Get Profitable Copper Updates and News

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Market Outlook

Gold prices fell to the lowest level in around four week on Monday, as investors looked ahead to a busy week of Federal Reserve speakers for more clues on future monetary policy moves. Oil prices edged higher on Monday, pausing for breath after coming under pressure over the past month from rising production in the United States, Libya and Nigeria, which has taken the edge off an OPEC-led initiative to support the market by cutting production. Base metals are up across the board as they have been for the past two business days, with lead, zinc and nickel managing to see follow through buying, while the others look less positive.

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Fundamental News

Last week, the Fed raised interest rates as widely expected and maintained plans to go ahead with another rate hike by year-end. The central bank also provided greater detail about how it plans to reduce its massive $4.5 trillion balance sheet.

Saudi Arabia’s crude exports in April fell to 7.006 million bpd, official data showed on Monday, while Saudi Energy Minister Khalid al-Falih-7100Z said the oil market simply needed time to rebalance.

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Gold showed bearish movement and found the important support level of 28554. Now if it will close below the important support level of 28500 then 28150 will act as next support level. On the other hand 29000 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 38153. Now if it will close below the important support level of 38000 then 37500 will act as next support level. On the other hand 39000 will act as a major resistance level.

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Crude showed sideways movement and found the important support level of 2855. Now if it will close below the important support level of 2850 then 2800 will act as next support level. On the other hand 2950 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 369.95. Now if it will close above the important resistance level of 372 then 380 will act as next resistance level. On the other hand 358 will act as a major support level.

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