Mcx India Commodity Outlook – 04 July’2013

BULLION:
Gold futures price traded at $1251.90, up 0.68% whereas prices at the domestic market it settled at Rs 29296, up 1.50% from the previous close. The rupee depreciated 0.97% against the dollar and settled at Rs 60.22 which supported a rise in gold prices in the domestic market and created a divergence between MCX and COMEX gold prices. The euro-zone’s PMI numbers increased at a slower pace while retail sales increased at a faster pace, extending the gains in shared currency and supporting gold prices. During the US hours, ADP employment numbers increased while trade deficit widened, pressurizing the dollar in the evening session and extending the gains in gold prices g the gains in shared currency and supporting gold prices. The dollar index declined by 0.37% against the majors, which supported the gold prices.

Gold Projected High Range at 26363-26568

Gold Projected Low Range at 26292-26087

Gold Mcx Aug Resistance on Upside at 26478-26659-26840

Gold Mcx Aug Support on Low side at 26068-25839-25658

Gold Trend Deciding Point at 26249

Silver Projected High Range at 41654-42238

Silver Projected Low Range at 41317-40733

Silver Mcx Sep Resistance on Upside at 42002-42473-42944

Silver Mcx Sep Support on Low side at 40835-40139-39668

Silver Trend Deciding Point at 41306

BASE METALS:
Base metals 3M ahead remained mixed in y yesterday’s meeting. Copper prices creep up by 1.20% while other metals declined in the range of 0.02% to 1.74% at the LME. The rupee depreciated by 0.93%     against the dollar and supported MCX base metals futures to remain higher. In India, base metals gained 0.05 percent to 2.10 percent. Tepid services numbers from around the globe and higher oil prices limited the producer sentiments and supported weakness in LME base metals prices.

Copper Projected High Range at 426-430

Copper Projected Low Range at 423-419

Copper Mcx Aug Resistance on Upside at 421-432-435

Copper Mcx Aug Support on Low side at 421-416-413

Copper Trend Deciding Point at 424

CRUDE:
Crude oil prices matured at $ 101.24, up 1.65% from the previous close. Similarly, July futures prices at the MCX ended the day at Rs 6111, positive by Rs 182. Crude Oil prices rose the entire day, supported by lower inventory levels data released by the American petroleum Institute (API) and department of Energy (DOE). The Egyptian crisis continued to weigh on oil prices

Crude Projected High Range at 6142-6258

Crude Projected Low Range at 6089-5973

Crude Mcx Jul Resistance on Upside at 6209-6307-6404

Crude Mcx Jul Support on Low side at 5978-5845-5747

Crude Trend Deciding Point at 6076

Mentha Oil:
Mentha Oil spot prices at the Barabanki Mandi ended the day at Rs 30/kg down. Meanwhile, spot prices at the Chandausi and Sambhal mandis ended the day at 20/kg down. According to trade sources, 15-20 % crop is known to be damaged due to floods and poor weather conditions. However, clear weather conditions are now favoring the standing crops and resulting in a good harvest. At the Barabanki mandi, arrivals were larger compared to arrivals, reaching 500-600 drums whereas at the Sambhal and Chandausi mandis arrivals were around 350-400 drums compared to the earlier 250-300 drums. Subdued demand from consuming industries and increased arrivals from the major growing regions are pushing prices on a negative note. Hence, Mentha oil prices are expected to remain in bearish trend during today’s trading session.

Mentha Oil Projected High Range at 967-983

Mentha Oil Projected Low Range at 972-955

Mentha Oil Mcx Jul Resistance on Upside at 974-992-1010

Mentha Oil Mcx Jul Support on Low side at 941-926-908

Mentha Oil Trend Deciding Point at 959

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