Copper rose over 3.50% yesterday on higher hedge fund demand. Copper, nickel, and other base metals (except zinc) are rising on the back on robust demand and lower global inventories. The speculative element in copper and other base metals as China is not slowing down. Markets are of the belief that copper will could test and even break 2006’s highs. Copper and other base metals are liquidity driven.Yesterday equity markets have risen over 1% in most parts of the world. Once again it the Japanese money that is driving every market as the yen weakens. At the moment there are is more bullish news in copper and other base metals than bearish news which includes a technical break out. However I will be cautious in comex copper may future over $360.0.
Gold and silver are holding on to the key technical support levels and are posed for higher gains. Volumes will reduce from tomorrow as move into Easter holiday. Physical demand from India and other parts of Asia will remain firm. London markets are closed on Monday so there will not be any fixing. In India, at higher levels physical dealer of gold tend to buy gold at unfixing rates. We expect this trend to continue till spot gold breaks $676.00.
GOLD -- JUNE FUTURE
Gold needs to break and close over $677.00 for further gains to $692.60. On the lower side $665.70 is the initial support with $661.10 and $653.80 as the key support.
SILVER -- MAYFUTURE
Silver needs to break $1360 and $1369 for further gains to $1397. On the lower side only a daily close below $1320 will result in further losses to $1270.
Happy Profitable Trading
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