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Thursday, 11 May 2017

Latest Market Update | Commodity Tips By Expert

Benchmark indices were trading positive after gaining through the morning, with the Nifty around 9450-mark.The Sensex trading up 100.77 points at 30348.94, while the Nifty rose 40.65 points at 9447.95. The market breadth, however, was narrow as 1,322 shares advanced against a decline of 1,200 shares, while 157 shares were unchanged.

Gold prices rose 0.05 per cent in futures trade today as participants raised their exposure, tracking a firm trend overseas. At the Multi Commodity Exchange, gold for delivery in June was trading higher by Rs 14, or 0.05 per cent to Rs 28,010 per 10 grams in a business turnover of 472 lots. Crude oil prices higher on yesterday, holding onto sharp gains overnight following an upbeat report on U.S. inventories. crude futures sett led higher on yesterday , as investors cheered the latest report from the Energy Information Administration (EIA), showing U.S. crude inventories fell more than expected.

Base metal prices lower, after LME copper stocks down 3,625 tonnes, but they remain near their highest since last October following hefty inflows to LME warehouses last week. BHP Billi ton said it had started a sales process to potentially divest its Cerro Colorado copper mine in Chile.  

Expert View: Technically crude oil is buying on hourly/daily charts while MACD and RSI also indicate good buying opportunity in it So, traders should go for buy on lower level strategy.

Buy Crude Oil May in the range of 3090-3100 Targets 3150/ 3200 Stop loss 3040. 

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