Commodity Trading Tips & Global Events – 30 Oct’2012

GOLD:

Gold trading projected high range for the day is 31120-31184

Gold trading projected low range for the day is 31103-31039

Gold prices held gains as concerns over the global growth outlook supported demand for the metal as a store of value.

Gold importers in India are retreating after picking up bargains as prices recovered due to the falling rupee.

US economy staged faster growth that expected and the consumer expenditure for September increased sharply

Gold is trading below 50DMA, which is at 31590

Major Resistance on upside at 31155-31213-31270

Trend Deciding Level at 31086

Major Support on downside at 31028-30959-30900

SILVER:

Silver trading projected high range for the day is 59579-59811

Silver trading projected low range for the day is 59720-59488

Silver edged lower on worries about global economy, and trading was flat as monster hurricane began battering U.S. East Coast

In Greece, country is negotiating austerity terms with its troika of lenders, IMF, ECB and European Commission.

Investors are also awaiting the U.S. elections and the so-called fiscal cliff.

Silver is trading below 50DMA, which is at 62035

Major Resistance on upside at 59672-59950-602228

Trend Deciding Level at 59487

Major Support on downside at 59209-59024-58745

CRUDE:

Crude trading projected high range for the day is 4674-4711

Crude trading projected low range for the day is 4683-4645

Crude oil gains as several large oil refineries began to shut down in anticipation of floods and power outages across the region.

U.S. crude oil demand would fall as refineries close but U.S. oil products demand rise in anticipation of shortages.

Hurricane Sandy which forecasters said could be largest storm ever to hit North American mainland, approached U.S. East coast

Major Resistance on upside at 4690-4732-4772

Trend Deciding Level at 4657

Major Support on downside at 4615-4581-4540

COPPER: Copper trading projected high range for the day is 423.18-426.43

Copper trading projected low range for the day is 424.28-421.03

Copper dropped as the euro fell and as concern about global growth, heightened by disappointing corporate earnings.

Figures that could impact metals prices include China’s official purchasing manager’s index for September on Thursday.

Investors were jittery amid ongoing uncertainty over whether Spain is preparing to request bailout from its euro zone partners

Warehouse stock for Copper at LME was at 240450mt that is up by 20650mt.

Major Resistance on upside at 424.61-428.23-431.85

Trend Deciding Level at 421.73

Major Support on downside at 418.11-415.23-411.61

MENTHA OIL:

Mentha Oil trading projected high range for the day is 1218-1234

Mentha Oil trading projected low range for the day is 1207-1191

Mentha oil spot is at 1368/-.Spot market is flat.

Mentha oil ended higher tracking gains in firm spot demand.

Moderate weakness persisted even as moderate winter season demand queries picked up

On 27th October, total stock monitored warehouses at Chandausi was 1, 00, 677 kg

Major Resistance on upside at 1228-1241-1253

Trend Deciding Level at 1208

Major Support on downside at 1196-1176-1163

Today Commodity Trading Tips:

  • NATURAL GAS MCX NOV SELL BELOW 208 SL 209.50 TGT 206.60
  • TURMERIC NCDEX NOV SELL BELOW 5120 SL 5220 TGT 5040-4940

Today Major Global Events:

Date & Time

Region

Event

Period

Survey

Prior

30/10/2012 & 05:20

JN

Industrial Production {MoM}

Sep P

-3.10%

-1.60%

30/10/2012 & 09:30

JN

Vehicle Production {YoY}

Sep

4.50%

30/10/2012 & 11:00

IN

Reverse Repo Rate

30-Oct

7.00%

7.00%

30/10/2012 & 11:00

IN

India Repo Cuttoff Yld

30-Oct

8.00%

8.00%

30/10/2012 & 11:00

IN

Cash Reserve Ratio

30-Oct

4.25%

4.50%

30/10/2012 & 14:25

GE

Unemployment Rate {s.a}

Oct

6.90%

6.80%

30/10/2012 & 15:30

EC

Euro-Zone Consumer Confidence

Oct F

-25.6

-25.6

30/10/2012 & 15:30

EC

Euro-Zone Economic Confidence

Oct

84.4

85

30/10/2012 & 15:30

EC

Euro-Zone Industrial Confidence

Oct

-17

-16.1

30/10/2012 & 15:30

EC

Euro-Zone Services Confidence

Oct

-13

-12

30/10/2012 & 19:30

US

Consumer Confidence

Oct

73

70.3

30/10/2012

JN

Boj Target Rate

30-Oct

0.10%

0.10%