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Monday, 8 May 2017

Latest Commodity Updates - Expert View

Benchmark indices held on to their gains on the back of upbeat global cues. A rally in banking stocks boosted the indices, while midcap too outperformed. The Sensex gained 83 points at 29967.89, while the Nifty hiked 32 points at 9325.15. The market breadth was slightly narrow as 1,545 shares advanced, against a decline of 919 shares, while 131 shares were unchanged.

In Commodity Market, Gold trading up 23 points at 28,095, Silver jumped up 168 points at 38,186.Crude oil prices expected higher today as Saudi Arabia's energy minister said an OPEC-led production cut scheduled to end in June would likely be extended to cover all of 2017, although a relentless increase in U.S. drilling capped gains. Base metal prices recovered on Friday from a five-month low as mine workers in Peru considered launching a new strike and some investors regarded the lower prices as good value.

Sell Copper Jun in the range of 3 56 - 3 55 Targets 3 51 / 347 Stop loss 360. 

Expert view: Technically copper is selling on hourly /daily charts while MACD and RSI also indicate good selling opportunity in it. So, traders should go for sell on higher level strategy.