MCX Commodity Market Updates Today

Bullion counter to trade in range with positive bias tracking firm overseas cues. Yesterday India government increased taxes on gold imports to reduce a record current-account deficit and moderate demand for the precious metal that's rallied for 12 straight years. Gold can trade in range of 30600-30900 while silver can trade in range of 58500-60000 in near term. 

Base metals can also trade in range with strong local currency to cap the upside. Copper may trade in range of 432-440 in MCX while zinc may trade in range of 107.55-109.  Nickel may trade in range of 925-945 in MCX and Aluminum can trade in range of 107.5-109 While battery metal Lead can trade in range of 122-124 in near term. 

Meanwhile it expects crude oil may remain in range on domestic bourses while natural gas can continue its recovery in MCX tracking colder weather in US. Crude oil (Feb) contract can trade in range of 5130-5170 in MCX while Natural gas can head towards 199-200 in MCX. 

Bullion, base metals to remain sideways:

We expects bullions and base metals to remain sideways, while energy segment to trade firm.

It expects bullion counter to remain sideways with some short covering can be seen tracking positive global cues. ''On domestic bourses stronger local currency rupee can cap the upside. Gold can trade in range of 30,700-31,000 while silver can trade in range of 57,500-58,500 in near term. Spot gold traded nearly flat on Monday and as investors awaits a string of economic data this week to gauge the health of the world's top economies. Hedge funds and money managers cut the size of net longs in gold futures and options to a four-month low in the week to January 8 as bullion prices tumbled on concerns the Federal Reserve might withdraw stimulus, data from the U.S. Commodity Futures Trading Commission showed.''

''Base metals may remain sideways with positive bias as decline in greenback can support its prices higher. Copper may trade in range of 442-448 in MCX while zinc may trade in range of 109-111.  Nickel may trade in thin range of 955-968 in MCX and Aluminum can move in range of 113-115 .While battery metal Lead can trade in range of 125-127 in near term. London copper futures edged higher on Monday, bouncing back after losses in the previous session, although a shaky outlook for demand from the world's top copper consumer China could limit gains. China's copper imports fell 6.6 percent in December from the previous month and most Chinese consumers will likely hold off on spot purchases of refined copper until after the Lunar New Year break in February. China's gross domestic product data, due out on Friday, will be the key number to watch as investors seek confirmation of whether the world's No. 2 economy snapped seven quarters of slower growth in the fourth quarter.''

Meanwhile, it expects crude oil to remain on firm path along with natural gas in MCX. ''Crude oil can trade in range of 5,110-5,170 in MCX while Natural gas may witness some short covering after recent fall and can trade in range of 180-185 in MCX. U.S. crude futures rose to almost $94 a barrel on Monday, leaving less than a USD 17 a barrel gap from London-traded Brent crude, after the start-up of the expanded Seaway Pipeline late last week, a major project that could ease distortions in global oil markets. The Seaway oil pipeline, newly expanded to carry up to 400,000 barrels per day (bpd), began pumping crude on Friday from an over-supplied U.S. Midwest region to the Gulf Coast, which many traders have been betting will support benchmark U.S. oil prices after being depressed at the landlocked U S futures delivery hub of Cushing, Oklahoma.''

MCX Comdex up 1% last week

MCX Comdex was up by 1% to 3,833.27, MCX Energy was up by 0.88% to 3,499.85 while MCX Metal was down 0.75% to 5,482.71.

All bullion contracts showed up trend. Gold February 13 contract was up by 0.40% to Rs 30,945 per 10 grams, GoldM March 13 contract was up by 0.60% to Rs 31,258 per 10 grams, Goldguinea February 13 contract was up by 0.47% to Rs 25,023 per 8 grams, GoldPetal February 13 contract was up by 0.45% to Rs 3,128 per grm and GoldPetalDel January 13 contract was up by 0.87% to Rs 3,138 per grm. Silver March 13 contract was up by 0.82% to Rs 58,651 per kg, SilverM February 13 contract was up by 0.81% to Rs 58,677 per kg, SilverMIC February 13 contract was up by 0.82% to Rs 58,685 per kg and Silver1000 February 13 contract was up by 1.90% to Rs 58,593 per kg.

All metals contracts showed mixed trend. SteelRPR February 13 contract was up by 1.91% to Rs 32,610 per MT, lead February 13 contract was up by 1.64% to Rs 129.95 per kg, lead mini March 13 contract was up by 1.88% to Rs 130.10 per kg, aluminium March 13 contract was up by 0.96% to Rs 116.15 per kg, alumini March 13 contract was up 0.74% to Rs 116 per kg, copper February 13 contract was up by 1.95% to Rs 449.40 per kg, copperm February 13 contract was up by 1.95% to Rs 449.40 per kg, nickel March 13 contract was up 0.41% to Rs 969.30 per kg, nickelm March 13 contract was up by 0.47% to Rs 969.60 per kg while zinc January 13 contract was down by 1.31% to Rs 112.85 per kg and zinc mini January 13 contract was down by 1.31% to Rs 112.85 per kg.

All energy contracts showed mixed trend. Crude oil January 13 contract was up by 1.76% to Rs 5,080 per barrel, Brcrude oil January 13 contract was up by 0.38% to Rs 6,113 per barrel while Natural gas February 13 contract was down by 6.30% to Rs 178.60 per MMBTU.

All agri contracts showed mixed trend. CPO February 13 contract was up by 3.32% to Rs 454.10 per 10 kgs, potato March 13 contract was up by 1.14% to Rs 724.10 per 100 kgs, almond January 13 contract was up by 7% to Rs 497 per kg while cardamom February 13 contract was down by 2.46% to Rs 1,058.60 per kg, menthaoil January 13 contract was down by 2.62% to Rs 1,426.30 per kg, kapaskhali March 13 contract was down by 0.41% to Rs 1,446.50 per 100 kgs, kapas March 13 contract was down by 3.37% to Rs 958.40 per 20 kgs and cotton March 13 contract was down by 0.99% to Rs 17,000 per bales.