Wednesday, August 1, 2012
MCX Crude and Copper Trend for Today
Yesterday Crude oil prices closed lower ahead of U.S. Federal Reserve's statement today. Crude settled nearly 2% lower on NYMEX. Today MCX crude made an negative opening and now prices are trading near the support level of 4900 level. Breaching the same may extend the bearishness in the market.
Base metals are down today.MCX copper is heading towards its immediate support level of 40.50 below which it may slip to 418. Major downside is expected below 416. A trade above 424 may bring back the bullish momentum,