MCX Crude and Copper Updates for Today

After Monday's sharp decline in bullion metals, gold silver prices have strengthened today.

Base metals have also gained well today. MCX Copper climbed 0.5 per cent and the price has risen to Rs 445. Copper prices are trading firmly on the London Metal Exchange which has supported the the domestic market as well. In the rest of the metals have also gained around 0.50 to 1%.

For Day trading, copper is expected to rise till 448-450 level so one can trade accordingly. Key resistance is seen near 450 level while crucial level for downside is 438.

Crude oil have seen a boom in prices despite of the predictions that supply crude oil is projected to grow even faster. On MCX, crude oil prices have gone up to Rs 4950. One can buy mcx crude above 4950 for the targets of 5000-5120.

MCX Silver & Copper Updates for Today

On MCX copper is trading above 418 and staying above 418.50 would lift the prices further. Above 422 we can see prices to go up to 424-426 level. But recession in Global Economy has fortified the declining interest of investors in Copper and the open interest of this metal fell to a low of 5 years so we may see some consolidation in this commodity.

On downside, copper may experience a downfall below 416 level.

In Bullion metals, Silver seems to trade with positive trend and it has breached the crucial resistance level for 54550. Staying consistently above the same can extend the positive trend till 54650-54750 level. Silver traders can buy mcx Silver (September Contract) above 54550 for the targets of 54750-55000 level.