Today’s Copper Market News

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Market Outlook

Gold prices started the week on the back foot on Monday, moving away from their strongest level in more than a year as investor concern over a standoff between the U.S. and North Korea eased. Oil prices edged lower on Monday on concerns that Hurricane Irma’s pounding of heavily populated areas of Florida could dent oil demand in the world’s top oil consuming nation. Copper and nickel prices were the hardest hit, but they were the ones that had climbed the fastest, while aluminum prices corrected the least with prices holding up well.

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Fundamental News

Gold prices notched a third weekly gain in a row last week. The yellow metal has been well-supported recently amid concerns over geopolitical uncertainty on the Korean peninsula and reduced expectations of U.S. monetary policy tightening.

Oil traders will also focus on monthly reports from the Organization of Petroleum Exporting Countries and the International Energy Agency to assess global oil supply and demand levels.

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Gold showed bearish movement and found the important resistance level of 29951. Now if it will close below the important support level of 29900 then 29500 will act as next support level. On the other hand, 30500 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 40893. Now if it will close below the important support level of 40800 then 40500 will act as next support level. On the other hand, 41900 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3010. Now if it will close below the important support level of 3000 then 2950 will act as next support level. On the other hand, 3170 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 436.55. Now if it will close above the important resistance level of 437 then 440 will act as next resistance level. On the other hand, 430 will act as a major support level.

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