GOLD:
Gold trading projected high range for the day is 31057-31156
Gold trading projected low range for the day is 30964-30865
Bullion prices firmed as a weaker dollar, stronger stock markets and lower prices tempted buyers back to the metal.
Moody’s Investors Service kept a Baa3 rating on Spain on Tuesday but assigned a negative outlook. Spanish government officials said they were exploring the option of requesting a credit line from the ESM
Gold is trading below 50DMA, which is at 31596
Major Resistance on upside at 31112-31190-31258
Trend Deciding Level at 30992
Major Support on downside at 30924-30794-30726
SILVER:
Silver trading projected high range for the day is 60109-60338
Silver trading projected low range for the day is 60099-59870
Silver gains as dollar came under pressure on reports Spain was moving closer to requesting a bailout.
With the EU summit coming up soon, market is expecting that Spain will apply for rescue fund.
Holdings at ishares silver trusr dropped by 24.10 tonnes to 9861.44 tonnes
Silver is trading below 50DMA, which is at 61815
Major Resistance on upside at 60225-60450-60675
Trend Deciding Level at 59993
Major Support on downside at 59768-59536-59311
CRUDE:
Crude trading projected high range for the day is 4873-4896
Crude trading projected low range for the day is 4872-4848
Crude gains underpinned by supply concerns after the European Union slapped more sanctions on Iran
Adding to overall supplies, Saudi Arabia produced an average of 9.77 million barrels a day (bpd) of crude oil in September
Today crude oil inventories: EXP: 1.4M PREV: 1.7M. Actual is at 8.00PM.
Major Resistance on upside at 4885-4908-4931
Trend Deciding Level at 4861
Major Support on downside at 4838-4814-4791
COPPER:
Copper trading projected high range for the day is 453.3-436.85
Copper trading projected low range for the day is 435.15-433.6
Copper dropped as investors were hesitant to push prices ahead of release of Chinese economic growth data. Investors were buoyed by hopes that meeting of European leaders might advance plans to tackle Spain and Greece’s debts
Fed announced economic data showing that industrial output rose by 0.4% MoM in September, higher than expected 0.2%
Warehouse stock for Copper at LME was at 210725mt that is down by -1550mt
Major Resistance on upside at 436.1-437.6-439
Trend Deciding Level at 434.5
Major Support on downside at 433-431.4-429.9
MENTHOL OIL:
Menthol Oil trading projected high range for the day is 1186.6-1199.4
Menthol Oil trading projected low range for the day is 1195.4-1182.6
Menthol Oil spot is at 1366/-.Spot market is down by Rs.18/-.
Menthol oil ended lower on profit booking tracking weak spot demand.
Reports regarding some pickup in demand ahead of the winter season and festive season kept supporting prices. The total arrivals of menthol oil stood steady at 400-450 drums
Major Resistance on upside at 1192-1208-1227
Trend Deciding Level at 1182
Major Support on downside at 1166-1156-1140
Today Commodity Advises:
- BUY JEERA NCDEX NOV ABOVE 15100 SL 14960 TGT 15340-15560
- SELL CHANNA NCDEX NOV BELOW 4775 SL 4815 TGT 4734-4698
- BUY CASTORSEED NCDEX NOV ABOVE 3850 SL 3820 TGT 3885-3920
Today Major Global Events:
|
Date & Time |
Region |
Event |
Period |
Survey |
Prior |
|
|
17 /10/12 & 11:30 |
IN |
Machine Toll Orders {YoY} |
Sep F |
|
-3.00% |
|
|
17/10/12 & 14:00 |
UK |
Bank Of England Minutes |
||||
|
17/10/12 & 16:30 |
US |
MBA Mortgage Applications |
12-Oct |
— |
-1.20% |
|
|
17/10/12 & 89:00 |
US |
Housing Starts |
Sep |
770K |
750K |
|
|
17/10/12 & 18:00 |
Us |
Building Permits |
Sep |
810K |
803K |