Monday, May 14, 2012

MCX Crude and Copper Updates and Tips For Today: 14th May

Copper Updates

Copper, the leader of the base metals pack, declined by 2.4 percent in the last week on the back of worsening Euro Zone debt crisis coupled with strength in the US dollar index. However, further downside in prices was restricted on account of decline in copper LME as well as in Shanghai inventories last week.

MCX Copper prices have been respecting to its raising channel resistance and ended in a negative zone by following an “inverted Hammer” in weekly chart. Near-term outlook remains weak and further fall would be continue towards the next support of 425 levels.

Crude Updates

Oil Minister Ali al-Naimi said on Sunday "Top crude exporter Saudi Arabia wants an oil price of around $100 a barrel and would like to see global inventories rise before demand picks up in the second half of the year".

In MCX, for the this week in Crude oil one should go for sell on higher level strategy. If it sustains below the level of 5102 we can see the level of 5080 and on the upside if it touch above the level of 5158 we can see crude oil at 5170 levels.

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