MCX India Commodity Trading Tips & Global Events – 01 Apr’2013

GOLD MCX MAY:

Gold trading projected high range for the day is 30024-30107

Gold trading projected low range for the day is 30002-29919

Gold dropped after Cyprus’s banks reopened in a calm manner after a 2-week holiday, which sent the euro rising amid relief buying.

Prices dropped as Cypriots queued calmly to withdraw limited amounts of cash, as the island’s banks reopened for the first time in two weeks.

The reopening of banks in Cyprus eased immediate concern Europe’s debt crisis will deepen, reducing the precious metal’s appeal.

Major Resistance on upside at 30069-30145-30222

Trend Deciding Level at 29978

Major Support on downside at 29902-29811-29735

SILVER MCX MAY:

Silver trading projected high range for the day is 54731-56080

Silver trading projected low range for the day is 54489-53140

Silver dropped after Cyprus’s banks reopened in a calm manner after a 2-week holiday, which sent the euro rising amid relief buying.

Prices dropped as Cypriots queued calmly to withdraw limited amounts of cash, as the island’s banks reopened for the first time in two weeks.

The reopening of banks in Cyprus eased immediate concern Europe’s debt crisis will deepen, reducing the precious metal’s appeal.

Major Resistance on upside at 55446-56715-57984

Trend Deciding Level at 54016

Major Support on downside at 52747-51317-50048

CRUDE MCX APR:

Crude trading projected high range for the day is 5458-5561

Crude trading projected low range for the day is 5472-5369

Crude oil gained sharply on the news that North Korea says enters “state of war” against South

Japan’s crude oil imports from Iran in February fell 32.3 percent from a year earlier to 953,848 kilolitres.

China’s factory production ran at its fastest in 11 months in March, according to manufacturing PMI.

Major Resistance on upside at 5507-5615-5723

Trend Deciding Level at 5409

Major Support on downside at 5301-5203-5095

COPPER MCX APR:

Copper trading projected high range for the day is 411.88-420.12

Copper trading projected low range for the day is 405.88-39.62

Copper fell as fallout from a rescue deal for Cyprus and continuing political problems in Italy kept investors wary of risk.

Recent data suggests that the housing market recovery is still on track, helping to underpin copper

Data from US indicate country’s initial jobless claims and economic growth missed forecasts, but did improve from previous reading.

Warehouse stock for Copper at LME was at 569775mt that is up by 1875 Metric Tonnes.

Major Resistance on upside at 417-423-429.5

Trend Deciding Level at 406.75

Major Support on downside at 400.5-390-384

MENTHA OIL MCX APR:

Mentha Oil trading projected high range for the day is 1067.50-1084.50

Mentha Oil trading projected low range for the day is 1053.50-1036.50

Mentha Oil spot is at 1237/-. Spot market is up by Rs Twelve.

Mentha Oil ended with gains on short covering after prices dropped last week driven by sluggish demand from industries.

Higher stocks amidst low demand are likely to keep selling pressure intact for the commodity.

Mentha Oil output is estimated to remain at around 65,000 tonnes this year, compared to 53,000 tonnes in previous year.

Major Resistance on upside at 1078-1090-1103

Trend Deciding Level at 1056

Major Support on downside at 1044-1022-1010

NATURAL GAS MCX APR:

Natural Gas trading projected high range for the day is 225-229.3

Natural gas gained after energy pack got support as tensions have escalated since North Korea detonated a nuclear device in February.

U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 22 fell by 95 billion cubic feet

Total U.S. natural gas storage stood at 1,781 trillion cubic feet as of last week.

Major Resistance on upside at 226.84-231.77-236.70

Trend Deciding Level at 223.40

Major Support on downside at 218.34-214.77-209.84

Today Major Global Events:

Today Calls To Watch::

SELL NATURAL GAS MCX APR BELOW 220.50 SL 222.50 TGT 218.25-216.50

SELL MENTHA OIL MCXAPR BELOW 1060 SL 1072 TGT 1049-1041