The copper market settled slightly higher on Tuesday after data showed a rise in US orders for manufactured goods in February, reversing the previous month's decline. The most active copper contract for May delivery on the COMEX rose 0.1% to settle at $3.3785 per pound. Some investors who had bet on lower copper prices covered their shorts after the US economic data matched expectations, snapping a streak of weaker reports that had weighed on copper prices.
2. 8
NEWS RADAR
Copper settled with slight gains on Tuesday, steadying after the
previous day's seven-month low after data showed U.S. orders for
manufactured goods rose in February. The most-actively traded copper
contract, for May delivery, rose 0.4 cent, or 0.1%, to settle at $3.3785 a
pound on the Comex division of the New York Mercantile Exchange.
U.S. orders for manufactured goods rose 3% in February, the
Commerce Department said on Tuesday, reversing a decline from the
prior month. The data matched economists expectations, and snapped
a streak of weaker-than-expected reports that had weighed on the
copper market this week. In response, some investors who had placed
bets on lower copper prices during the market's run to seven month
lows cashed out, traders said.
TRADING TIPS EXPERT OPINION
SELL GOLD BELOW 1561 TGS GOLD LOOKS BEARISH
1555/1550 SL 1566 SILVER LOOKS BEARISH
SELL SILVER BELOW 26.90 CRUDE OIL LOOKS BEARISH
TGS 26.70/26.50 SL 27.10 COPPER LOOKS BEARISH
SELL COPPER BELOW 3.3313 NGAS LOOKS BEARISH
TGS 3.3113/3.2913 SL LEAD LOOKS BEARISH
3.3513 NICKEL LOOKS BEARISH
SELL CRUDE AROUND 96.31 ALUMINIUM LOOKS BEARSIH
TGS 96.11/95.91 SL 96.51 ZINC LOOKS BEARISH
3. GOLD HOURLY CHART
S1 S2 R1 R2
1560 1555 1580 1590
GOLD LOOKS BEARISH SELL AROUND 159.00
LEVEL IS SUGGESTED AND RECOMMENDED TO
BOOK PROFIT NEAR 1590.00 LEVEL AND
MAINTAINING SL OF 1602.00
4. SILVER HOURLY CHART
S1 S2 R1 R2
27.00 26.80 27.50 27.70
SILVER LOOKS BEARISH SELL AROUND 27.90
LEVEL IS SUGGESTED AND RECOMMENDED TO
BOOK PROFIT NEAR 27.70 LEVEL AND
MAINTAINING SL OF 28.10
5. COPPER HOURLY CHART
S1 S2 R1 R2
3.3300 3.3100 3.3700 3.3900
COPPER LOOKS BEARISH SELL AROUND 3.3530
LEVEL IS SUGGESTED AND RECOMMENDED TO
BOOK PROFIT NEAR 3.3330 LEVEL AND
MAINTAINING SL OF 3.3730
0
6. CRUDE OIL HOURLY CHART
S1 S2 R1 R2
96.40 96.20 96.80 97.0
CRUDE LOOKS BEARISH SELL AROUND 96.60 LEVEL
IS SUGGESTED AND RECOMMENDED TO BOOK
PROFIT NEAR 96.40 LEVEL AND MAINTAINING SL
OF 96.80
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