Mcx India Commodity Trading Tips & Global Events – 26 Mar’2013

GOLD MCX APR:

Gold trading projected high range for the day is 29626-29795

Gold trading projected low range for the day is 29566-29397

Gold dropped as investors unloaded safe-haven assets and sought equities after Cyprus struck a last-minute bailout deal with lenders.

Some investors had picked up gold as the crisis in Cyprus had re-ignited euro zone debt fears.

The deal with international lenders averted a collapse of the island’s banking system, leading the precious metal down.

Major Resistance on upside at 29720-29869-30018

Trend Deciding Level at 29531

Major Support on downside at 29382-29193-29044

SILVER MCX MAY:

Silver trading projected high range for the day is 54271-54634

Silver trading projected low range for the day is 54047-53684

Silver was flat as support seen after lingering worries over the euro zone supported sentiment

Euro zone finance ministers and the International Monetary Fund approved a EUR10 billion rescue package for Cyprus.

The bailout deal guaranteed that accounts holding EUR 100,000 or less will continue to be insured and likely shifted to another financial institution.

Major Resistance on upside at 54490-54777-55066

Trend Deciding Level at 54051

Major Support on downside at 53763-53325-53037

CRUDE MCX APR:

Crude trading projected high range for the day is 5183-5224

Crude trading projected low range for the day is 5172-5130

Crude gained after Cyprus secured a last-minute bailout deal, averting a deeper euro zone crisis and boosting outlook for fuel demand.

Saudi Arabia’s oil minister said that a price at around $100 a barrel was reasonable for both consumers and producers.

Continued unrest in the Middle East also supported oil prices as investors feared supply disruptions.

Major Resistance on upside at 5205-5243-5281

Trend Deciding Level at 5160

Major Support on downside at 5122-5077-5039

COPPER MCX APR:

Copper trading projected high range for the day is 418.17-420.17

Copper trading projected low range for the day is 418.32-416.32

Copper dropped as investors lost enthusiasm for a last-ditch 10 billion euro bailout deal reached by Cyprus and international lenders.

China exported 64,781 tonnes of copper in the first two months of this year, almost a quarter of last year’s total.

The world refined copper market was in surplus by 170,000 metric tons in December – ICSG

Warehouse stock for Copper at LME was at 565350mt that is up by 2875 mt.

Major Resistance on upside at 419.15-421.20-423.15

Trend Deciding Level at 417.20

Major Support on downside at 415.15-413.20-411.15

MENTHA OIL MCX MAR:

Mentha Oil trading projected high range for the day is 1106-1133

Mentha Oil trading projected low range for the day is 1133-1106

Mentha Oil spot is at 1222/-. Spot market is down by Rs. 38/-.

Mentha  Oil ended with losses tracking fall in spot market demand

Adequate stocks in physical market following increased arrivals from Chandausi in Uttar Pradesh also put pressure.

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

Major Resistance on upside at 1115-1151-1186

Trend Deciding Level at 1097

Major Support on downside at 1061-1044-1008

NATURAL GAS MCX MAR:

Natural Gas trading projected high range for the day is 216.18-218.65

Natural Gas trading projected low range for the day is 218.15-216.30

Natural gas dropped as market players were hesitant to extend a recent rally amid bearish chart signals.

Bullish speculators are betting on the cool weather increasing late-winter demand for the heating fuel.

Early withdrawal estimates for this week’s storage data range from 59 billion cubic feet to 94 billion cubic feet.

Major Resistance on upside at 217.50-219.80-222.10

Trend Deciding Level at 216

Major Support on downside at 213.80-212.40-210.10

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