MCX Copper, Crude Oil Weekly Report Of 9th March 2015

Base Metals & Energy 

Copper prices fell by 0.18 percent on friday at the domestic markets after euro zone service sector activity fell unexpectedly in the last quarter signaling weak sentiment in the region which reduced the demand outlook for the metal. In a report, markit said that Euro Zone Services PMI fell to 53.7, from 53.9 in the preceding quarter. At the mcx copper futures for April 2015 contract were trading at Rs.369.60 per 1 kg, down by 0.18 percent, after opening at Rs. 369.25 against the previous closing price of Rs. 369 It touched the intra-day low of Rs. 365.40 till the trading.

Crude Oil prices fell by 0.98 percent on friday at the domestic markets as traders focused on signs of demand globally on moves by importing giants China and India to cut interest rates in the past week. However, gains were limited after US data indicated that oil supplies nation wide reached the highest level ever, aggravating concerns that an even steeper drop could be imminent. The US Energy Information Administration (EIA) said in its weekly report that crude oil inventories rose by 10.3 million barrels for the week that ended Feb. 26, marking the largest weekly increase since 2002. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 3,120 per barrel, down by 0.98 per cent, after opening at Rs. 3,189 against the previous closing price of Rs. 3,163. It touched the intra-day high of Rs. 3,212 till the trading.

Market Statistics: METALS & ENERGY

COMMODITY	TREND	SUPPORT LEVEL 2	SUPPORT LEVEL 1	PIVOT POINT	RESISTANCE LEVEL 1	RESISTANCE LEVEL 2
COPPER	UP	356.80	361.45	368.35	372.95	379.90
CRUDE OIL	DOWN	2908	3014	3147	3253	3386