After showing some intial stength, MCX
crude has started decling again. Due to ongoing strike in Norway, Crude oil
production has declined nearly 15% which caused this sudden
spike in crude prices however the unemployment data from US has
affected the market in reverse direction. Crude is now trading below 4590 level
and prices are expected to touch 4950 level.
Base metals are trading well in
domestic market. Copper after showing some positiveness, stumbled
again and currently trading around 419 down 0.20%. However near term
copper trend is positive and we can expect prices to reach 424-427
level soon.
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