Thursday, March 15, 2012

Copper Updates ~ MCX Commodity Tips Today 15 March 2012

Bullions: Gold futures may witness some short covering after yesterday selling pressure but overall the sentiment will remain subdued. Gold price can trade in range of 27,300-27,700 and silver in range of 57,000-58,000.

Base Metals: Base metals may trade sideways with negative bias. Copper may trade in range of 426-432 while Lead may trade in range of 104.50-107 and zinc in range of 102.50-104 in near term. Support for April copper is seen at Rs.421 while resistance is seen at Rs.434.

Energy: Crude oil can also trade with mixed bias with lack of clear direction. Crude oil prices can trade in range of 5,300-5,400. Oil traded near the lowest price in more than a week after U.S. crude stockpiles rose and Saudi Arabia pledged to make up for any shortage in Iranian shipments.