MCX
Crude oil is trading in a confined range across the globe. Domestic
market Multi commodity Exchange saw low trend today.
The
GDP data of the China has come down which influenced the demand of
crude oil in the market. The traders and investors are taking low
interest in trading of crude oil.United
States reduced it's outlook on crude oil.As per the officials of US
Energy department the price of crude oil in the overseas market is
supposed to stuck at around 92 dollars. Crude oil reserves in China
has already been reduced.These are the signs of weakness in demand
in the coming days of crude oil is likely to see. The
US EIA signaled that the crude oil trend today will be in
bearish mode.If you trade in crude oil we will recommend you to sell
Crude oil (MCX): at 4750 level, Place a stop loss of
4799 & Set target at 4650 level.
While on other hand MCX Natural gas witnessed nearly 1 per
cent decline in Wednesday's trade.though at Nymex it is trending on
upper side.Despite the strengthened rupee against the dollar could not
natural gas prices in the market.Natural gas demand in the coming
time,in China is expected to grow. All base metals are trading
sluggish. MCX Aluminum, copper, lead and
zinc are on decline side. In the nickel
business is slow.
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