MCX India Commodity Outlook & Intraday Trading Tips – 08 Apr’2013

GOLD MCX JUN:

Gold trading projected high range for the day is 29791-29828

Gold trading projected low range for the day is 29804-29767

Gold rallied as disappointing U.S. job data fuelled expectations the Federal Reserve will continue its bullion-friendly bond purchases

Heavy gold short-covering and sharp losses in U.S.  Equities also lifted bullion prices.

SPDR gold trust holdings dropped by 0.91 tonnes to 1205.31 tonnes.

Major Resistance on upside at 29807-29848-29889

Trend Deciding Level at 29775

Major Support on downside at 29734-29702-29661

SILVER MCX MAY:

Silver trading projected high range for the day is 51581-51703

Silver trading projected low range for the day is 51483-51361

Silver gains after U.S. jobs numbers fell far short of expectations, putting to rest recent sentiments that Fed Reserve may consider tightening policy

Accommodative monetary policies favor prices as low interest rates encourage investors to put money into the non-interest-bearing assets.

Holdings at ishares silver trust dropped by 180.31 tonnes to 10497.60 tonnes.

Major Resistance on upside at 51658-51747-51836

Trend Deciding Level at 51504

Major Support on downside at 51415-51261-51172

CRUDE MCX APR:

Crude trading projected high range for the day is 5150-5198

Crude trading projected low range for the day is 5189-5141

Crude prices fell heavily from near to 5392 highs as pressure was hammered from slowdown in the US economy

Data from US has disappointed all week with weaker-than-expected growth in manufacturing, private sector hiring and employment

Abdallah Al-Badri, Secretary General of OPEC, said oil prices were at a comfortable level for both producers and consumers.

Major Resistance on upside at 5168-5229-5290

Trend Deciding Level at 5133

Major Support on downside at 5072-5037-4976

COPPER MCX APR:

Copper trading projected high range for the day is 405.93-406.95

Copper trading projected low range for the day is 405.45-404.93

Copper dropped after far weaker than expected U.S. jobs data spooked investors about the state of the world’s largest economy.

Prices are down around 6 percent so far this year as inventories have steadily climbed while demand in China has been disappointing.

A two-day holiday in top copper consumer China has also dampened demand for the metal.

Warehouse stock for Copper at LME was at 579600mt that is up by 425mt.

Major Resistance on upside at 406.51-40.38-408.25

Trend Deciding Level at 405.33

Major Support on downside at 404.46-403.28-402.41

MENTHA OIL MCX APR:

Mentha Oil trading projected high range for the day is 1056.75-1067.50

Mentha Oil trading projected low range for the day is 1049.50-1038.75

Mentha Oil spot is at 1138/-. Spot market is down by Rs.7/-.

Mentha Oil gains on the back of strong demand from the pharmaceutical industries amid expectation of lower arrivals.

However, the demand from corporate sector may support the prices to some extent

Sentiments to remain under pressure on higher production prospects, high stock levels and the reports of good sowing reports

Major Resistance on upside at 1063-1071-1080

Trend Deciding Level at 1050

Major Support on downside at 1041-1028-1020

NATURAL GAS MCX APR:

Natural Gas trading projected high range for the day is 232.15-236.35

Natural Gas trading projected low range for the day is 233.25-229.05

Natural gas surged as cold weather helped erase a stockpile surplus and Goldman Sachs raised its 2013 gas price forecast.

Data day showed the gas-directed drilling rig count fell this week dropping by 14 to a 14-year low of 375.

A data last week showed gross natural gas production in January fell for the second straight month.

Major Resistance on upside at 234-238-243

Trend Deciding Level at 230

Major Support on downside at 212225-221-217

Today Major Global Events:

Today Intraday Calls:

BUY COPPER MCX APR ABOVE 406 SL 404.50 TGT 407.40-408.80

BUY SOYABEAN NCDEX MAY ABOVE 3875 SL 3850 TGT 3895-3915

BUY TURMERIC NCDEX MAY ABOVE 6725 SL 6675 TGT 6800-6880