GOLD:
Gold trading projected high range for the day is 31130-31179
Gold trading projected low range for the day is 31140-31091
Gold rose as sentiment firmed up after U.S. equity markets reopened after remaining closed for two consecutive days.
Gold’s gains after Spanish PM said earlier that his country needs the help of the EU to meet its budget goals
Gold traders were looking ahead to a series of important political and economic events set to unfold in early Nov.
Gold is trading below 50DMA, which is at 31565
Major Resistance on upside at 31153-31205-31256
Trend Deciding Level at 31108
Major Support on downside at 31056-31010-30959
SILVER:
Silver trading projected high range for the day is 59957-60238
Silver trading projected low range for the day is 59795-59514
Silver rallied on speculation that plans announced by Japan to stimulate economic growth will boost demand
Investors continued to await any sign that Spain is preparing to request a bailout
Festival season in India starts in Nov during this period which will increase the gold and silver demand
Silver is trading below 50DMA, which is at 61975
Major Resistance on upside at 60125-60350-60577
Trend Deciding Level at 59790
Major Support on downside at 59564-59228-59003
CRUDE:
Crude trading projected high range for the day is 4689-4718
Crude trading projected low range for the day is 4703-4674
Crude oil moved higher earlier but fallen after data showed manufacturing activity in the Chicago area contracted.
Floor trading on the Nymex resumed Wednesday following a two-day closure for Hurricane Sandy.
Market players were also focusing on a series of important political and economic events set to unfold in early November
Major Resistance on upside at 4701-4734-4767
Trend Deciding Level at 4677
Major Support on downside at 4644-4620-4587
COPPER:
Copper trading projected high range for the day is 422.63-425.6
Copper trading projected low range for the day is 425.1-422.13
Copper dropped with U.S. stock markets falling and as metals investors stayed wary about demand from China.
Spanish PM said earlier that his country needs the help of the EU to meet its budget goals
China’s appetite for copper imports may fall next year as domestic production of refined copper rises
Warehouse stock for Copper at LME was at 239775mt that is down by -750mt.
Major Resistance on upside at 423.7-427.5-431.3
Trend Deciding Level at 421.55
Major Support on downside at 417.75-415.6-411.8
MENTHA OIL:
Mentha Oil trading projected high range for the day is 1191-1201
Mentha Oil trading projected low range for the day is 1188-1178
Mentha oil spot is at 1370/-.Spot market is up by Rs.13/-.
Mentha oil settled up as moderate winter season demand picked up in the mandis.
The recent ban on Gutka in some states had pressurized the prices a lot.
At Barabanki, the total stock was 15, 87, 675 kg of which, physical stock accounted for 14, 24, 933
Major Resistance on upside at 1197-1205-1213
Trend Deciding Level at 1186
Major Support on downside at 1177-1166-1158
Today Commodity Market Tips:
- BUY CRUDE MCX NOV @ 4640-4650 SL 4620 TGT 4677-4698.
- BUY JEERA NCDEX NOV ABV 14320 SL 14180 TGT 14420-14560.
- BUY MENTHA OIL MCX NOV ABOVE 1192 SL 1178 TGT 1198-1206
Today Major Global Events:
|
Date & Time |
Region |
Event |
Period |
Survey |
Prior |
|
01/11/2012 & 06:30 |
CH |
Manufacturing PMI |
Oct |
50.3 |
49.8 |
|
01/11/2012 & 07:15 |
CH |
HSBC Manufacturing PMI |
Oct |
49.1 |
47.9 |
|
01/11/2012 & 10:30 |
JN |
Vehicle Sales {YoY} |
Oct |
— |
-8.10% |
|
01/11/2012 & 15:00 |
UK |
PMI Manufacturing |
Oct |
48 |
48.4 |
|
01/11/2012 & 17:45 |
US |
ADP Employment Change |
Oct |
135.0K |
162.0K |
|
01/11/2012 & 18:00 |
US |
Non Farm Productivity |
3QP |
1.50% |
2.20% |
|
01/11/2012 & 18:00 |
US |
Unit Labor Costs |
3QP |
1.00% |
1.50% |
|
01/11/2012 & 18:00 |
US |
Initial Jobless Claims |
27-Oct |
370K |
369K |
|
01/11/2012 & 18:00 |
US |
Continuing Claims |
20-Oct |
3250K |
3254K |
|
01/11/2012 & 19:30 |
US |
ISM Manufacturing |
Oct |
51.2 |
51.5 |
|
01/11/2012 & 19:30 |
US |
ISM price Paid |
Oct |
57 |
58 |
|
01/11/2012 & 19:30 |
US |
Construction Spending MoM |
Sep |
0.70% |
-0.60% |