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
Light edge hike is being witnessed in the gold at mcx India while the silver is consistently showing down trend in commodity market. Although the gold is not in the same trend in the market. At Comex the gold is trading above $1616 with a up of 0.20 percent. the price is 28 dollars per ounce. Gold in the domestic market on Wednesday closed at Rs 29 910 with a gain of 0.5 percent, while silver closed at Rs 53 375, with lethargy.
After Falling the crude oil at multi commodity exchange is now in the up side in the market. The crude oil at price band of 93 dollars a barrel. MCX Crude oil on Wednesday, with the weakness of nearly 0.5 per cent to reached to Rs 5152.Copper on the London Metal Exchange is trading with a half per cent of increment. Copper in the domestic market on Wednesday with a fall of 0.26 per cent closed at Rs 417.
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Despite the decline in the international market, gold in the domestic market is strong. But the silver in the domestic market is trading weak with international market. Crude oil is also trading bearish trend. At comex the gold is weakened by 0.1 percent while the silver is 0.4 percent.Nymex crude oil is trading at 93.4 dollars per barrel.
MCX gold is trading at Rs 29,820 with 2 percent gain while the silver at mcx is seeing some down trend. MCX Silver is trading at 53,310 with a decline of 0.1 percent. Crude oil at mcx has slipped and reached to the level of Rs. 5,145.
A lower circuit of 4% has been employed on NCDEX Turmeric september and October contract. Turmeric, the September futures price has come down to Rs 6,100. Coriander August, September and October futures has weakened around 3-4 per cent. NCDEX Chana (Gram) is trading at 4850 with a gain of 1.5%.
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MCX Gold Intraday Tips:- Buy at 29800, Stop loss 29730, Target 29880.
MCX Silver Intraday Tips:- Buy at 53300, Stop loss 53000, Target 53600.
MCX Copper Intraday Tips:- Buy at 420.50, Stop loss 418.50, Target 422.50.
MCX Lead Intraday Tips :-Sell below 105.50, Stop loss 106 Target 105.