Commodities Trading Outlook for 09 Oct’2012

GOLD:

Gold trading projected high range for the day is 31362-31502

Gold trading projected low range for the day is 31221-31081

Gold ended with gains on rupee weakness despite of fall in international markets as buyers remained wary of bullion

Euro zone finance ministers and the International Monetary Fund held a “thorough and robust” debate on Greece

SPDR gold trust holdings gained by 7.08 tonnes to 1340.52 tonnes.

Gold is trading below 50DMA, which is at 31485

Major Resistance on upside at 31455-31550-31643

Trend Deciding Level at 31268

Major Support on downside at 31175-30980-30894

SILVER:

Silver trading projected high range for the day is 61626-61967

Silver trading projected low range for the day is 61483-61142

Silver dropped as buyers remained wary of the precious metal’s prospects after positive U.S. jobs data last week.

IMF cut its global growth forecast for the second time since April and warned U.S. and European policymakers

Spain has not yet requested bailout, though participants said it is just matter of time before Madrid asks for aid.

Silver is trading above 50DMA, which is at 60986

Major Resistance on upside at 61820-62113-62047

Trend Deciding Level at 61432

Major Support on downside at 61140-60750-60456

CRUDE:

Crude trading projected high range for the day is 4711-4758

Crude trading projected low range for the day is 4680-4633

Crude gains as escalating geopolitical risks offset pressure from global economic concerns.

Fears Syrian violence could escalate into an international armed conflict sent crude prices rising.

World Bank earlier cut its 2012 growth forecast for developing Asia-Pacific economies to 7.2% from a May forecast of 7.6%.

Major Resistance on upside at 4740-4776-4813

Trend Deciding Level at 44683

Major Support on downside at 4645-4588-4551

COPPER:

Copper trading projected high range for the day is 433.9-435.37

Copper trading projected low range for the day is 432.65-431.15

Copper prices slipped pressured by a firm dollar and persistent concerns about the outlook for demand from top consumer China. Also weighing was uncertainty over timing of Spanish bailout request, with little progress expected from euro zone meeting.

World Bank also said China’s economy will growth 7.7% this year, down from a May forecast of 8.2%.

Warehouse stock for Copper at LME was at 222500mt that is down by -175mt.

Major Resistance on upside at 434.85-435.9-436.95

Trend Deciding Level at 432.95

Major Support on downside at 431.9-430-428.95

MENTHOL OIL:

Menthol Oil trading projected high range for the day is 1152.7-1167.6

Menthol Oil trading projected low range for the day is 1141.2-1126.3

Menthol oil spot is at 1345/-.Spot market is up by Rs.10/-

Menthol oil gained on short covering after prices dropped as the ban would lower the domestic demand

Winter season demand set to pick up in coming months; the downtrend seems likely for short time only.

On 6th October, total stock of menthol oil at MCX warehouses at Chandausi was 1, 04, 632 kg

Major Resistance on upside at 1162-1173-1184

Trend Deciding Level at 1143.33

Major Support on downside at 1132.26-1113.53-1102.46

Today Commodity Trade Advises:

Today Major Events: