Commodity News Update By Market Magnify

Copper has managed to corner some more gains in the trading session ending 29 May 2017. The prices have surpassed Rs 365 per kg even though the rally looks vulnerable and ended the day at Rs 368.25. It will be difficult for Copper to move past Rs 375 per kg in the coming days looking at the daily charts. On the lower side possibility of testing Rs 360 per kg is high. The prices tested a high of Rs 370.8 per kg and a low of Rs 365 per kg.

Gold prices upticked by a small margin on 29 May 2017. The prices tested a high of Rs 28919 per 10 grams, gaining 0.11%. The metal tested a high of Rs 28941 per 10 grams and a low of Rs 28832 per 10 grams. Further extension of gains can take yellow metal towards Rs 29000 per 10 grams. On the lower side Rs 28700 per 10 grams are noted supports.

Crude Oil gained by another 1.53% on Monday thanks to renewed buying interest and gains in open positions. The benchmark Crude Oil expiry contract was at Rs 3262 per barrel at the time of closing. The contract tested a high of Rs 3270 per barrel and a low of Rs 3198 per barrel. Supports for Crude Oil are at Rs 3180 and 3160 per barrel while resistance is at Rs 3320 per barrel.

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