12/07/2011 05:51:00 PM
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Crude Updates
Nymex crude oil gained by 0.3 percent on Tuesday, on the back of expected decline in global supplies after the European Union stated that it may ban crude oil imports from Iran. On DOW Jones - Crude-oil futures mildly rose Wednesday in Asia, as the dollar weakened a little against the euro and regional share prices were broadly positive, while trade was sluggish as the market awaited any news on Europe. In MCX India crude oil trdae in positive mode & it can buy at higher level.
Copper Updates
In Copper major resistance is 416.25 if copper touch this level then it will go for 420, while support is 411.70. At the Multi Commodity Exchange, copper for delivery in February rose by Rs 2.20, or 0.54%, to Rs 410.60 per kg, with a business volume of 6,671 lots. LME Copper trades slightly up in early trades today after a weaker session yesterday. Asian markets trade higher in early today tracking gains in US equities yesterday. Euro trades higher against dollar in early trades today after closing unchanged yesterday. Globally, copper for three-month delivery jumped up by 0.9% to $7,906 a tonne on the London Metal Exchange (LME).
Gold Trend
week dollar give good support to gold & silver boyh precious metal. MCX Gold February contract rose around 0.3 percent and touched an intra-day high Rs29,000/10gms on Tuesday. Gold seems to be in good position for buying, gold can buy at higher level of 29150-165 for the target of 29220-245.
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