Commodity Market Highlights

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.

Trend- Up
Resistance 2 – 60000
Resistance 1- 58800
Support 1-56850
Support 2- 55562

 

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Commodity Updates for Today

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

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Copper & Nickel Trend Today: Base Metals Tips

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.

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MCX Tips Today: Trend Of Gold Silver and Base Metals

After the initial slowdown in the domestic market gold – silver recovered a bit. MCX gold is up 0.25 per cent to trade near Rs 30,000 while silver is trading at Rs 55190 with slight upside . The negative trend of Comex market is still intact.

MCX crude oil is trading flat, the price per barrel is 4637. NYMEX Crude has witnessed a decline of nearly 0.50% andits current price in Internationam marlet is $82 per barrel.

Base metals Are trading well in doemstic market with copper having good potential to make money with. Copper is currenty at Rs 414. At the level of 414.50 it can either take a bounce back or go further up to 416.50-420 level. The near term trend of copper is positive. Lead and zinc have aslo been advanced 0.30 per cent.

Buy Copper Above 414.50 TG- 416.50-418.50 SL-411.80

Buy Gold at 30050 TG- 30200-30300 Stoploss- 29850

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MCX Crude Updates

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.

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Copper and Crude Trend- Commodity Tips for Today

 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


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NCDEX Market Updates: Commodity Tips

 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.

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MCX Cardamom Updates

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.

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MCX Crude Updates

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 barrelTo 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

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NCDEX Updates: Guar Trading is likely to Resume before year end

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.

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