Copper Updates
Today morning base metals forwards are trading up by 0.4 to 2.4 percent at LME electronic platform with Copper as the top gainer. Industrial metals are trading higher on International bourses today. We expect prices to trade higher for the day as Europe agreed on a bailout package for Spain's distressed banks and data showing strong imports by top consumer China.
On the MCX, Copper June contract prices declined around 1 percent on the back of appreciation in the Indian Rupee and closed at 404.20 on Friday after touching a low of 397 during the week. Now it is trading at 411 with almost 1.5% up. It has a strong resistance at 415 and a criticle support at 405.
Crude Updates
Crude oil is trading higher on NYMEX today. We expect prices to trade higher for the day as after euro zone finance ministers agreed to a rescue package of up to 100 billion euros ($125 billion) for Spain's banks and strong import numbers from china. Crude oil futures prices are trading above $86/bbl in electronic platform with gain of more than 2 percent. Oil prices have gained on speculation of higher oil demand from European countries as Spain have requested for bailout to shore up its banks. Spain finance minister have told that it will seek $125 billion.
On the domestic bourses, prices declined by 0.1 percent on account of appreciation in the Indian Rupee and closed at 4625 on Friday after touching a low of 4522 during the last week. Now it is on 4736 up by 1.30%. It has a strong resistance at 4790 and a criticle support at 4660.
