Gold, Silver, Copper, Crude Oil Updates Today 31 oct 2012

Bullion: Gold futures were trading slightly higher on domestic exchanges tracking rise in COMEX futures. However, local prices were confined to a narrow range due to rise in rupee against the dollar. Gold futures on COMEX rose today as the dollar weakened against the euro. 

Metals: Base metal futures on the MCX traded in a range with a positive bias tracking a similar trend in benchmark contracts on the London Metal Exchange, where prices gained on weak dollar against the euro. In the domestic market, metal futures gained on global cues, but appreciation in rupee against the US dollar capped the gains.

Energy: Domestic crude oil futures traded higher tracking the rise in benchmark contracts on the New York Mercantile Exchange, where prices recovered slightly on bargain buying, and on a weak dollar against the euro. NYMEX crude oil rose today after declining in the previous session. Crude oil prices had declined earlier reflecting a fall in demand, as many refineries slowed down operations in the US East Coast due to the Hurricane Sandy. 

 Precious metals prices are trading higher on MCX today. We expect a further rise in the prices of precious metals. Buying at dips is recommended for the day. Base metals prices are trading higher on international bourses today. Buying at dips is recommended for the day. Crude oil prices are trading a tad higher on MCX today. We do not expect any major rise in the prices of oil on account of low US demand ahead of the Hurricane season and rising inventory at key ports. Selling on rise is recommended for the day. 

Gold, Silver, Copper, Crude Oil Updates Today 30 oct 2012

Gold: Gold futures prices have seen a narrow range as hurricane Sandy intimidates at the US East Coast yesterday. Volumes are therefore expected to remain thin for the day. At present the Asian equities are trading at a positive note while the Euro is slightly up against the dollar. 

Silver: Silver futures prices have gained a little at the Globex but we think the metal to pare the early gains during the day. Volumes therefore are likely to remain thin for the day. We expect silver to stay weak for the day and hence recommend staying short for the metal from higher levels.

Crude Oil: During early Asian session, oil futures prices are trading below $85.5/bbl in International market. Volumes have been fallen by more than 35 percent on yesterday as US market was close. Due to presence of hurricane, US market will remain close for today also and may create lower participation to keep oil prices under pressure. We may expect a pull back in MCX platform due to expected depreciating Indian currency ahead of Cash Reserve Ratio Declaration due for today. We may expect oil futures prices to trade under pressure for the day.

Natural Gas: Today, we may expect gas futures prices to continue its upside movement on speculation of higher demand due to presence of tropical storm in inland.

Weekly MCX Commodity Market Updates

Gold:

Gold demand surged as prices dropped on strong rupee. For this week, 29,950 will act as major supports whereas 31550 will act as major resistances in MCX Gold Dec. futures. For this week in MCX Gold, traders can make sell position on higher level and if it sustains below the level of 30,800 then it could test the levels of 30,650 / 30,250.

Silver:

Silver has been under selling pressure due to sell-off in both gold and industrial metals. Technically, MCX Silver future is consolidating and also, sustaining above 58,600 levels. Last week MCX Silver Dec. futures were sideways around lower levels. For this week 61,100 is the major resistance levels whereas 56,880 is a major support in MCX Silver Dec. futures. For this week, traders can use sell on higher level strategy, if Silver Dec. futures sustains below 58,600 then it could test the levels of 58,000/ 57,300.

Copper:

Base metal prices are mostly higher in Asia trading. Technically MCX Copper future is in bearish trend and due to selling pressure, it is sustaining around lower levels. So, for this week it could face major resistance of 434.20 levels whereas 408.70 could be a major support level in MCX Copper. For this week in MCX Copper, traders can use sell on higher level strategy, if Copper future sustains below 419.45 levels then it could test the levels of 413.80/ 409.

Crude oil:

Overall trend of MCX Crude oil future is bearish and also sustaining around 4,630 levels, in the last week, MCX Crude oil Nov. future remained in bearish trend for the entire week. For this week  4,450 will act as major supports whereas 5,000 will act as major resistances in MCX Crude oil November future. So, for this week in MCX Crude oil, traders can use sell on higher levels strategy and if it is sustain below 4,600 then it could test the levels of 4,530/4,470.

MCX Commodity Market Updates Today 25 oct 2012

Bullions: Bullion counter on MCX may trade sideways with some lower level buying can be seen after the recent fall. On domestic bourses Gold can trade in range of 30,700-31,000 while Silver can trade in range of 58,500-59,900 in near term. 

Base Metals: Base metals counter may also foresee some short covering. Copper rose on Thursday. Copper can trade in range of 424-434 in MCX while Lead can trade in range of 108.30-110 in MCX while Zinc may find support near 97-98 while Nickel may also find support near the 875-885 in MCX. Aluminium may move in range of 103-104.50 in MCX. 

Energy: Crude oil counter can trade lower with negative bias however Middle East tensions may cap the downside. Overall it may trade in mixed range of 4,600-4,700.

MCX Commodity Market Updates Today 23 oct 2012

Bullions: Bullion counter on MCX may remain sideways with weak bias. On domestic bourses Gold can trade in range of 30,900-31,250 while Silver can trade in range of 58,800-60,000 in near term.

Base Metals: Base metals counter may trade with weak bias but some short covering at lower levels cannot be denied. Copper can trade in range of 425-435 in MCX while Lead can trade in range of 109-112 in MCX while Zinc may dip lower and can test 96 in near term while Nickel may slump further lower and can test 875 in MCX. Aluminium may move in range of 103-105 in MCX. Copper hit the lowest in more than a month on Monday after a bigger than expected fall in Japan's exports. 

Energy: Crude oil counter can trade in thin range as investors will eye the API inventory report scheduled today. Overall it may trade in mixed range of 4,700-4,950. Natural gas may further tumble lower and can test 183-182 in MCX on weather concerns. 

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Gold, Silver, Copper, Crude Updates Today 22 oct 2012

Bullions:

Bullion counter is expected to trade on volatile path. On the domestic counter gold can trade in the range of 30,600-31,800 and silver in the range of 59,000-62,000 in MCX. 

Base Metals:

Copper may trade in the range of 425-450 while Lead can move in the range of 112-117. Aluminum prices may trade in the range of 104-108. Nickel prices can trade in the range of 880-950 in MCX.

Energy:

Crude oil prices witnessed lower level buying recently but further movement will depend upon direction of greenback, Middle East tensions, Euro zone and global growth concerns. Crude oil can trade in the range of 4,750-5,250 in MCX. US natural gas prices may remain on volatile note as it can trade in the range of 182-205 in near term. 

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MCX Commodity Market Updates for Today 19 Oct 2012

Precious metals prices are trading lower on MCX today. We expect a further liquidation in the prices of precious metals on account of a stronger US dollar overseas. Thereby, losses on Indian bourses seem to be limited. 

Industrial metals prices are trading lower on international bourses today. We expect prices to remain weak on account of weak economic data by releases by China and a stronger US dollar against major currencies. Selling on rise is recommended for the day. 

Crude oil prices are trading firm on MCX today. We expect prices to remain firm on account of fresh supply worries in oil.

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Gold, Silver, Copper, Crude Updates Today

Gold prices climbed up on Wednesday following growing optimism over prospects for a solution to Europe's debt troubles and weakness in dollar, but gains were capped after upbeat U.S. housing data dulled the metal's safe-haven appeal.

Gold prices are expected to remain sideways to bearish as positive data in US might reduce the safe haven appeal of the metal and thereby attract the investors towards other asset class. MCX Gold prices are having resistance at 31,200 and support at 30,900 for the day for December contract. MCX Silver prices are having resistance at 61000 and support at 59780. Support for November copper is seen at Rs.436 while resistance is seen at Rs. 445.

MCX Commodity Market Updates Today 18 Oct 2012

Precious metals (Gold and Silver) prices are trading little changed on MCX today. We expect a fall in the prices of precious metals for the day on account of weak Chinese economic data and a stronger US dollar overseas. 

Industrial/Base metals prices are trading a tad higher on international bourses. We do not expect any major rise in the prices of industrial metals on account weak Chinese economic data with respect to its GDP and industrial production. 

Crude oil prices are trading higher on MCX today. We expect crude oil prices to remain firm on account of better Chinese oil demand and better US housing data. Buying at dips is recommended for the day.

MCX Commodity Market Updates Today 17 oct 2012

Bullion: Gold futures ticked higher Tuesday, tracking a retreat in the U.S. dollar on hopes that Spain was moving nearer to a bailout request. 

Metals: Copper futures edged higher, recovering from a one-month low, as traders were encouraged by a weaker dollar and stronger U.S. industrial production data. Support for November copper is seen at Rs. 430 while resistance is seen at Rs. 438.

Energy: Crude-oil futures prices were little changed Tuesday, awaiting direction from upcoming U.S. weekly oil-inventory data. Market is looking for direction from widely watched U.S. weekly oil-inventory data.

Gold, Silver, Copper, Crude Oil Updates for Today 16 Oct 2012

Bullions: Bullion counter on domestic bourses may open in red continuing yesterday losses. On domestic bourses Gold can trade in range of 30,800-31,200 while Silver can trade in range of 59,000-60,800 in near term.  

Base Metals: Base metals counter may trade on weaker note but some short covering at lower level cannot be denied. Copper can trade in range of 430-436 in MCX while Lead can trade in range of 111-113 in MCX while Zinc may move in range of 99-101.Nickel can move in range of 900-920 in MCX while aluminium may move in range of 103-105 in MCX. 

Energy: Crude oil counter can open on weaker path and can trade subdued due easing tensions in Middle East. Overall it can trade in range of 4,800-4,870. Natural gas may also trade sideways and can trade in range of 182-189 in MCX.

Weekly MCX Commodity Market Updates

Gold:

MCX Gold is in bullish trend and consolidating around higher levels. For this week 32100 will act as a major resistance level and 30,650 will act as a major support level in MCX Gold Dec. futures. Last week MCX Gold Dec.futures remained sideways. For current week traders can use buy on lower level strategy, if MCX Gold December futures sustains above 31,400 then  it could test the levels 31,750 / 32,000 with strict SL of 31,040.

Silver:

MCX Silver is also bullish on the charts and consolidating around higher levels. For this week 65,000 is the major resistance levels whereas 58,500 is major support in MCX Silver Dec. futures. Last week MCX Silver Dec. futures was range bound & moved between the range of 61,000 & 62,300. For current week traders can use buy on lower level strategy, if Silver Dec. futures sustains above 61500 then it could test the levels of 62,800/ 64,900.

Copper:

Overall trend of MCX Copper futures is bearish. For this week 442 and 448 will act as major resistances whereas 429 and 418 will act as major supports in MCX Copper Nov. futures. For current week  MCX Copper, traders can use sell on higher level strategy and if it sustains below the level of 431 then it could test  the levels of 426/418.

Crude Oil:

MCX Crude oil is in consolidation phase. But last week, MCX Crude Oil October futures was sustaining at higher levels for the entire week. For this week 4,740 and 4,600 will act as major supports levels whereas 5,060 & 5,210 will act as major resistances in MCX Crude oil October futures. For current week traders can use buy on lower levels strategy. If MCX Crude oil October futures sustains above the level of 4,980 then it could test the level of 5,090/ 5,180.

MCX Gold, Silver, Copper, Crude Updates Today

Bullions: MCX Gold can trade in range of 31,150-31,500 while Silver can trade in range of 61,000-62,500 in near term. 

Base Metals: Base metals counter may trade in range on mixed sentiments. Copper can trade in range of 431-440 in MCX while Lead can trade in range of 112.50-114.50 in MCX while Zinc may move in range of 100-105. Nickel can move in range of 910-930 in MCX while aluminium may move in range of 103-107.50 in MCX. 

Support for November copper is seen at Rs.432 while resistance is seen at Rs. 442.

Energy: Crude oil counter can remain on volatile path after yesterday sharp covering rally. Overall it can trade in range of 4,840-4,950. 

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

Bullion: Gold and silver contracts on domestic exchanges were up  as rupee tumbled to the lowest level this month against the dollar, even as global markets remained weak amid a bleak outlook on world economic growth. Precious metals are trading lower on MCX today. We expect prices to trade lower for the day.

Metals: Most base metals, barring copper, contracts on the MCX were trading lower mirroring the trend in the benchmark contracts on the London Metal Exchange. Zinc, lead, nickel and aluminium traded weak on firm US dollar against the euro and on concern over demand amid an overall bleak global economic outlook. Industrial metals are trading flat on International bourses today. We expect prices to remain under pressure on account of concerns over the global demand. Support for November copper is seen at Rs.432 while resistance is seen at Rs. 442.

Energy: Crude-oil futures were slightly lower on Wednesday after a surge in the previous session, as traders looked to reports on the global oil market that suggest plentiful supplies. Crude oil is trading marginally lower on MCX today. We expect prices to trade in a range with a negative bias.

MCX Commodity Market Updates Today 10 Oct 2012

Bullion: Precious metals are trading marginally higher on MCX today. Gold futures on local exchanges were firm on depreciating rupee against the dollar. We expect prices to trade higher for the day on account of gloomy outlook for global growth.

Metals: Industrial metals are trading higher on International bourses toady. Base metal futures on the MCX traded mixed tracking similar movement on the London Metal Exchange. Copper, zinc and lead rose on bargain buying, while nickel and aluminium traded marginally weak on long unwinding. We expect prices to trade mixed for the day.

Energy: Crude oil is trading lower on MCX today. Crude oil futures on MCX were trading up more than 3% tracking the rise in benchmark contracts on the New York Mercantile Exchange. We expect prices to trade lower for the day.

MCX Commodity Market Updates Today

Bullion: Gold futures on local exchanges rose tracking an over 1.5% fall in rupee against the dollar, even as parent contract on COMEX fell on continued profit sales. 

MCX Dec Intraday Levels are: 

Resistance: 31480/31550/31700/31840 

Support: 31050/30900/30740/30500

Metals: Base metal futures on the MCX were trading lower mirroring trend on the London Metal Exchange, where prices fell due to a firm dollar against the euro, and on concerns over demand from China. Support for November copper is seen at Rs 428 while resistance is seen at Rs 438.

Energy: Crude oil futures on MCX were trading slightly lower tracking the fall in benchmark contracts on the New York Mercantile Exchange, Weak rupee pushes up oil futures, as it makes import of dollar-denominated commodities like crude oil expensive.

Gold, Silver, Copper, Crude Updates Today 09 Oct 2012

• Precious metals (Gold and Silver) are trading higher on MCX today. We expect prices to trade higher on account of persistent worries about the euro zone debt crisis and global growth. 

• Industrial/Base metals are trading marginally higher on International bourses today. We expect prices to trade higher for the day on account of hopes for a stimulus package from China. 

• Crude oil is trading higher on MCX today. We expect prices to trade higher for the day on account of escalating geopolitical risks offset pressure from global economic concerns.

Weekly MCX Commodity Market Outlook

Bullions:

On the domestic counter Gold can trade in the range of 30400- 31600 and silver in the range of 61000-63000 in MCX. Gold silver ratio has declined from 58 to 51 recently thus indicating that silver outperformed gold and this ratio can decline further below 49 in near term. The current decline in the domestic gold prices will be good buying opportunity in the upcoming festive season for domestic investors.

Metals:

Base metals can remain on volatile path as some short covering can be seen after the recent fall witnessed in domestic bourses due rupee appreciation. Copper prices can trade in the range of 428-450 in near term. Lead can move in the range of 115-122 while zinc in range of 105-110. Aluminum prices may trade in the range of 107-112. Nickel prices can trade in the range of 930-990 in MCX. 

Energy:

After witnessing lot of hammering, crude oil counter can see some short covering and will try to consolidate at present levels further taking cues from falling Greenback and escalation of Middle East tensions. Crude oil can trade in the range of 4570-4950 in MCX and USD 86.5-94.5 in NYMEX.

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MCX Commodity Market Updates Today 05 Oct 2012

Gold prices on the MCX closed at Rs.30,722/10 gms after touching a low of Rs. 30,671/10 gms on Thursday. MCX Silver prices closed at Rs. 62,105/kg after touching a low of Rs.61,891/kg in yesterday’s session. In the intraday, we expect previous metals to trade with upward bias. In the domestic markets appreciation in the Indian rupee will act as a bearish factor for the precious metals on the MCX.

MCX Copper prices declined 1.3 percent owing to appreciation in the Indian rupee and closed at Rs.433.2/kg on Thursday after touching a low of Rs.432.6/kg in yesterday’s session. In today’s session, we expect base metals to trade with a positive bias. Appreciation in the Rupee will however cap sharp gains in the prices of base metals on MCX.

Crude oil prices closed at Rs.4,721/bbl after touching an intra-day high of Rs.4,737/bbl on Thursday. We expect crude oil prices  to trade rangebound in today’s session taking cues from upbeat global market sentiments along with weakness in the DX.

Commodities Analysis: Intraday MCX Commodity Market Outlook

Commodities Analysis: Intraday MCX Commodity Market Outlook: Bullion: Gold futures on domestic exchanges fell today as the rupee's continued rise against the US dollar weighed on prices. However, t...

Intraday MCX Commodity Market Outlook

Bullion: Gold futures on domestic exchanges fell today as the rupee's continued rise against the US dollar weighed on prices. However, the downside in the precious metal was limited as futures on COMEX rose due to dollar's fall against the euro. 

Energy: Crude oil futures were trading over 3% lower on the  MCX tracking the fall in benchmark contracts on the New York Mercantile Exchange, and a firm rupee against the US dollar. Crude oil prices tend to fall on firm rupee against the dollar, as it makes import of the commodity cheaper. The NYMEX crude oil futures declined on firm dollar against the euro. 

Metals: Base metals were trading lower on MCX tracking parent contracts on the London Metal Exchange, where prices fell amid thin volumes, and on a strong dollar against the euro. Prices on the MCX were also in red as the rupee rose against the dollar. Base metal prices fell on the back of strength in the dollar index along with weak economic data.

MCX Market Updates Today 03 Oct 2012

Today Gold, Silver, Copper, Crude oil and all other base metals are trading at negative prices. Gold is trading in the range of Rs. 31,000 and Silver is trading in the range of Rs. 62,400-62,800 in near term. Support for November copper is seen at Rs.434 while resistance is seen at Rs. 444. Crude oil is trading in the range of Rs. 4780-4820 in today's trading session. We assume that all may trade at lower levels today.

Weekly MCX Commodity Market Outlook

Overall trend of MCX Gold futures is bullish but last week it witnessed a slight profit booking at higher levels. For current week, 32,300 will act as a major resistance level and 30,700 will act as a major support level in MCX Gold Dec. futures. For this week traders can use sell on higher level strategy, if MCX Gold December futures sustains below 31,530 then it could test the levels 31,220/30,950. 

Overall trend of MCX Silver futures is bullish but last week it was unable to sustain at higher levels. For this week 65,000 will act as a major resistance level and 60,900 will act as a major support level in MCX Silver Dec. futures. For this week traders can use sell on higher level strategy, if MCX Silver December futures sustains below 62,000 then it could test the levels 60950/ 60,120.

Technically MCX Crude oil is in consolidation and looking strong on charts. But, last week, MCX Crude Oil October futures traded downward for the entire week. For this week 4,790 and 4,700 will act as major supports levels whereas 4,990 & 5,070 will act as major resistance in MCX Crude oil October futures. For this week traders can use buy on lower level strategy. If MCX Crude oil October futures sustains above the level of 4,975 then it could test the level of 5,070/5,180.

Overall trend of MCX Copper futures is bullish. But last week Copper futures was showing mixed trend. For this week 430 and 423 will act as major supports whereas 449 and 455 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 445 then it could test  the levels of 449 / 455.

MCX Commodity Market Updates Today 01 Oct 2012

Bullions: Bullion counter can witness more profit booking on domestic bourses tracking weak overseas cues but today weaker local currency rupee can cap the downside. Gold can trade in range of 31,000-31,400 while Silver can trade in range of 62,200-63,200 in near term.

Base Metals: Base metals may also trade with weak bias due to euro zone debt crises especially Spain banks concerns. Copper can trade in range of 437-442 in MCX while Lead can trade in range of 117.50-120 in MCX. Nickel can move in range of 968-980 in MCX while aluminium may move in range of 109-112 in MCX. 

Energy: Crude oil counter can open in red and can test 4,840 in MCX. Natural gas may remain on firm note amid weather concerns and can test 180 in MCX.