Base Metals on MCX India has shown a strong trend in commodity segment today. All metals including Copper on MCX are bouncing around 1-2.5 per cent. The price of copper has risen to Rs 458. After the approval of the U.S. Fiscal Cliff bill the commodity market has grown rapidly worldwide. Positive Data From China has put support for the Copper on MCX today. Copper on the London Metal Exchange was trading above $ 8,200.
In bullion metals the gold and silver are trading strong on MCX today. At moment the gold is trading at 31130. While the silver is at 59100+. We suggest to initiate long positions in the gold and silver at MCX. The bullion commodities are expected to move up in the next trading hour. Base metals have already gone up.
MCX Trading Tips For Next Session
MCX Gold (Feb Futures): Buy – 30980, stoploss – 30920 and the target – 31150
MCX Silver (March Futures): Buy – 58800, stoploss – 58400 and the target – 59600
MCX Copper (Feb Futures): Buy – 453.50 stoploss – 449 and the target – 460
MCX Crude oil (July Futures): Buy – 5030, stoploss – 4990 and target – 5090
MCX Bullion commodities gold and silver are being expected to open in the negative note on Monday 8 October 2012. MCX Bullion commodities may come under the selling pressure in the market.
From the technical point of view the MCX gold is now being expected to see the technical support level of 30450 which Further may take a strong support at 30,010. While the resistance for the gold is being expected at around 31490 which further may take a strong resistance at 31940. Traders are advised to take the sell position for the gold in this week.
MCX Silver prices are expected to trade flat as taking the asian market cues. Technically the MCX Silver is expected to take the strong support at around 61000 and resistance at 61800. Same as the MCX Gold, Silver is also adviced for the short positions.
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Despite gains in the international market, the domestic market is showing a declining trend in gold and silver. The strong rupee against the dollar put the pressure on the gold and silver. At Comex gold has gained 0.2 percent. with marginal gains crude oil on NYMEX is trading around $ 99.50.
Currently, with a decline of 0.2 per cent on MCX gold is trading at Rs 31 820. The silver is at Rs 64,000 with approximately 0.5 percent decline. Crude oil dropped by 0.15% and is trading at Rs 5325 on MCX.
Meanwhile on NCDEX gram and cumin has gained 1 per cent. Gram on the NCDEX dropped by around 1 percent in November and December contract.
MCX Copper (Nov Futures): Buy – 454, stoploss – 451 and the target – 459
MCX Gold (October Futures): Buy – 31775, stoploss – 31 700 and the target – 31 950
NCDEX Intraday Trading Tips
NCDEX Cumin (October Futures): Buy – 14150, stoploss – 14010 and the target – 14500
NCDEX soybean (October futures): Sell – 3750, stoploss – 3840 and target – 3685
International commodity market has not seen any significant movement. Before the FOMC meeting the commodity market is in the lethargy state. Gold and silver are in the sluggish state at comex commodity trading. It is not the state of comex or mcx, At NYMEX too the crude oil is i the same phase. With some slight edge at the moment,crude oil is at $ 97 a barrel and is trading flat.
Meanwhile on NCDEX turmeric with a gain of 1.5 percent is trading at Rs 5,760.Soybean and red pepper have recorded about 1 percent price rise.
NCDEX Commodity Tips For Today
NCDEX soybean (November Futures): Buy – 3745, stoploss – 3700 and Goals – 3795/3805
NCDEX chana (October Futures): Buy – 4595, stoploss – 4550 and Goals – 4640/4645
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