Energy Crude oil futures on MCX traded higher today due to the steep fall in the rupee against the dollar, however, the fall in New York Mercantile Exchange contracts limited the rise. NYMEX oil futures traded lower today due to the dollar gaining strength in early trade against the euro and a fall in China's crude oil imports.
Metals Base metal futures erased early losses on MCX today as the rupee depreciated sharply against the dollar, The rupee fell sharply to touch an alltime low of 58.15 per dollar.LME base metals traded lower following slowdown in industrial production growth in China in May. Participation in base metals' trade remained low because Chinese markets were closed on account of a public holiday. MCX Gold Aug futures contract trend is looking weak on chart, day traders can sell on rise Major support is seen in range of Rs 27770, Rs 27580 and Rs 27400. While important resistance is seen near Rs 28180, Rs 28360 and Rs 28600. Recommendation - Day traders can sell at Rs 28000 Target Rs 27800 & Rs 27600 SL above Rs 28200
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