Wednesday 4 March 2015

Commodity Market News-05 March 2015

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The March MCX Crude Oil futures are facing strong resistance around the 20-DMA (Rs 3,180) for the past three trading sessions. On Wednesday, the energy futures tested a high above the short-term moving average at Rs 3,200, but however ended slightly below it with a gain of almost a per cent (Rs 25) at Rs 3,163 tracking NYMEX Crude Oil prices.
 
The Crude Oil prices are trading above the 50-DMA (Rs 3,120), However, the bias may turn positive in case the commodity is able to break and trade above Rs 3,180-odd level.
 
MCX Copper April expiry contract has been in a volatile trajectory this week.

The prices, which were trading higher in last two days ended on a lower note on Tuesday but again moved higher on Wednesday.

Copper ended the day above Rs 370 per kg, and settled the day at Rs 370.25 per kg.

The prices tested a high of Rs 371.6 per kg. The low for April expiry contract was at Rs 366.65 per kg.

Technical range for Copper is now forming around Rs 378 and 350 per kg.

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