GOLD:
Gold trading projected high range for the day is 31514-31657
Gold trading projected low range for the day is 31576-31433
Gold edged lower as uncertainty over whether Spain will request a bailout lingered.
Gold yields to pressure from some investors capturing gains. SPDR gold trust holdings gained by 1.82 tonnes to 1322.60 tonnes.
Gold is trading above 50DMA, which is at 31366.
Major Resistance on upside at 31575-31738-31901
Trend Deciding Level at 31453
Major Support on downside at 31290-31168-31005
SILVER:
Silver trading projected high range for the day is 63959-65357
Silver trading projected low range for the day is 64641-63243
Silver gains as an unexpected expansion in US factory activity and more clarity on Spain’s bailout plan sent some relief through market. Investors were also expecting ratings agency Moody’s to announce the results of a ratings review on Spain.
Holdings at ishares silver trust dropped by 5.43 tonnes to 9920.20 tonnes.
Silver is trading above 50DMA, which is at 60167.
Major Resistance on upside at 64545-66170-67795
Trend Deciding Level at 63375
Major Support on downside at 61749-60578-58953
CRUDE:
Crude trading projected high range for the day is 4806-4920
Crude trading projected low range for the day is 4899-4865
Crude drops reflecting investor concerns a shaky global economy may hurt oil demand
Euro supported oil prices on growing expectations the euro zone’s fourth-largest economy, Spain, will seek a bailout.
Today crude oil inventories: EXP: 1.6M PREV: -2.4M. Actual is at 8.00PM.
Major Resistance on upside at 4900-4940-4977
Trend Deciding Level at 4870
Major Support on downside at 4833-4803-4765
COPPER:
Copper trading projected high range for the day is 440.95-443.8
Copper trading projected low range for the day is 440-437.5
Copper drops as more evidence of shrinking factory activity in China and renewed worries over Spain weighed on prices with markets in China closed for a week-long holiday, volumes are thin and metals are unlikely to stage dramatic moves.
The unexpected expansion in the U.S. manufacturing sector in September helped lift most prices
Warehouse stock for Copper at LME was at 224150mt that is up by 650mt.
Major Resistance on upside at 442.5-445-447.6
Trend Deciding Level at 439.5
Major Support on downside at 436.8-433.6-431
MENTHOL OIL:
Menthol Oil trading projected high range for the day is 1149-1168
Menthol Oil trading projected low range for the day is 1168-1149
Menthol Oil spot is at 1295. Spot market is down by Rs.40.
Menthol Oil fell on profit booking on recent ban in Gutka on some states along with poor spot demand.
Reports of ban in Pan Masala in some states had been keeping pressure on the market rates over last few days. Menthol Oil arrival reported around 550-600 drums in different spot markets
Major Resistance on upside at 1155-1180-1206
Trend Deciding Level at 1142
Major Support on downside at 1116-1103-1077
Today Commodity Advises:
- BUY NATURAL GAS MCX OCT ABOVE 183 SL 180 TGT 185.20-187.80
- SELL COPPER MCX NOV BELOW 440 SL 442.50 TGT 438.60-436.50