Gold, Silver, Copper, Crude oil Updates Today 27 Sep 2012

Bullions: 

Bullion counter can witness range bound movement amid mixed fundamentals as investors will await the US GDP figures scheduled today. Gold can trade in range of 31,100-31,500 while Silver can trade in range of 61,800-63,000 in near term. 

Base Metals: 

Base metals may also trade in range with some profit booking at higher levels cannot be denied due to euro zone concerns. Copper can trade in range of 438-446 in MCX while Lead can trade in range of 120-123 in MCX. Nickel can move in range of 950-985 in MCX while aluminium may move in range of 108.5-110.50 in MCX. 

Energy: 

Selling pressure to persist in Crude oil and its prices can test 4,750 in MCX in near term. Natural gas may trade in range of 168-175 in MCX as investors will eye the weekly natural gas report scheduled today.

MCX Commodity Market New Today

Today precious metals Gold and Silver trading at higher levels. Gold price may be touch the levels of Rs. 32,000 in upcoming trading session. All base metals like Copper, Aluminium, Nickel trading at negative prices. Support for November copper is seen at Rs.440 while resistance is seen at Rs. 450. In energy Crude oil and natural gas are trading at mixed prices today.

MCX Commodity Market Updates Today 25 Sep 2012

Bullions: MCX Gold can trade in range of 31,300-31,600 while silver can trade in range of 62,500-63,100 in near term.  

Base Metals: Base metals may also witness some short covering after recent profit booking tracking positive international cues. Copper can trade in range of 440-446 in MCX while Lead can trade in range of 119.50-122 in MCX. Nickel can move in range of 960-975 in MCX while aluminium may move in range of 109.50-111 in MCX. 

Support for November copper is seen at Rs.438 while resistance is seen at Rs. 448.

Energy: Crude oil prices can also see some lower level buying as its prices can trade in range of 4,890-4,980 in near term while Natural gas may trade in range of 159-172 in MCX.

MCX SILVERMIC Feb'13 contract gains

S

ILVERMIC prices on MCX gained today. At 10:54 hrs MCX SILVERMIC November contract was trading at Rs 62655.00 up Rs 223.00, or 0.36%. The SILVERMIC rate touched an intraday high of Rs 62760.00 and an intraday low of Rs 62492.00. So far 9215 contracts have been traded. SILVERMIC prices have moved up Rs 1765.00, or 2.90% in the November series so far.

At 10:54 hrs MCX SILVERMIC February contract was trading at Rs 64370.00 up Rs 229.00, or 0.36%. The SILVERMIC rate touched an intraday high of Rs 64525.00 and an intraday low of Rs 64245.00. So far 824 contracts have been traded. SILVERMIC prices have moved up Rs 7870.00, or 13.93% in the February series so far

Commodity Tips

                                                                                             

At 10:54 hrs MCX SILVERMIC April contract was trading at Rs 65900.00 up Rs 206.00, or 0.31%. The SILVERMIC rate touched an intraday high of Rs 66000.00 and an intraday low of Rs 65821.00. So far 59 contracts have been traded. SILVERMIC prices have moved up Rs 2285.00, or 3.59% in the April series so far.

Weekly MCX Commodity Market Updates

MCX Gold is in bullish trend and consolidating around higher levels. For current week 32,500 will act as a major resistance level and 31,180 will act as a major support level in MCX Gold Oct. futures. For this week traders can use buy on lower level strategy, if MCX Gold October futures sustains above 31,400 then  it could test the levels 32,100 / 32,450 with strict SL of 31,200.

MCX Silver is also bullish on the charts and consolidating around higher levels. For current week 66,600 is the major resistance levels whereas 61,900 is major support in MCX Silver Dec. futures. For this week traders can use buy on lower level strategy, if Silver Dec. futures sustains above 64,850 then it could test the levels of 65,700/ 66,400.

Overall trend of MCX Copper futures is bullish but last week it was unable to sustain at higher levels and in last 2 days of the week, we saw profit booking in it. For this week 439 and 433 will act as major supports whereas 455 and 463 will act as major resistances in MCX Copper Nov. futures. 

MCX Crude oil is in consolidation and looking weak on charts. For this week 4,890 and 4,775 will act as major supports levels whereas 5,160 & 5,295 will act as major resistance in MCX Crude oil October futures. For this week traders can sell on higher levels strategy. If MCX Crude oil October futures sustains below the level of 4,950 then it could test the level of 4,890/ 48,40.

MCX Commodity Market Updates Today

Precious metals (Gold and Silver) prices are trading higher on MCX today. We expect a further rise in the prices of precious metals on account of the money pumped up by various central banks of the globe. 

All base metals prices are trading higher on international bourses today. We do not expect any major rise in the prices of industrial metals on account of weak manufacturing data from major economies of the world. 

Crude oil prices are trading higher on MCX today. We do not expect any major rise in the prices of crude oil on account of weak demand expectation from China and US. Selling on rise is recommended for the day.

MCX Comdex trades down 0.51%

The Multi Commodity Exchange (MCX) COMDEX is trading  down by 19.87 points, or 0.51%, at 3,887.98 after opening at 3,906.81. (02.01 p.m.)

Other index like MCXMETAL is trading downward by 35.60 points, or 0.65%, at 5,450.39 after opening at 5,483.31. Meanwhile MCXENERGY is trading down by 10.58 points, or 0.31%, at 3,383.65 after opening at 3,367.25. MCXAGRI is trading down by 10.93 points, or 0.43%, at 2,549.43 after opening at 2,544.55.

Gainers at the MCX were COTTON CAKE AKOLA - August contract, (3.01%) with open interest of 5, Cardamom - July contract, (1.64%) with open interest of 108, Wheat - September contract, (1.38%) with openinterest of 13, COPPER1KG - August contract, (0.74%) with openinterest of 22,010, and Wheat - August contract, (0.68%) with openinterest of 450.

Laggards at the MCX were POTATOTRWR - September contract, (3.89%) with open interest of 5, POTATOTRWR - August contract, (2.86%) with open interest of 108, POTATOTRWR - July contract, (2.47%) with open interest of 13, Nickel - September contract, (2.33%)with open interest of 22,010, and Cardamom - October contract, (2.22%)with open interest of 450.

Intraday Commodity Market Updates

Bullion: Gold prices traded in a tight range in Asia Wednesday, as the yellow metal remained in consolidation mode following a recent rally. 

Metals: Base metals mostly slightly lower on the MCX today. We expect industrial metals prices to trade weak on account of weak Chinese manufacturing data. Lead and Copper can be sold on rallies.

Energy: Domestic crude oil futures lower tracking similar movement in the overseas market. Selling on rise is recommended for the day.

MCX Comdex trades down 35 points

The Multi Commodity Exchange MCX  COMDEX is trading down by 35.09 points, or 0.88%, at 3,938.10 after opening at 3,973.47. (02.04 p.m.)

Other index  like MCXMETAL is trading downward by 24.39 points, or 0.45%, at 5,418.20 after opening at 5,445.27. Meanwhile MCXENERGY is trading down by 35.12 points, or 0.98%, at 3,532.76 after opening at 3,568.63. MCX AGRI is trading down by 63.48 points, or 2.40%, at 2,576.14 after opening at 2,610.41.

Gainers at the MCX were COTTON CAKE AKOLA - August contract, (3.01%) with open interest of 5, Cardamo - July contract, (1.64%) withopen interest of 108, Wheat - September contract, (1.38%) with open interest of 13, COPPER1KG - August contract, (0.74%) with open interest of 22,010, and Wheat - August contract, (0.68%) with open interest of 450.

Losers at the MCX are POTATOTRWR - September contract, (3.89%) with open interest of 5, POTATOTRWR - August contract, (2.86%) withopen interest of 108, POTATOTRWR - July contract, (2.47%) with open interest of 13, Nickel - September contract, (2.33%) with open interestof 22,010, and Cardamom - October contract, (2.22%) with open interestof 450.

Intraday Outlook - Bullions, Base-Metals and Energy Updates

Bullions: MCX Gold October Contract is looking negative for the day. Market may find support near 31750 & 31650; intraday resistance can be seen near 31930 & 32040. MCX Silver December Contract is looking negative for the day. Market may find support near 63700 & 63200; intraday resistance can be seen near 64200 & 64700.

Base Metals: MCX Copper November contract is looking positive for the day. Market may find support near 451 & 448; intraday resistance can be seen near 455 & 458. MCX Nickel September contract is looking positive for the day. Market may find support near 965, 952; intraday resistance can be seen near 984 & 995. 

Energy: MCX Crude oil September contract is slightly negative for the day. Market may find support near 5290 & 5240; intraday resistance can be seen near 5360 & 5410. MCX Natural Gas September contract is negative for the day. Market may find support near 153 & 150 intraday resistance can be seen near 158 & 161 Day traders are advised to sell intraday on rise.

Weekly Report - MCX Commodity Market (Gold, Silver, Copper, Crude)

MCX Gold is in bullish trend and sustaining around higher levels. For this week, 32,500 will act as a major resistance level and 31,180 will act as a major support level in MCX Gold Oct. futures. For this week traders can use buy on lower level strategy, if MCX Gold October futures sustains above 32,150 then above 32,250 it can test the level of 32,450/ 32,550.

MCX Silver is also bullish on the charts and sustaining around higher levels. For this week 67,000 is the major resistance levels whereas 62,000 is major support in MCX Silver Dec. futures. For this week, traders can use buy on lower level strategy, if Silver Dec. futures sustains above 64,000 then above 65,200 it could test the level of 66,600.

MCX Copper Nov. futures is in bullish trend and looking strong on charts. For this week 450 and 443 will act as major supports whereas 466 and 474 will act as major resistances in MCX Copper Nov. futures. For this week in MCX Copper, traders can use buy on lower level strategy and if it sustains above the level of 455 then above the level of 458 it could test the level of 463 / 467.

MCX Crude oil is in consolidation around higher levels. For this week 5,325 and 5,245 will act as major supports levels whereas 5,580 & 5,700 will act as major resistance in MCX Crude oil October futures. For this week traders can use buy on lower levels strategy. If MCX Crude oil October futures sustains above the level of 5,470 then above the level of 5,500 it could test the level of 5,540/ 5,580.

Gold edges higher after Fed move, correction seen

Gold edged higher to fresh six-month highs on Friday after the US Federal Reserve unleashed a long-awaited stimulus programme, but some analysts expect the market to take a breather before tackling further gains.

• Gold achieved relatively modest gains on Friday after jumping 2% on Thursday and a total of 10% over the past month, largely in anticipation of the easing move by the US central bank.

On Thursday, the Fed launched an open-ended mortgage debt buying programme and pledged to keep interest rates near zero until at least mid-2015.

• Silver, platinum and palladium, widely used in industrial applications, also climbed to their highest in about six months, as the appetite for riskier assets rose after the Fed move.
• Spot gold, added 0.45% to USD 1,774.27 an ounce by 1000 GMT after climbing as high as USD 1,777.51 an ounce, its highest since February 29.

"After the move we had, not just yesterday, but over the last two or three weeks I think it would be natural to look for a period of consolidation," said Tom Kendall, an analyst at Credit Suisse in London.

"But certainly going into the back end of this year, I would be looking for gold to be getting towards at least the USD 1,850 level."

• Cash gold is on course for a 2.3% gain this week - a fourth week of consecutive rises, as investors have been encouraged by central banks' latest push to promote global growth by effectively printing more cash.

• Edel Tully at UBS said gold would encounter stiff resistance at USD 1790.75-1802.93, the February and November highs. "We expect a corrective phase around this area to unwind the over-extended upside conditions.

• The rally so far has been fuelled largely by institutional and hedge fund buying, but the key to keeping momentum going in the gold price will be a revival of physical buying from India and China, Kendall added.

• Chinese buying of gold jewellery, coins and bars fell for the first time in more than five years in the second quarter of 2012, metals consultancy GFMS said earlier this month.

• Demand from India has also been weak, falling by a third in the first half.

Holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, inched up 0.2% on the day to 1,292.432 tonnes by September 13.

The dollar index dropped to a four-month low, helping attract gold buyers holding other currencies.

PLATINUM, PALLADIUM, SILVER HIT MULTI-MONTH HIGHS

• Spot platinum jumped more than 2% to a six-month high of USD 1,713 an ounce, before paring gains to USD 1,695.74, as concerns about supply deepened with labour unrest in top producer South Africa's mining sector.

• Striking miners rejected an offer by Lonmin to increase their salaries to less than half their demanded basic wage.

• Platinum is headed for a 8% rise on the week, its biggest weekly gain since last October. The gold-platinum spread narrowed to under USD 70 an ounce, a level unseen since April, as platinum outperformed gold in recent weeks.

• Spot palladium struck a near six-month high of USD 698.75, before paring some gains to USD 696.22, a rise of 1.7%. The metal was poised for its 11th straight session of gains, its longest winning streak since at least 1984.

• Silver rose to a six-month high of USD 34.92 an ounce, before easing to USD 34.70, up 0.2%. It was headed for a more than 3% weekly rise, extending its winning streak to a fourth week.

• "Silver is poised to test the next resistance level at USD 35.4," said a Shanghai-based trader. The recent rally, which has lifted silver by about 25% over the past month, is suppressing short-term physical demand.

MCX Commodity Market Updates Today 14 Sep 2012

Bullions: 

Bullion counter can trade in thin range. Gold can trade in range of 31,800-32,400 while silver can trade in range of 63,800-65,000. 

Base Metals: 

Base metals may remain sideways in range. Copper can trade in range of 456-464 while Lead can trade in range of 120-122.50 in MCX. Nickel can move in range of 935-948 in MCX while aluminium may move in range of 115-116.50 in MCX. 

Energy: 

Crude oil prices can trade on mixed path in range of 5,400-5,500 in MCX.

Gold, Silver, Copper, Crude Oil Updates Today 13 Sep 2012

Bullion counter can trade in thin range. Gold can trade in range of 31,750-32,100 while silver can trade in range of 62,800-64,000. Base metals may remain sideways in range. Copper can trade in range of 448-456 while Lead can trade in range of 116-117.50 in MCX. Nickel can move in range of 910-928 in MCX while aluminium may move in range of 113.50-114.50 in MCX. Crude oil prices can trade on mixed path in range of 5,300-5,400 in MCX. 

Precious metals (Gold and Silver) prices are trading little changed on MCX today. All base metals prices are trading little changed on international bourses today. Crude oil prices are trading higher on MCX today. We expect prices to trade in a narrow range. 

Commodity Market - Bullion, Metals, Energy Updates

Today Gold can trade in range of 31,750-32,100 while silver can trade in range of 63,500-64,800. Copper can trade in range of 450-458 while Lead can trade in range of 116.50-118 in MCX. Nickel can move in range of 924-939 in MCX while aluminium may move in range of 113-115 in MCX. Crude oil prices can trade on mixed path in range of 5,300-5400 in MCX. 

Gold, Silver, Copper, Crude Updates Today 11 Sep 2012

Bullions: Gold futures on MCX touched record highs tracking the slight weakness in rupee against the dollar. Gold can trade in range of 31,800-32,200 while silver can trade in range of 63,500-64,300.  

Base Metals: Base metals may see some profit booking at higher levels as fed meeting this week is the key event to be watched by the investors. Copper can trade in range of 448-457 while Lead can trade in range of 116-118 in MCX. Nickel can move in range of 915-935 in MCX while aluminium may move in range of 112-114 in MCX. Copper rose to its highest level in four months on Monday. 

Energy: Crude oil prices can trade on mixed path in range of 5,280-5,350 in MCX. Natural gas may see some bounce back and can test 155 in MCX as weather conditions created some marginal demand.

Weekly MCX Commodity Market (Gold, Silver, Copper, Crude) Updates

Gold raced to a six-month high on Friday. Technically, gold is in bullish trend. In this week Rs 32,500 and Rs 33,300 will act as a major resistance and Rs 31,200 and Rs 30,600 will act as a major support for MCX Gold October futures. For this week traders can use buy on lower level strategy, if gold sustains above the level of 31,700 then above the level of 32,000 it can test the level of 32,500/ 32,900.

Technically, silver is also in bullish trend. For this week, Rs 65,000 and Rs 66,700 will act as major resistance whereas Rs 61,400 and Rs 60,000 will act as major supports for MCX Silver December futures. For this week traders can use buy on lower level strategy, if silver sustains above the level of 63,500 then above 64,000 silver can test the level of 65,000/ 66,200.

Copper rose to its four months high on Friday due to China`s approval of  USD 157 billion infrastructure spending programme. Technically, copper is in bullish trend. For this week 455 and 467 will act as major resistance levels and 434 and 418 will act as major support levels for MCX Copper November futures. For this week one should go for buy on lower level strategy in MCX Copper, if it sustains above the level of 445 then it can test the level of 455/ 465.

Last week crude oil settled down on lower levels. Technically, crude oil is consolidating on the charts. For this week 5,200 and 5,050 will act as major supports and 5,440 and 5,600 will act as major resistance for MCX Crude Oil. For this week traders can use buy on lower level strategy, if MCX Crude sustains above the level of 5,350 then above the level of 5,400 it can test the levels of 5,475/ 5,550.

MCX Commodity Market Updates Today

Today all bullion contracts showed positive trend. Gold Oct contract is trading above Rs. 31,000 and Silver Dec contract is trading above Rs. 61,500. All base metals and energy contracts showed up trend. MCX Copper and other base metals are trading at positive prices today. Copper may touch the levels of Rs. 450 in upcoming trading session. Crude oil is trading at negative note today.

Gold hits new high of Rs 32,000 in futures trade

Breaking all previous records, gold price crossed Rs 32,000 per 10 grams in future today as speculators engaged in creating positions, taking positive cues from global market.

Besides, a firming trend in the spot markets on the back of buying activity ahead of marriage and festive season mainly influenced the prices. At the Multi Commodity Exchange, gold for delivery in far-month February contract gained Rs 54, or 0.17%, to trade at new high of Rs 32,096 per 10 grams, clocking a business volume of 49 lots.

Gold for delivery in the October contract also up by Rs 86 to Rs 31,369 per 10 grams in a turnover of 11,951 lots.In the domestic market, gold traded Rs 240 higher at an all-time high of Rs 31,850 per 10 grams in the national capital today.

Market analysts said the rise in gold prices at futures trade which climbed to a new high was attributed to speculative positions built-up by speculators driven by a firming trend overseas as global data strengthened the case for more stimulus to boost growth, raising demand for the precious metal.

Silver prices trading

Silver prices trading mixed in major metros in India. In Chennai market, Pure silver (999 purity) was down Rs 300 at Rs 58500 and in Delhi market it was up Rs 500 at Rs 59700.

Spot Silver Rates for 1 KG in major metros in India:

City	Silver 999	Change (Rs)
Mumbai (Sep 04)	61890	975
Ahmedabad (Sep 04)	60700	-200
Chennai (Sep 04)	58500	-300
Delhi (Sep 04)	59700	500
Jaipur (Sep 04)	59500	600

Gold hits new high at Rs 31,850

Gold today broke all previous records to touch a fresh all-time high of Rs 31,850 per 10 grams, buoyed by brisk buying by stockists in tandem with strong global cues.

The precious metal, which has been on an upward swing since last two weeks, shot up by Rs 240 to Rs 31,850 per 10 grams in the national capital region, surpassing previous record of Rs 31,725 set on September 1. Silver followed suit and gained Rs 1,200 to Rs 60,200 per kg.