

MCX Copper – Likely Trend Reversal from Downtrend?

42 sec read

MCX Copper 5 Years of Historical Chart

MCX Copper 4 Year Historical Chart

MCX Copper peaked out during 28th Aug 2013 made a high around Rs513.05/Kg since then MCX Copper is in long term downtrend and currently trading around Rs313.6/kg. It is believed that struggling Chinese economy is the reason for the bear market in copper prices. To be noted China is the largest copper consumer (roughly 40 per cent of global copper consumption).

Outlook

In the last 8 months if we ignore the extreme downside prices you could notice that mcx copper futures prices are swinging between the broad range Rs300-345/Kg. Currently the copper sentiment turns positive on the shorter timeframe and expected to build momentum in the very short run that once again keeps the copper prices in line with the broad swing range. Long term supports are built around Rs300/Kg and expected to hold in the short term as well.

MCX Copper EOD Charts
Copper

COT data from International copper market suggests that Producers/Users are holding extreme net longs and the institutional players(CTAs (commodity trading advisors), CPOs (commodity pool operators), and hedge funds) are holding extreme net shorts in Copper as on 27th May 2016.

Copper COT Data

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Silver Momentum Pullback Trade Setup

After a significant momentum in Silver 11.77 to 29.85 silver started correcting in the month of Sep 2020 towards 21.66. Last week silver plunged...
Rajandran R
22 sec read

Is the Oil nearing the Bottom?

I woke up in the morning just to see the headlines "Oil Drops to 21-Year Low With Storage Filling as Demand Shrivels". Ever-since ...
Rajandran R
53 sec read

Gold-Oil Ratio at the Historical High

Now with One ounce of Gold one can buy 83 barrels of Crude Oil. Gold-Oil Ratio is at the historical peak as the FED...
Rajandran R
37 sec read

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More