Tag Archives: gold price

Commodity Market Trading for 05 Oct’2012

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Commodity Market Trading for 05 Oct’2012GOLD:

Gold trading projected high range for the day is 31192-31315

Gold trading projected low range for the day is 31301-31179

Gold dropped on rupee firmness despite prices rose in international as inflation-hedge appeal of bullion was bolstered.

ECB kept its main interest rate unchanged at 0.75%, while the BoE kept policy on hold at a record low 0.5%.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings hit a record high of 1,333.44 tonnes by Oct. 4.

Gold is trading below 50DMA, which is at 31430

Major Resistance on upside at 31235-31394-31553

Trend Deciding Level at 31149

Major Support on downside at 30990-30904-30745

SILVER:

Silver trading projected high range for the day is 62366-62751

Silver trading projected low range for the day is 62569-62185

Silver ended lower tracking weakness in base metals as pressure seen after rupee rallied

Spain saw borrowing costs fall at an auction of government debt, with the yield on five-year bonds dropping to 4.76%

The supportive low interest rate environment and backdrop of further monetary stimulus made further price gains inevitable

Silver is trading above 50DMA, which is at 60608

Major Resistance on upside at 62525-62977-63429

Trend Deciding Level at 62208

Major Support on downside at 61756-61439-60987

CRUDE:

Crude trading projected high range for the day is 4806-4920

Crude trading projected low range for the day is 4899-4865

Crude rose as inflamed tensions between Turkey and Syria, a weaker dollar and refinery fires pulled crude oil prices higher.

Also supporting crude, U.S. inventory levels unexpectedly dropped last week despite an increase in imports.

Geo-political concerns include a dispute in Middle East over nuclear programme in Iran that triggered tough sanctions from US.

Major Resistance on upside at 4767-4820-4871

Trend Deciding Level at 4686

Major Support on downside at 4634-4552-4499

COPPER:

Copper trading projected high range for the day is 436-439

Copper trading projected low range for the day is 438.68-435.52

Copper ended lower as gains were capped by uncertainty about global growth, while trading volumes were low

ECB kept interest rates unchanged, while Draghi said ECB was primed to buy troubled euro zone bonds when conditions were right

Sentiment surrounding U.S. labour market was boosted in previous session after data showed private sector hiring rose

Warehouse stock for Copper at LME was at 223400mt that is down by -50mt.

Major Resistance on upside at 437-441-445

Trend Deciding Level at 435

Major Support on downside at 430.8-428.55-424.5

MENTHOL OIL:

Menthol Oil trading projected high range for the day is 1185-1202

Menthol Oil trading projected low range for the day is 1168-1150

Menthaoil spot is at 1370/-.Spot market is up by Rs.25/-

Mentha oil ended higher due to short covering amid firm spot demand.

In Uttar Pradesh the area has been forecast to rise to 2.10 lakh ha vs 1.75 lakh ha.

Mentha oil arrival reported around 650-700 drums in different spot markets

Major Resistance on upside at 1196-1208-1219

Trend Deciding Level at 1173

Major Support on downside at 1162-1139-1127

Today Commodity Trading Advises:

  • BUY CRUDE MCX OCT @ 4720 SL 4690 TGT 4770 {POSITIONAL}
  • BUY COPPER MCX NOV ABOVE 433.50 SL 431.50 TGT 435.50-438
  • BUY ZINC MCX OCT ABOVE 106.40 SL 105.60 TGT 107-107.8
  • BUY SOYABEAN NCDEX NOV ABOVE 2990 SL 2940 TGT 3020-3050
  • BUY RMSEED NCDEX NOV ABOVE 3805 SL 3780 TGT 3835-3860

Commodity Market Outlook 12 Sep’2012 – Metal Trading, Crude & Natural Gas Trading

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GOLD:
Gold trading range for the day is 31747-32131.
Gold settled flat on profit booking after disappointing U.S. payrolls data boosted hopes that FED could unveil new stimulus. Gold imports by China from Hong Kong rose to 75,842 kilograms (about 76 metric tons) in July holdings of gold-backed exchange-traded funds rose to an all-time high of 72.492 million ounce. Gold trading range for the day is 31721-32051. Gold ended with weak node as rupee firmness weighed on prices but downside was limited as the dollar fell. Gold also benefits from rising expectations that a German court will back the euro zone bailout fund Record high domestic gold prices have deterred buying in India, and could cut imports. Gold is trading above 50DMA, which is at 30428, now intraday gold is holding support at 31721 and resistance at 32051.

SILVER:
Silver trading range for the day is 63259-64563.
Silver ended with weak node on some profit booking ahead of key German Constitutional Court ruling
Pressure seen on higher side as investors looked ahead to a key conclusion of the Fed’s two-day policy meeting
Moody’s warned it might downgrade US AAA rating, and expectations of QE3 implementation increased.
Silver is trading above 50DMA, which is at 57209, with intraday support seen at 63259 and resistance at 64563.

CRUDE:
Crude trading range for the day is 5304-5398.
Crude rose as expectations that the U.S. Federal Reserve this week will provide additional monetary stimulus.
OPEC said its production rose by about 260,000 barrels per day in August
Today crude oil inventories: EXP: -1.8M PREV: Actual is at 8.00PM
Crude is holding with a support at 5304 and resistance will be likely at 5398.

COPPER:
Copper trading range for the day is 447.4-457.4.
Copper settled flat on positive cues from currency markets and looked ahead to key policy decisions in Europe and U.S.
Investors look to Germany court decision, Fed meeting with cautious optimism
Moody’s warned it might downgrade US AAA rating, and expectations of QE3 implementation increased.
Warehouse stock for Copper at LME was at 214600mt that is down by -50mt.

ZINC:
Zinc trading range for the day is 107.98-111.88.
Zinc dropped as market remained cautious prior to the decision of ESM by German constitutional court
Market is looking at a positive outcome from the German constitutional court vote.
Zinc daily stocks at Shanghai exchange came up by 1367 tonnes
Warehouse stock for Zinc at LME was at 933100mt that is down by -5175mt

NICKLE:
Nickel trading range for the day is 917.17-937.
Nickel settled flat as Germany parliamentarians’ request of postponing ESM vote weighed market sentiment
Nickel prices after slipped recovered as German Constitutional Court held an emergency meeting
Market sentiment is expected to be cautious before the Germany Constitutional Court’s vote over ESM
Warehouse stock for Nickel at LME was at 120810mt that is down by -6mt.

NATURAL GAS:
Natural Gas trading range for the day is 146.73-177.13.
Natural Gas shoots up ahead of supplies report and on news that 10% of gas production still remained shut.
Hurricane Isaac has nearly cut’s 10% of gas production as production still remained shut till Sunday.
Technical buying also contributed to gains, after futures moved in to oversold territory.

ALUMINIUM:
Aluminium trading range for the day is 111.72-114.82.
Aluminium gains despite risk appetite faded and investors are staying cautious ahead of rulings by Germany’s Constitutional Court
Also supporting commodities was a series of spending and subsidy announcements by China
Germany parliamentarians submitted appeal opposing ECB’s bond-buying and asked constitutional court to postpone ESM vote
Warehouse stock for Aluminium at LME was at 4862825mt that is down by -7100mt.

MENTHA OIL:
Mentha Oil trading range for the day is 1282.5-1379.1.
Mentha Oil spot is at 1483/-.Spot market is down by Rs.39/-.
Mentha Oil plunged in the wake of strong supplies by cultivators in the local mandies
Total production of mentha oil in the current year is estimated at 37000 tonnes against 29000 tonnes
The total arrivals of mentha oil reported at around 600-700 drums.

Today Commodity Advises:
• SELL MENTHA OIL MCX SEPT BELOW 1308 SL 1320 TGT 1298-1290-1284.
• BUY SOYABEAN NCDEX OCT ABV 3815 SL 3790 TGT 3838-3860.
• BUY SOYABEAN NCDEX OCT ABV 3815 SL 3790 TGT 3838-3860.
• BUY LEAD MCX SEPT @ 116.70 SL 115.50 TGT 117.40-118.20-119.20