Copper prices are trading in a big range. Prices are expected to have support at Rs.418.0 and successful break down below this level can take prices further down towards Rs.413.0. On higher side prices have resistance at Rs.423.0
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Gold futures tumbled to an eight-month low
Silver futures for delivery in December fell 1.2 percent
Crude futures dropped 1.4 percent
Copper futures capped the biggest decline in more than a week
Aluminum, nickel and lead also dropped in London, while tin and zinc rose.
Gold futures tumbled to an eight-month low after the Federal Reserve raised its outlook for interest rates, crimping demand for an inflation hedge. Silver futures for delivery in December fell 1.2 percent to $18.517 an ounce. The price touched $18.27, the lowest since June 28, 2013. West Texas Intermediate and Brent oils fell as a stronger dollar curbed the appeal of commodities to investors looking for a store of value. Copper futures capped the biggest decline in more than a week on demand concerns amid signs that housing markets are sputtering in China and the U.S., the two biggest users.
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Copper prices jumped by 2 percent as the People’s Bank of China provided 500 billion yuan ($81.34 billion) of liquidity to the country’s five biggest banks as Premier Li Keqiang moves to support economic growth.
MCX copper prices are expected to trade higher taking cues from weakness in international markets.
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Gold advanced for a second straight day
Silver futures for delivery in December rose 0.5 percent
Crude climbed to a two-week high
Gold advanced for a second straight day as a drop in the dollar and a report that China’s central bank implemented new stimulus measures boosted demand for the metal as an alternative investment. Silver futures for delivery in December rose 0.5 percent to $18.721 an ounce on the Comex.
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