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Friday, January 20, 2012

MCX Crude and Copper Updates Today

Crude oil is in range bound mode and trading in a tight range of 5095-5113 rupees on MCX. US inventory data had an bearish impact on Crude price and Crude futures has come down to 5060 level. This weakness is likely to prevail till 5050 level and a trade below the same may invite more downside.

Due to profit booking, Copper prices has declined to 420 level but the overall near term trend is still intact. As long as prices hold the level of 416.50, we can expect prices to prevail the positive trend while below the same level prices are likely to face a sell off till 409 level.
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