GOLD MCX JUN:
Gold trading projected high range for the day is 26558-27558
Gold trading projected low range for the day is 27343-26343
Gold dropped heavily as the market’s downward momentum gained speed after more than four months of investor selling.
Cyprus’s plan to sell gold reserves to raise around 400 million euros has raised concerns other indebted euro zone countries could follow suit.
CME Group said it will raise collateral requirements for trading in benchmark Comex 100-troy ounce gold futures will be increased by 19%
Major Resistance on upside at 29450-28189-26927
Trend Deciding Level at 26189
Major Support on downside at 24927-24189-22927
SILVER MCX MAY:
Silver trading projected high range for the day is 46440-48863
Silver trading projected low range for the day is 47875-45452
Silver dropped heavily as investors ditched positions in metal after U.S. and Chinese data sent investors fleeing metals for the safety of dollar.
Prices plunged on demand for dollar but also due to talk monetary stimulus programs in place around world will wind down soon.
Holdings at ishares silver trust dropped by 46.58 tonnes to 10451.01 tonnes.
Major Resistance on upside at 53216-50314-47412
Trend Deciding Level at 45467
Major Support on downside at 42565-40620-37718
CRUDE MCX APR:
Crude trading projected high range for the day is 4902-4984
Crude trading projected low range for the day is 4929-4847
Crude dropped after Chinese and U.S. data stoked investors’ concerns of a slowdown in economic growth in the world’s top oil consumers.
China’s implied oil demand fell to its lowest in seven months in March, dented as big consumers held off from buying in anticipation of a cut in prices
IEA last forecast that China’s total oil demand would log an increase of 378,000 bpd, or 3.9%, for the whole of 2013.
Major Resistance on upside at 5120-5029-4938
Trend Deciding Level at 4865
Major Support on downside at 4774-4701-4610
COPPER MCX APR:
Copper trading projected high range for the day is 399.47-40.50
Copper trading projected low range for the day is 397.80-389.77
Copper dropped after official data showed that Chinese first quarter growth came in below expectations.
Industrial output in March also undershot expectations and added to investor sensitivity after a negative reading of U.S. consumer sentiment.
Shanghai copper stocks fell by 13,653 tonnes from around 10-year highs, while LME copper stocks were at their highest since September 2003
Warehouse stock for Copper at LME was at 611175mt that is up by 17525mt.
Major Resistance on upside at 419-412-404
Trend Deciding Level at 396
Major Support on downside at 388-380-372
MENTHA OIL MCX APR:
Mentha Oil trading projected high range for the day is 1003-1020
Mentha Oil trading projected low range for the day is 1020-1003
Menthaoil dropped as a weak trend at spot market on subdued demand weighed.
Mentha oil prices also seen under pressure as new crop is expected to start coming next month onwards.
Old stocks are also putting pressure on the commodity movement.
Major Resistance on upside at 1055-1032-1009
Trend Deciding Level at 998
Major Support on downside at 975-963-940
NATURAL GAS MCX APR:
Natural Gas trading projected high range for the day is 231-236
Natural Gas trading projected low range for the day is 234-230
Natural gas dropped after investors sold the commodity for profits despite forecasts for wintry weather.
CME Group said it will raise the collateral requirements for trading in benchmark Natural-gas futures and margin will be 5.6%
Supply data released confirmed many suspicions that supplies are tight due to repeated waves of cold snaps sweeping across the US.
Major Resistance on upside at 243-238-233
Trend Deciding Level at 230
Major Support on downside at 224-221-216