The day before the weekend i.e. On Thursday the commodity market declined sharply. Before Thursday the market was trending on upper levels. At Comex the gold and silver traded with significant decline. On other hand the crude oil at Nymex also slipped and reached to low price level. Copper is trading at lower levels with some losses. According to news the copper and crude oil may continue with this trend next week too.
At moment the gold at Comex is trading at 1615.25 dollars per ounce after a down of 0.1 percent. The reverse is the situation of the domestic market. The gold at multi commodity exchange is trading at around 30,015 price band. MCX Silver closing price was 53,770 after the gain of 0.6 percent. Crude oil at MCX closed very near to the level of 5300.
Commodity Market trend is being expected to trade in the upper bias today as the global cues are suggesting the upper trend of the market.
Commodity Trading Strategies for Today:-
We expect October contract of gold is likely to take a support of Rs. 30,030 while the gold may touch 30,250 in long term.
Similarly MCX silver is expected to trade on upper bias.
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MCX Base metals are expected to trade lower amid euro zone problems and rise in greenback. Copper price fell near a three-week low on last week as Europe’s debt crisis remained unresolved; denting demand prospects, and after the U.S. Federal Reserve decided to do nothing new to prop up growth. Risk aversion also pushed up the U.S. dollar, generally perceived as a safe-haven asset, which put additional pressure on industrial metals prices.
While commenting on copper outlook MCX Copper prices can trade in range of in 370-395 in domestic market. There are growing concerns about the outlook for Europe and some concerns also about China’s ability to steer its way through the worldwide difficulties. According to the International Copper Study Group (ICSG) Mine capacity utilisation fell steadily from over 90% at the start of the last decade to 80.4% last year. The market has remained substantially skeptical after the EU leaders` failure to reach any solution in last meeting and it is still unclear whether the rating agencies would downgrade European countries, and this is putting some pressure on metals.
Copper production has been heavily disrupted this year by long strikes at some of the world’s biggest mines including Freeport’s mines in Indonesia and Peru. Lead and zinc can further slide towards 100 and 95 respectively. Meanwhile Aluminium prices can trade in range of 102-107 in MCX.