DAILY COMMODITY MARKET STRATEGY- 23 May 2016
Copper declined yet again on the last session of the week. The June contract kept on trading below the immediate resistances during the day and declined sharply in the end session.
Copper on Friday ended at Rs 308.45 per kg, down 0.7 percent. The prices closed at Rs 308.45 per kg against Rs 310.70 per kg on 19 May 2016.
The metal depleted below Rs 308 per kg during the week before minor recovery. Copper is expected to get resisted at Rs 314 and 315 per kg.
This is expected to pose a tough threat for Copper and rise to those levels can be sold by traders.
At this juncture the supports for Copper June are at Rs 308 and 306 per kg. The prices tested levels of Rs 313.65 per kg as highs.
Minor profit booking was noted in the Gold futures June contract after a decline that has taken prices to levels of Rs 29,690 per 10 grams last week.
The prices closed at Rs 29,690 per 10 grams on 20 May 2016, against Rs 29,797 per 10 grams on 19 May 2016. The prices are near important levels of Rs 29,500 per 10 grams and forming a bearish pattern.
Yellow metal is now at a level from where gates towards Rs 29240 per 10 grams have been opened. The gains towards Rs 29,800 and 29,900 per 10 grams will be sold this week.
However a correction below Rs 29,600 can prove decimating for Gold. On the lower side immediate supports are at Rs 29,500 per 10 grams.
The prices tested a low of Rs 29,870 and a high of Rs 29,653 per 10 grams.
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