1. Gold steadies, heads for 12th annual gain.
2. Copper gains on upbeat china data u.s. talks weigh.
3. Oil ends record year focused on us budget crisis.
4. Refined soy oil traded steady to higher in spot markets during early trade on Monday.
Resistance 2 – 60000
Resistance 1- 58800
Support 2- 55562
MCX Commodity Tips
In Domestic market gold and silver metals are trading with modest gains. With 0.13 per cent up on MCX, gold now at around Rs 29930 level, while silver with 0.25 per cent to Rs 53 526. In the international market with gold and silver are trading with slight edge.
NYMEX crude is trading trading above 93 dollars a barrel and mcx crude has also wiped out earlier losses. It is currently trading green above 5170 .
MCX copper trading up today. Although prices require a breakthrough above 422 to get proper momentum, but day traders can buy copper today around 418.50.
Silver (September futures) MCX: Buy Rs -53650, stoploss- 53350 Target-Rs -54000-54300
Copper (August futures) MCX: Buy RS -418.50 Target-420-422 SL-416.70
In base metals, Copper is trading lower on Multi commodity exchange of India. Taking cues from LME, a slight decline of has been seen in copper commodity. Near term trend is consolidated within the range of 412-424 however a breach in either side can change the trend. Technically intraday trend is looking positive above 418.00 level while below 414.50 It way suffer some more decline.
Nickel, on the other hand, is trading up 0.28% and it is likely tp persist this trend for the day. Day traders can buy MCX nickel above 938, for targets of 945-955.
There has been a surge in crude oil. NYMEX crude slipped 0.5 per cent to trade at 79 dollars a barrel. However intraday trend of domestic crude is positive.
MCX crude oil has shown a sharp recovery amid positive global trend. Today is the U.S. Energy Department data is due today. According to American Petroleum Institute, Supply of crude oil in America has decreased by approximately 1.8 million barrel. NYMAX crude is trading above $84/ barrel.
Traders can buy Crude oil above 4730 for the target of 4770-4820-4850.
NYMAX crude could fall by 81-82 Dollars a barrel. U.S. Dollar will remain strong due to which the weakness is likely to prevail in commodity prices. On MCX, a sharp downfall has been seen in crude commodity. With a drop of more than 1.20% copper has come down to 4860 level.
MCX Copper is also falling and currently trading near 418 level. Below the level of 416, we can expect prices to fall up to 411-409 level. Above the resistance of 424, it is looking bullish.
Commodity Tips for Today–
MCX gold (August futures): Sell – 29 600, stoploss of Rs – 29 735 and the target – 29 100
MCX Silver (July futures): Sell – 54 900, stoploss of Rs – 55200 and target – 53 500
MCX Copper (June futures): Sell – 425, stoploss of Rs – 429 Target – 417
Mentha oil hit lower circuit of 4 per cent. In the markets of Uttar Pradehs, inflow of about 1,000 mint oil drums could be seen today. Traders claim that this year nearly 50 per cent in the production of mint oil is likely to see.
Turmeric is on high volatility. Initially the decline was sharp. But later, turmeric has recovered and come up about 0.5 percent. On NCDEX Turmeric is trading at Rs 3745. NCDEX soybean, up by 2.5 per cent, is trading at Rs 3360. Red pepper futures (August ) have gone up nearly 2 per cent to touch Rs 5,200. Chana May futures up by 1.5 per cent and has reached up to Rs 4,60.
MCX Cardamom has been suffering a drop due to profit booking. MCX Cardamom (June contract) is trading near 1314.1, down by Rs 19.00. As per the fundamentals, the subdued demand and the reports that next crop may be delayed to August as the dry period before the current spell of summer rains has damaged the crop, could be the reason for this decline. However the overseas demand ios strong and this can confine the downtrend. So traders are required to wait before making fresh positions.
After yesterday’s sharp decline in crude oil, buying at lower level has supported the crude prices and traders started showing interest it. However the price movement is not so aggressive still we can expect crude to move up. At the same time NYMAX crude oil prices are still under $91 per barrel. To spur the economy growth, China is expected to bring some relief package. Currently on MCX, crude is trading near 5090.
MCX Crude Tips– Buy Crude above 51020 TG- 5155-5190 SL- 5060
Guar futures trading will begin again soon . The Commission may remove the ban on Guar futures market. According to information obtained from sources, guar futures Trading can get started by FMC in October 2012.
The Commission is keeping a close watch on the stock of guar. FMC would allow to trade in Guar initially for 3-4 months . The important thing to notice here is that there may be no trading in this commodity during lean season .
Due to exponential fixing fixing rate seen in Guar trading,Commission had to ban trading in this commodity.