Precious metals are flattish at the open after yet another choppy session yesterday. The Fed’s beige book suggested that US economic activity continues to grow at a modest to moderate rate across the nation. Crude oil prices regained some ground on Thursday after steep losses the previous day, with a slight drop in U.S. crude inventories stoking hopes that a global supply overhang might slowly retreat. Copper is trading at its lowest for the year after China’s refined production surged in March, underlining ample stocks in China. China’s refined copper output rose 8.5% in March from a year ago to 764,000 tonnes, its highest since at least December 2015.
SELL CRUDE OIL MAY IN THE RANGE OF 3310-3300 TARGETS 3250/3200 STOPLOSS 3360 . Technically crude oil is selling on hourly/daily charts while MACD and RSI also indicate good selling opportunity in it. So, traders should go for sell on higher level strategy.