Today’s Copper News and Mcx Trading Tips

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Market Outlook
Gold prices struggled near the prior session’s three-week lows on Wednesday, as market players looked ahead to the outcome of the Federal Reserve’s policy meeting for further clues on the timing of the next rate hike. Oil prices rebounded from near 2017 lows on Wednesday after preliminary data showed a much higher-than-expected fall in U.S. crude stocks, reviving bullish sentiment about easing oversupply. Base metals prices are down an average of 0.7% Wednesday with zinc, copper and lead prices down around 1%, with three-month copper prices at $5,751 per tonne.

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Fundamental News
Gold bounced back from a three-week low, as uncertainty regarding the tone of the Federal Reserve statement, due to be released on Wednesday, alongside an interest rate decision, capped losses.

U.S. drillers last week added rigs for the 15th week in a row, implying that further gains in domestic production are ahead. The U.S. rig count rose by 9 to 697, extending an 11-month drilling recovery to the highest level since August 2015.

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Gold showed bearish movement and found the important support level of 28405. Now if it will close below the important support level of 28400 then 28000 will act as next support level. On the other hand 28700 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 38480. Now if it will close below the important support level of 38300 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 bearish movement and found the important support level of 3045. Now if it will close below the important support level of 3040 then 3000 will act as next support level. On the other hand 3100 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 362.70. Now if it will close below the important support level of 360 then 355 will act as next support level. On the other hand 370 will act as a major resistance level.

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