Decreasing demand in Europe, US and
chine has put pressure on crude prices and it is facing decline
today and NYMEX crude prices have come down to $90 per barrel.
Domestic market has witnessed a downfall of more than 0.60% in crude
till now and mcx crude has come down to 4650 level. Consistent
trading below this level may extend the bearish trend in crude oil
and we can see the prices to come down to 4600-4550 level. Buyers can
take interest above 4680 level.
Strengthening of dollar has caused base
metals in LME to decline sharply due to which MCX copper has to
suffer an initial downside of more than half percent. Copper is
trading near 431 level and a trade below 430 can further push the
prices down to 426-424. Traders can go for short in this commodity
below 430. Technically, upside is expected above
436 only.
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