GOLD MCX JUN:
Gold trading projected high range for the day is 29638-29782
Gold trading projected low range for the day is 29720-29576
Gold dropped as a stronger performance in U.S. equities and a dollar rise prompted investors to take profits. George Soros said gold had been destroyed as a safe-haven asset but he expected continued central bank buying to support prices. The physical market remained quiet in Asia after Chinese participants returned from a four-day holiday weekend.
Major Resistance on upside at 29696-29867-30039
Trend Deciding Level at 29579
Major Support on downside at 29408-29291-29120
SILVER MCX MAY:
Silver trading projected high range for the day is 51360-51604
Silver trading projected low range for the day is 51514-51270
Silver dropped as market players speculated whether the Federal Reserve will keep its loose monetary policy in place for the indefinite future. Federal Reserve Chairman Bernanke said central bank’s periodic bank stress tests have made U.S. financial system more resilient. Central bank previously stated that monetary policy will remain accommodative “at least as long” as the jobless rate remains above 6.5 Percent.
Major Resistance on upside at 51456-51752-52048
Trend Deciding Level at 51263
Major Support on downside at 50967-50774-50478
CRUDE MCX APR:
Crude trading projected high range for the day is 5112-5142
Crude trading projected low range for the day is 5109-5078
Crude dropped amid concerns over the global economic outlook and the impact on future oil demand prospects. Fears remain about the potential for global supply disruption due to the festering dispute over Iran’s nuclear programme. Oil prices were supported by news that North Korea suspended its sole remaining major project with the South on Monday
Major Resistance on upside at 5127-5156-5185
Trend Deciding Level at 5096
Major Support on downside at 5067-5036-5007
COPPER MCX APR:
Copper trading projected high range for the day is 409-410.75
Copper trading projected low range for the day is 409.50-407.80
Copper gains as the euro gained ground against the dollar and a strike in Chile raised concerns over temporary supply constraints. Gains were capped by fears of a weaker metal demand outlook, highlighted by below-expectation economic data late last week from US. News that a Chilean union has planned a nationwide strike for Tuesday which could constrain supply, at least temporarily lended support. Warehouse stock for Copper at LME was at 579400mt that is down by -200 MT.
Major Resistance on upside at 409.85-411.70-413.50
Trend Deciding Level at 408.30
Major Support on downside at 406.45-404.90-403
MENTHA OIL MCX APR:
Mentha Oil trading projected high range for the day is 1035-1047
Mentha Oil trading projected low range for the day is 1047-1035
Mentha Oil spot is at 1135. Spot market is down by Rs. Three.
Mentha Oil dropped as sluggish demand from consuming industries in the spot market against increased supplies. Sentiments to remain under pressure on higher production prospects, high stock levels and the reports of good sowing reports. Total stock of Mentha Oil at warehouses at Chandausi was 1, 27, 627 kg of which 1, 27, 627 kg was physical stock
Major Resistance on upside at 1039-1054-1070
Trend Deciding Level at 1031
Major Support on downside at 1016-1008-992
NATURAL GAS MCX APR:
Natural Gas trading projected high range for the day is 225.85-29.55
Natural Gas trading projected low range for the day is 228.45-224.75
Natural gas dropped after investors sold the commodity for profits earned from weather reports calling for below-normal temperatures. Prices found some support after weather forecasters predicted mostly cold weather in the Northeast. Early withdrawal estimates for this week’s storage data range from 20 billion cubic feet to 36 billion cubic feet.
Major Resistance on upside at 228-232-236
Trend Deciding Level at 225
Major Support on downside at 220-217-213
Today Major Global Events:
|
Date |
Time |
Region |
Event |
Period |
Survey |
Prior |
Impact |
|
09-04-2013 |
07:00 |
CH |
Consumer Price Index {YoY} |
Mar |
2.50% |
3.20% |
Negative |
|
09-04-2013 |
07:0 |
CH |
Producer Price Index {YoY} |
Mar |
-1.80% |
-1.60% |
Negative |
|
09-04-2013 |
11:30 |
GE |
Trade Balance |
Feb |
15.0B |
13.7B |
Positive |
|
09-04-2013 |
11:30 |
GE |
Current Account [EURO] |
Feb |
14.2B |
11.3B |
Positive |
|
09-04-2013 |
11:30 |
GE |
Imports SA [MoM] |
Feb |
-0.10% |
3.30% |
Positive |
|
09-04-2013 |
11:30 |
GE |
Exports SA [MoM} |
Feb |
-0.30% |
1.40% |
Positive |
|
09-04-2013 |
11:30 |
JN |
Machine Tools Order [YoY] |
Mar P |
—- |
-21.50% |
Positive |
|
09-04-2013 |
14:00 |
UK |
Industrial Production [MoM] |
Feb |
0.40% |
-1.20% |
Positive |
|
09-04-2013 |
14:00 |
UK |
Manufacturing Production |
Feb |
0.40% |
-1.20% |
Positive |
|
09-04-2013 |
17:00 |
US |
NFIB Small Business Optimism |
Mar |
90.5 |
90.8 |
Positive |
|
09-04-2013 |
19:00 |
US |
Wholesale Inventories |
Feb |
0.50% |
1.20% |
Slightly |
|
09-12 Apr |
— |
IN |
India Local Car Sales |
Mar |
—- |
158513 |
Positive |
Today Mcx & Ncdex Intraday Calls:
BUY SOYABEAN NCDEX MAY ABOVE 3960 SL 3930 TGT 3990-4020
SELL PEPPER NCDEX MAY BELOW 35500 SL 35700 TGT 35380-3540.
BUY COPPER MCX APR ABOVE 409.50 SL 407.60 TGT 411-413