GOLD:
Gold trading projected high range for the day is 31156-31291
Gold trading projected low range for the day is 31213-31078
Gold prices dropped due to rupee firmness despite prices in international recovered as the dollar retreated. News that physical demand may be on the rise in India fueled demand for the precious metal as well. SPDR gold trust holdings gained by 2.71 tonnes to 1336.90 tonnes
Gold is trading below 50DMA, which is at 31635
Major Resistance on upside at 31214-31368-31522
Trend Deciding Level at 31098
Major Support on downside at 30944-30828-30674
Today’s Trend: Positive-Strategy buy on dips
SILVER:
Silver trading projected high range for the day is 59788-60105
Silver trading projected low range for the day is 59814-59497
Silver dropped as the fiscal uncertainty surrounding Spain and Greece continued to weigh on market sentiment.
Attention is now turning to this week’s policy meeting of the Federal Reserve for its impact on the markets. A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt
Silver is trading below 50DMA, which is at 62075
Major Resistance on upside at 59943-60269-60595
Trend Deciding Level at 59633
Major Support on downside at 59308-58999-58673
Today’s Trend: Positive-Strategy buy on dips
CRUDE:
Crude trading projected high range for the day is 4858-4917
Crude trading projected low range for the day is 4907-4848
Crude fell as economic concerns and expected pipeline restart offset fears about Middle East turmoil which could threaten supply. Global oil market is well-supplied and only a serious supply disruption will merit any release of strategic oil stocks – IEA.
Iran’s exports have fallen sharply in the wake of the sanctions as consumers struggle both to pay for the oil
Major Resistance on upside at 4880-4955-5030
Trend Deciding Level at 4836
Major Support on downside at 4762-4719-4644
COPPER:
Copper trading projected high range for the day is 432-435.1
Copper trading projected low range for the day is 434.5-431.35
Copper slipped after a bigger than expected fall in Japan’s exports, reflecting the global economic slowdown
Exports to China, which overtook U.S. Japan’s top market in 2009, fell 14.1% in September from a year earlier. Chinese copper production in September matched its second-highest level this year as tight scrap supplies
Warehouse stock for Copper at LME was at 222425mt that is up by 1525mt
Major Resistance on upside at 433-437-441
Trend Deciding Level at 430.8
Major Support on downside at 426.8-424.5-420.5
MENTHOL OIL:
Menthol Oil trading projected high range for the day is 1145-1163
Menthol Oil trading projected low range for the day is 1163-1145
Menthol Oil spot is at 1305/-.Spot market is down by Rs.27/-.
Menthol Oil ended lower tracking weak spot demand due to low demand and good availability of produce. Traders feel good demand for winter season ahead could pave the way for surge in rates.
On 20th October, total stock of Menthol Oil at MCX-monitored warehouses at Chandausi was 1, 00, 677/kg.
Major Resistance on upside at 1151-1175-1199
Trend Deciding Level at 1139
Major Support on downside at 1115-1103-1079
Today Commodity Tips:
- BUY JEERA NCDEX NOV ABOVE 15200 SL 15040 TGT 15380-15560.
- BUY CASTORSEED NOV ABV 3828 SL 3798 TGT 3845-3870.
- SELL CRUDE OIL MCX NOV BELOW 4785 SL 4815 TGT 4760-4736
Today Major Global Events:
|
Date & Time |
Region |
Event |
Period |
Survey |
Prior |
|
23/10/12 & 10:30 |
JN |
Small Business Confidence |
Oct |
— |
45.1 |
|
23/10/2012 & 19:30 |
EC |
Euro-Zone Consumer Confidence |
Oct A |
-25.9 |
-25.9 |
|
23/10/2012 & 19:30 |
Us |
Richmond Fed Manufact. Index |
Oct |
5 |
4 |