Commodity Trading Tips & Major Indices – 21 Mar’2013

GOLD MCX APR:

Gold trading projected high range for the day is 29760-29850

Gold trading projected low range for the day is 29830-29741

Gold eased down as investors eyed the outcome of the Federal Reserve’s policy meeting later in the day.

Uncertainty remained over the situation in Cyprus, where the country’s parliament rejected a proposed bank deposit tax.

U.S. Federal Reserve issued its latest policy statement, repeating its accommodative stance while extending it another two years.

Major Resistance on upside at 29793-29906-30019

Trend Deciding Level at 29727

Major Support on downside at 29614-29548-29435

SILVER MCX MAY:

Silver trading projected high range for the day is 54509-54708

Silver trading projected low range for the day is 54646-54447

Silver dropped with the price reflecting some investor optimism that the crisis in Cyprus might not spread further in the euro zone.

Cypriot leaders were still scrambling however, to avert a financial meltdown after parliament rejected the terms of a European Union bailout.

Buyers are now waiting for prices to return to lower levels when the situation in Cyprus calms down.

Major Resistance on upside at 54585-54830-55075

Trend Deciding Level at 54432

Major Support on downside at 54187-54034-53789

CRUDE MCX APR:

Crude trading projected high range for the day is 5100-5125

Crude trading projected low range for the day is 5103-5078

Crude oil seen pressure amid uncertainty whether Cyprus could avert a financial meltdown

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 1.3 million barrels.

U.S. oil production is set to surpass the amount of crude the country imports for the first time since 1995 later this year, EIA said.

Major Resistance on upside at 5112-5137-5163

Trend Deciding Level at 5088

Major Support on downside at 5063-5039-5014

COPPER MCX APR:

Copper trading projected high range for the day is 417.62-419.90

Copper trading projected low range for the day is 416.42-414.12

Copper gains as a weaker dollar and lower prices drew in buyers in search of a bargain

The copper market, not including China, was in deficit by 559,300 metric tons in January this year – WBMS

Uncertainty about Cyprus’s finances has revived concern about the stability of euro zone and of downside risks to global economic growth.

Warehouse stock for Copper at LME was at 550825mt that is up by 3800 mt.

Major Resistance on upside at 418.96-420.83-422.70

Trend Deciding Level at 416.28

Major Support on downside at 414.11-411.73-409.86

MENTHA OIL MCX MAR:

Mentha Oil trading projected high range for the day is 1130-1140

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

Menthaoil spot is at 1245/- Spot market remains unchanged.

Menthaoil dropped as higher stocks amidst low demand kept selling pressure intact for the commodity.

Weakness persisted for Mentha Oil as it did not find much support even at these lower levels.

Sentiments are likely to remain under pressure due to higher production prospects, high stock levels and better sowing area.

Major Resistance on upside at 1135-1145-1154

Trend Deciding Level at 1124

Major Support on downside at 1114-1103-1094

NATURAL GAS MCX MAR:

Natural Gas trading projected high range for the day is 215.95-218.60

Natural Gas trading projected low range for the day is 214.60-211.95

Natural gas dipped after investors priced in a chillier-than-normal start to spring, locked in gains and later sold for profits.

Total U.S. natural gas storage stood at 1.938 trillion cubic feet as of last week, 18.5% below their level this time last year.

Natural gas traders were also looking ahead to U.S. government data on natural gas stockpile due for release.

Major Resistance on upside at 217.50-219.70-221.90

Trend Deciding Level at 214.40

Major Support on downside at 212-209-207

Today Major Global Events:

Today Calls To Watch::