Chinese market will open after 2 days of break today due to holidays. Global Manufacturing report statistics have indicated towards good signs which has resulted in heavy buying of base metals by traders in the market. Copper on LME (London Metal Exchange) is trading with 1% upside movement. In domestic commodity market base metals are receiving good response from the day traders and short term commodity investors. Copper on MCX is trading around 381.5 while aluminium is trading at 127.2.
Shortage in the supply of crude oil is also one the factors responsible for the strong buying in crude oil. Crude oil on MCX India is trading around 3350. Bullion market is keeping an eye on the upcoming meeting going to take place between leaders of China and America. Along with this meeting traders are also concerned about the MoM of the American fed’s march meeting.
Major Support & Resistance Levels for Today
MCX Gold Support – 28700 Resistance – 29200
MCX Silver Support – 42000 Resistance – 42850