MCX India Commodity Trading Tips & Global Events – 05 Apr’2013

GOLD MCX JUN:

Gold trading projected high range for the day is 29420-29571

Gold trading projected low range for the day is 29298-29147

Gold gains as support seen from weak rupee as a continued slump in local stocks led to fears that foreign fund inflows may dry up.

Draghi said that monetary policy will remain “accommodative” for as long as needed.

Draghi’s comments came after the ECB left rates on hold at a record low 0.75% earlier, in a widely anticipated decision.

Major Resistance on upside at 29516-29627-29738

Trend Deciding Level at 29324

Major Support on downside at 29213-29021-28910

SILVER MCX MAY:

Silver trading projected high range for the day is 51025-51285

Silver trading projected low range for the day is 50863-50602

Silver gains when the European Central Bank commented on the weak economy and said it stood ready to cut rates

A statement from President Draghi focused the euro zone economy’s downside risks, indicating that interest rates could ease further.

Draghi said the bank would closely monitor financial market conditions and their potential impact on monetary policy.

Major Resistance on upside at 51181-51388-51595

Trend Deciding Level at 50867

Major Support on downside at 50660-50346-50139

CRUDE MCX APR:

Crude trading projected high range for the day is 5166-5240

Crude trading projected low range for the day is 5205-5131

Crude oil fell after an increase in new U.S. claims for unemployment benefits reinforced concerns about sputtering economic growth.

Inventory boost put U.S. commercial stocks at 388.62 mln bls, most since 1990 and close to record 391.9 mln bls reached in 1982.

European Central Bank President Mario Draghi opened the door to an interest rate cut as soon as next month.

Major Resistance on upside at 5197-5284-5371

Trend Deciding Level at 5136

Major Support on downside at 5049-4988-4901

COPPER MCX APR:

Copper trading projected high range for the day is 410-414.75

Copper trading projected low range for the day is 407.15-402.40

Copper settled up on short covering after fuelled by a port strike in top producer Chile

Pressure seen on base metal as disappointed that despite the flailing euro zone economy, the ECB did not lower interest rates.

Support seen after the Bank of Japan unleashed the world’s most intense burst of monetary stimulus.

Warehouse stock for Copper at LME was at 579175mt that is up by 6850mt.

Major Resistance on upside at 412.85-416.65-420.45

Trend Deciding Level at 407.15

Major Support on downside at 403.35-397.65-393.85

MENTHA OIL MCX APR:

Mentha Oil trading projected high range for the day is 1029.85-1041.60

Mentha Oil trading projected low range for the day is 1027.80-1016.05

Mentha oil spot is at 1128 Spot market is up by Rs.8

Mentha oil ended with losses due to increased arrivals in the physical market.

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

The total area under cultivation is expected to rise by 20% at 2.1 lakh ha against last year’s 1.75 lakhs.

Major Resistance on upside at 1036-1047-1058

Trend Deciding Level at 1023.63

Major Support on downside at 1012-1000-989

NATURAL GAS MCX APR:

Natural Gas trading projected high range for the day is 217.15-219.90

Natural Gas trading projected low range for the day is 217.70-214.95

Natural gas settled flat after a report from the U.S. EIA showed natural gas supplies fell broadly in line with market expectations last week.

U.S. EIA said in its weekly report that natural gas storage in the U.S. fell by 94 billion cubic feet

Total U.S. natural gas storage stood at 1.687 trillion cubic feet as of last week

Major Resistance on upside at 218.44-221.37-224.30

Trend Deciding Level at 215.87

Major Support on downside at 212.94-210.37-207.44

 

Today Major Global Events:

Today Calls To Watch::

Gold Mcx Jun Sell Below 29360 Sl 29465 Tgt 29250-29200

Copper Mcx Apr Sell below 408.50 Sl 411.50 Tgt 405.50-404

Zinc Mcx Apr Sell Below 102.90 Sl 103.85 Tgt 101.90-101