Commodity Tips
Gold trading projected high range for the day is 30959-31071
Gold trading projected low range for the day is 31046-30934
Gold prices slipped as stock markets retreated before this week’s start of earnings season
Fed officials are increasingly concerned about the potential risks of the U.S. central bank’s asset purchases on financial markets.
SPDR gold trust holdings dropped by 1.35 tonnes to 1340.74 tonnes
Gold is trading below 50DMA, which is at 31468.
Major Resistance on upside at 31000-31140-31281
Trend Deciding Level at 30917
Major Support on downside at 30777-30694-30554
SILVER:
Silver trading projected high range for the day is 58225-58553
Silver trading projected low range for the day is 58295-57967
Silver settles flat as modest U.S. nonfarm payroll dampened speculation that FED may end its QE program before the end of the year.
Fed officials thought central bank would be able to slow or stop its quantitative easing program well before December 2013.
Meanwhile, focus remained on how U.S. lawmakers will deal with the upcoming debt ceiling debate.
Silver is trading below 50DMA, which is at 61430.
Major Resistance on upside at 58376-58728-59080
Trend Deciding Level at 58072
Major Support on downside at 57720-57416-57064
CRUDE:
Crude trading projected high range for the day is 5153-5177
Crude trading projected low range for the day is 5135-5110
Crude oil ended with gains on optimism that the world’s biggest economies were on a steady recovery path.
Supply from outside the OPEC will rise by 890,000 barrels per day in 2013 – IEA
OPEC oil output fell in December, surveys showed, partly due to curbs by top exporter Saudi Arabia in response to lower demand.
Major Resistance on upside at 5167-5186-5205
Trend Deciding Level at 5137
Major Support on downside at 5118-5088-5069
COPPER:
Copper trading projected high range for the day is 452-454.3
Copper trading projected low range for the day is 451.3-449
Copper declined as focus remained on U.S. economic outlook and how U.S. lawmakers will deal with upcoming debt ceiling debate
Chile marked its largest monthly trade surplus in December since April 2011, boosted by sales of top export copper.
Overnight macroeconomic news and data was quiet, and investors still concerned the US Federal Reserve will stop buying assets.
Warehouse stock for Copper at LME was at 319400mt that is down by -825mt.
Major Resistance on upside at 453-455-457
Trend Deciding Level at 450.80
Major Support on downside at 448-446-444
MENTHA OIL:
Mentha Oil trading projected high range for the day is 1431-1457
Mentha Oil trading projected low range for the day is 1429-1403
Mentha oil spot is at 1595 Spot market is up by Rs.8.
Mentha oil ended with gains tracking a firm trend in spot market on higher demand and winter season demand.
Tight supplies also influenced mentha oil prices. Arrival stood at 300-325 drums in different spot markets.
Steady prices of mentha oil at major mandies might also lead to strong sowing acreage of mentha crop.
Major Resistance on upside at 1445-1470-1495
Trend Deciding Level at 11418
Major Support on downside at 1393-1366-1341
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