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Posts filed under Base metal Tips
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.
MCX Silver Tips
Silver is expected to trade with a negative bias this week on the back of weak sentiments in the global markets and dollar strength. Silver will also take cues from fall in gold prices coupled with downside in base metals complex. The daily price suggest that prices have reversed after taking resistance at 57600 levels. RSI is in a sell mode and prices are trading below short term averages. We recommend a sell around 55350 levels with a stop loss placed above 56600 levels for a target of 54100 levels.
Copper Updates
Current moves are expected to continue towards the moving average support of 432-431 initially. At the same time Inability to clear below 431 may call for a bounce back and could target 444 later. We expect copper to come under pressure during the week taking cues from rising worries over global economic growth which has created demand concerns for the industrial metals. Additionally, deepening tensions with respect to Euro Zone debt crisis and a stronger dollar will also act as a negative factor for red metal prices.
