Commodity Updates Today: Copper Updates and Gold Silver Trend

Base Metals Updates: Copper prices require to sustain trades above 477 level for positive momentum while prolonged trades below 470 can allow prices to slip down till 468-465 level.  Intraday trend seems to be sideways traders can wait for trigger levels to initiate fresh positions.

Gold Silver Intraday outlook: In Gold and silver commodities, day traders can go for sell on rise jobbing strategy to utilize the market movements.  Long term trend in bullion metals is likely to remain intact and we may see some more upside in near future. 

Commodity Updates for Gold Silver and Base Metals

ECB's disappointing decision has affected the Commodity market also and we can see mix trend in MCX with sluggish movement.MCX silver has appreciated marginally to trade near 52940 level up 36 points, It may suffer a decline mode if it doesn't sustain above 53000 level.

Gold is trading sideways with slight red mark. Marginal decline of 0.11% has been seen in Gold commodity. As long as Gold prices manage to stay above 29550 level, we can expect a bounce back recovery in coming week but below the same, Gold may lose up to 29300-29200 level.

Some spark can be seen in base metals as Zinc and nickel prices have witnessed some upside. MCX zinc is trading around 102.20 and expected to trade between 103-104 till today EOD. 

Copper may come down to 409 level which is acting as nearest support for falling prices. One can go for buy around 409 level for short term target of 416-420 level.

MCX Nickel and Copper Updates- Base Metals Trend

Apart from Nickel, all base metals on MCX mcx are trading lower. With a slight rise of nearly 0.25%, MCX nickel is trading around 880 level. Trend seems to be sluggish for the day. However a breach above 888 may trigger buying interest towards 997/905-912 level. Near term trend is also negative. On downside, 874 is the key support to prevent the downfall.

MCX Copper is also trading with negative bias and it is heading towards its support range of 417-414 level. Any trade below such levels may invite more liquidation pressure.

Traders can buy copper around 417-418 for the targets of 422.50-426-430 levels for near term.

MCX Crude Oil Updates- Trading Tips for Today

Despite Concern of declining supply, Crude oil in the last 4 days has lost nearly 9 per cent. Technically prices are still hovering to to touch 4080-4040 in downside but further sharp fall can be seen only below 4020. Inability to float below 4020 would negate our negative view and corrective pullback can be seen till 4200-4270 later. The near term trend is seems to be bearish which could be negate if prcies close above 4300 with good volume.

For Intraday Sell Crude Oil (June) below 4125 for the targets of 4180-4170 Stoploss- 4155

above 4160 go for buy in Crude oil.

Commodity Updates - MCX Tips for Today

MCX Gold (August Futures): Buy on dips- 22490-22530 Stoploss - 22450 and the target - 22550-600

MCX Silver (July Futures): Buy on Dips around 55400 for the targets of 55550-55700-850 stolposs 55100


MCX Copper (June Futures): Sell - 402 keeping a stoploss above - 404.50 and Target - 299.50-398

above 405 go for buy for the targets of 409

MCX Crude Oil Updates- Crude oil is likely to fall further

On Friday the closing price of Crude Oil June contract was 4493 which was down by 8 points against its previous close of 4501. Today Crude oil opened at 4503 and traded flat making the same as its intraday High. And Finally Crude oil is trading in negative zone after making a day low of 4436. A drift lower is expected till 4410-20 levels. Support for Crude is seen near 4375 and below this level, prices can test 4300 while the resistance levels are seen at 4575 and 4650 respectively. In the near term, MCX May Crude prices are likely to trade in a range of 4150-4600.

MCX Base Metals Updates- Zinc, Copper, Nickel Trend

Prices are expected to Move higher unless it breaks the crucial support level of 413.50. Copper may test the level of 421 Followed by 424-425 for the day. But a direct fall can be seen below 412 to reach down to 410.50 and 407.50.


Trend is seen like bearish unless it breaks the level of 1175. The continuous selling presser may force Nickel to close below 1030-1025 levels.

In Zinc May Futures a consistent trade above 101.20 wont let any harm to the up trend and Zinc might test 102.80 initially followed by 103.50-105 levels. A correction could be seen till 100.30-98.50 if Zinc breaks below 101 level.