Commodity Trading Tips & Major Indices – 20 Mar’2013

GOLD MCX APR:

Gold trading projected high range for the day is 29880-30084

Gold trading projected low range for the day is 29694-29490

Gold gained on renewed flight-to-safety investment ahead of an imminent vote in the Cypriot parliament on a bailout plan.

Cyprus’s parliament was set to reject an unpopular tax on bank deposits in vote.

Concerns over a highly criticized bailout plan for Cyprus continued to enhance the safe haven appeal of the precious metal.

Major Resistance on upside at 30013-30155-30297

Trend Deciding Level at 29747

Major Support on downside at 29605-29339-29197

SILVER MCX MAY:

Silver trading projected high range for the day is 54763-55067

Silver trading projected low range for the day is 54553-54249

Silver gained after Cyprus’ parliament rejected a tax on bank deposits which cast doubt on the country’s bailout package.

Some pressure seen after upbeat U.S. housing sector data added to the view that the country’s economic recovery is improving.

The government submitted a new deposit tax bill that would scrap the tax on bank deposits below EUR20, 000.

Major Resistance on upside at 54950-55185-55419

Trend Deciding Level at 54575

Major Support on downside at 54340-53966-53731

CRUDE MCX APR:

Crude trading projected high range for the day is 5129-5173

Crude trading projected low range for the day is 5159-5115

Crude dropped as uncertainty over a bailout for Cyprus raised concern about the euro zone debt crisis and its impact on energy demand.

Cyprus’s parliament appeared likely to reject a divisive tax on bank deposits, pushing the island closer to a debt default and banking collapse.

Today crude oil inventories: EXP: 1.8M PREV: 2.6M. Actual is at 8.00PM.

Major Resistance on upside at 5146-5200-5254

Trend Deciding Level at 5112

Major Support on downside at 5058-5024-4970

COPPER MCX APR:

Copper trading projected high range for the day is 414.85-417.28

Copper trading projected low range for the day is 416.12-413.70

Copper settled flat as equities and euro sank on investor nervousness about a potential banking collapse in Cyprus.

A lack of demand for copper by buyers in China also worried investors, especially since prices were not far off their lowest for the year.

Also muting buying interest were China’s near record-high domestic copper stockpiles.

Warehouse stock for Copper at LME was at 547025mt that is up by 3100mt.

Major Resistance on upside at 415.85-418.70-421.55

Trend Deciding Level at 413.85

Major Support on downside at 411-406-406

MENTHA OIL MCX MAR:

Mentha Oil trading projected high range for the day is 1159-1179

Mentha Oil trading projected low range for the day is 1177-1157

Mentha Oil spot is at 1245/- Spot market is down by Rs.40/-.

Mentha Oil ended lower tracking weakness in spot market as demand failed to pick up.

We expect that with high stocks, some more dips are not ruled out in the near term.

The total area under cultivation is expected to raise by 20% at 2.1 lakh ha vs 1.75 lakh ha last year.

Major Resistance on upside at 1217-1191-1217

Trend Deciding Level at 1152

Major Support on downside at 1126-1112-1086

NATURAL GAS MCX MAR:

Natural Gas trading projected high range for the day is 216.85-220.20

Natural Gas trading projected low range for the day is 213.60-210.25

Natural gas gained as lingering cold weather and a string of supportive weekly storage withdrawals lifted prices.

Bullish speculators are betting on the cool weather increasing late-winter demand for the heating fuel.

Easing concerns over bloated U.S. inventory levels also contributed to gains.

Major Resistance on upside at 219-221-223

Trend Deciding Level at 214.63

Major Support on downside at 212-207-205

Today Major Global Events:

Today Calls To Watch::