facebook

Today’s Copper Market News and Calls

Market Outlook

Gold prices were under pressure on Thursday, sliding toward a three-week low after the Federal Reserve hiked rates and maintained plans to go ahead with another increase by year-end. Oil prices dropped to six-week lows on Thursday, under pressure from high global inventories and doubts about OPEC’s ability to implement agreed production cuts. The base metals prices continue to test lower and are generally lingering around in low ground and therefore remain vulnerable.

Fundamental News

The Fed raised interest rates for the second time this year at the conclusion of its policy meeting on Wednesday, putting it in a range between 1.0%-1.25percent.

Crude prices have fallen about 12 percent since May 25, when OPEC agreed to extend its output limits into next year. Despite the deal, some OPEC members, including Nigeria and Libya, have been exempt from cutting and their rising output is seen to be undermining efforts led by Saudi Arabia.

Gold showed bearish movement and found the important support level of 28705. Now if it will close below the important support level of 28700 then 28500 will act as next support level. On the other hand 29000 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 38555. Now if it will close below the important support level of 38500 then 38000 will act as next support level. On the other hand 39500 will act as a major resistance level.

Crude showed sideways to bearish movement and found the important support level of 2858. Now if it will close below the important support level of 2850 then 2800 will act as next support level. On the other hand 3000 will act as a major resistance level.

Copper showed bullish movement and found the important resistance level of 367.05. Now if it will close above the important resistance level of 370 then 378 will act as next resistance level. On the other hand 358 will act as a major support level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply