This is the pre-holiday week as US pit trading is closed for Memorial Day holiday next Monday. There will be positional squaring and rebuilding before traders leave for the long weekend. US summer driving season begins with the Memorial day and US demand could be the key for the short term movement of crude oil and energy prices. Higher Asian and emerging market demand are being reflected in the current crude oil prices. Crude oil options are also expiring this week. Crude oil could fall towards the close of the week as traders booked profit on their longs.
As far as base metals are concerned they are expected to remain firm for the rest of the month. The prime reason being is that China will import more base metals for reconstruction of the towns destroyed by the earth quake. Markets have started slowly factoring Chinese post earthquake demand but are waiting for a clear picture to emerge before taking the investment decision.
COPPER -- JULY FUTURE -- INTRA DAY PIVOT: $382.8
$383 price target achieved. Copper has to break $387 for $397 and $407. On the lower side as long as $377 holds downside will be limited.
HAPPY PROFITABLE TRADING
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-- Posted Monday, 19 May 2008 | Digg This Article | Source: GoldSeek.com
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