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Copper market is weak |
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Copper fall yesterday as output rose 14 percent in the quarter to 390,700 tons as mine expansions at Escondida and Spence in Chile and Pinto Valley in the U.S. began contributing production, the company said. The base metals unit, including copper, was BHP's second-biggest contributor to earnings in fiscal 2007. For today market is looking for the support at 344.15, a break below could see a test of 341.15 and where as resistance is now likely to be seen at 351.4, a move above could see prices testing 355.65.
Trading Ideas
Trading Ideas
TRADING RANGE IS 340.00-355.00.
SELL COPPER @ 349-350 SL 352.70 TGT 347.60-346.20-344.70-342.80. MCX
IMPORATNT IS 342 LEVEL OVERALL WEAK ANY JUMP TILL 348-350 SELL |
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| Technical Calls |
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Commodities recap - evening of 5th Sept, 2008 |
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Bullions remained subdued in morning session although they eased little and slides below $800, drop in crude pressurized gold. Precious metal stayed under pressure on the dollar's strength and weaker oil prices. |
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Flashback-Energy-5th Sept, 2008 |
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Crude Oil prices fell yesterday by more than $1, as concern over falling demand outweighed unexpected drop in crude oil inventories. |
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Status Report of Commodities for Sept 5, 2008 |
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Gold fell for the fourth straight day as the euro weakened against the dollar, eroding the appeal of the precious metal as an alternative investment. Silver was little changed. The euro fell as much as 1.2 percent against the dollar after the Europea |
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| FOREX Reports |
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Rupee closes in the red |
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Indian rupee ended trading Friday Rupee at 44.65/66 per dollar, from the previous close of 44.35/36, as losses in the local share market raised concerns about further foreign fund outflows.
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Rupee nosedives to 21 month low |
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Indian rupee nosedived to its lowest in 21 months on Friday as a stock market slide triggered concerns of further foreign fund outflows. |
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Japanese foreign reserves decline in August |
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Asia’s largest economy, Japan’s foreign exchange reserves declined for the first time in three months at the end of August, the Japanese Finance Ministry said.
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