Base Metals Free Trading Tips Of 04.03.2015

Base Metals & Energy

Crude Oil futures ended higher in the domestic market on Monday ahead of US industry data on supplies that will set a tone. The American Petroleum Institute will release its estimate of US crude, distillate and gasoline stockpiles last week, with more closely watched data from the US Department of Energy due on Wednesday. Further, supply disruption among members of the Organization of the Petroleum Exporting Countries (OPEC) in February supported prices. Gains were limited as investors continued to focus on a glut in North American supplies. Oil may extend gains today after China’s manufacturing rebounded into positive terrain last month. At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 3,149 per barrel, up by 2.77 percent, after opening at Rs 3,069, against the previous close price of Rs 3,064. It touched an intraday high of Rs 3,177 till the closing. 

Copper prices fell by 1.06 percent on Tuesday at the domestic markets after the pace of US manufacturing growth fell in February to its slowest in 13 months signaling weak manufacturing activity in US which reduced the demand outlook for the metal. The Institute for Supply Management (ISM) said its index of national factory activity fell to 52.9 from 53.5 the month before. At the mcx copper futures for April 2015 contract were trading at Rs.368.90 per 1 kg, down by 1.06 percent, after opening at Rs. 371.50 against the previous closing price of Rs. 372.85. It touched the intra-day low of Rs. 368.20 till the trading.

Market Statistics

COMMODITY	CLOSING PRICE	TREND	SUPPORT S2	SUPPORT S1	RESISTANCE R1	RESISTANCE R2
CRUDE OIL	3138	UP	3053	3096	3168	3197
COPPER	366.65	DOWN	359.55	363.10	370.85	375.05