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[May 14 to May 19] Commodity: Chinese Export & Import To Affect Copper Futures

Gold and Silver in minus zone, may topple further. Gold prices traded listless, as a weaker Euro capped the upside. Political uncertainty in France and Greece is exerting lower pressure on the complete commodity complex.

Copper futures fell at MCX in the last week as weak Chinese export and import data signaled a bearish demand outlook for the base metal in the world’s largest global Copper consumer.

Gold is looking technically weak on charts. Last week Gold was trading in a bearish trend for most part of the week. In the coming week 27900 will act as a major support in Gold and 29100 will act as a major resistance. For the next week traders can use sell on higher level strategy if Gold sustains below 28300 then below 28200 it can test the level of 28050/27910.

Silver is technically weak on charts. Last week Silver was trading on lower side for most part of the weak . For the coming week 53000 and 51450 are the major supports whereas 55300 and 56700 are major resistance in MCX Silver. For the next week traders can use sell on higher level strategy. If Silver sustains below the level of 53400 then below 53000 Silver can test the level of 52520/52000.

Crude is in a consolidation around lower levels. Last week Crude Oil was trading in a range of 5260 to 5120 for theentire week. For the coming week 5000 and 4840 will act as major supports and 5270 and 5490 will act as major resistance in Crude Oil. For the next week traders can use sell on higher level strategy, if MCX Crude sustains below the level of 5130 then below 5100 it can test the level of 5060 /5000.


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