Tag Archives: zinc trading range

Commodities Trading for 25 Sep’2012 – Gold, Silver, Crude & Copper

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GOLD:

Gold trading range for the day is 31150-31685.

Gold eased as dollar rose and assets seen as higher risk, like stocks, euro and other commodities like Crude Oil, retreated. Demand in India picked up, as a drop in local gold prices to a three-week low prompted a wave of buying.

SPDR Gold Trust said its holdings hit a record high of 1,327.00 tonnes by Sep’ 24.

Resistance is at 31562-31685-31808

Trend Deciding Point at 31415

Support at 31293-311148-31025

SILVER:

Silver trading range for the day is 61440-63610.

Silver ended lower tracking weakness in base metals and crude prices as weak German data weighed on prices. Moody’s ratings agency should wrap up a ratings review on Spain later this week. Holdings at i-shares silver trust gained by 75.35 tonnes to 10016 tonnes. Silver is trading above 50DMA, which is at 59255.

Resistance is at 63032-63620-64208

Trend Deciding Point at 62533

Support at 61945-61446-60858

CRUDE:

Crude trading range for the day is 4850-4990.

Crude oil prices fell after disappointing German economic data heightened concern about the global economy. Nigeria is to due selling around 2.12 million barrels per day (bpd) of crude oil in November. Escalating tension in the Middle East continued to limit oil’s price erosion

Resistance is at 4947-4988-5029

Trend Deciding Point at 4919

Support at 4878-4850-4809

COPPER:

Copper trading range for the day is 439-446.

Copper ended lower as a rally driven by infrastructure plans in China and policy easing by ECB and US Fed ran out of steam. The global refined copper market was nevertheless facing a deepening production deficit this year. ICSG said the market stood in a 473,000 tonne deficit in the first half of this year.

Warehouse stock for Copper at LME was at 219951 mt that is up by 475mt.

Resistance is at 444.7-446.95-449.2

Trend Deciding Point at 442.75

Support at 436.3-438.55-440.5

Today Commodity Advises:

  • BUY CRUDE MCX OCT ABOVE 4915 SL 4890 TGT 4945-4985-5020.
  • BUY MENTHA OIL MCX SEPT ABOV 1200 SL 1192 TGT 1208-1216.

Commodities Outlook for Gold, Silver, Crude Oil & Natural Gas for 13 Sep’2012

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GOLD:

Gold trading range for the day is 31523-32279.

Gold turned lower as investors took profits after ahead of a closely watched policy statement from the U.S. FED.

Germany’s Constitutional Court gave a green light to ratify the euro zone’s new bailout Fund SPDR gold trust holdings dropped by 3.72 tonnes to 1289.42 tonnes.

SILVER:

Silver trading range for the day is 60473-66159.

Silver turned lower as investors took profits after the metal rose toward 64755 ahead of statement from Fed.

U.S. wholesale inventories in July rose by the most in five months, beating forecasts

Holdings at ishares silver trust dropped by 12.06 tonnes to 9791.49 tonnes

Silver is trading above 50DMA, which is at 57386, with intraday support seen at 60473 and resistance at 66159.

CRUDE:

Crude trading range for the day is 5288-5436.

Crude oil slipped as data showing an unexpected rebound in U.S. crude inventories pulled prices back

Brent prices drew support from reports that militants killed the US ambassador refueling concerns over geopolitical risk.

U.S. crude oil stockpiles rose 1.99 million barrels to 359.09 million barrels in the week ended Sept. 7

Crude is holding with a support at 5288 and resistance will be likely at 5436.

COPPER:

Copper trading range for the day is 444.5-460.9.

Copper dropped in anticipation of more monetary stimulus from the U.S. Federal Reserve the following day.

German court approves euro-zone bailout vehicle, soothes concerns about region

Investors’ mood has lifted in recent days after China announced a $150 billion infrastructure program

Warehouse stock for Copper at LME was at 215775mt that is up by 1175mt.

ZINC:

Zinc trading range for the day is 108.47-112.57.

Zinc ended with slight gains after German constitutional court decided ESM is legal

Germany’s Constitutional court said ESM could go ahead but German contribution above 190 billion euros would require prior approval

Chinese zinc smelters are cutting the most production in at least nine years after prices tumbled into a bear market.

Warehouse stock for Zinc at LME was at 930050mt that is down by -3050mt

NICKLE:

Nickel trading range for the day is 897.93-950.

Nickel settled down on profit booking but downside was limited as German constitutional court approved the ESM

FOMC will release the latest interest rate decision and issue monetary policy statement as well

Germany’s Constitutional Court gave a green light to ratify the euro zone’s new bailout Fund

Warehouse stock for Nickel at LME was at 120816mt that is up by 6mt.

NATURAL GAS:

Natural Gas trading range for the day is 161.27-173.07.

Natural gas ended with gains on weather and in anticipation of Today’s data.

Market players continued to focus on updated weather forecasts to gauge the strength of early-Autumn cooling demand

Today natural gas storage: EXP: 26B PREV: 28B. Actual is at 8.00PM

Natural Gas is holding with a support at 161.27 and resistance will be likely at 173.07.

ALUMINIUM:

Aluminium trading range for the day is 112.67-115.37.

Aluminium gains as euro gains after Germany’s Constitutional Court ratified the bailout fund by ESM supported

Prices will be trapped within tight range as investors are wary prior to the results of t Fed interest rate meeting

U.S. wholesale inventories in July rose by the most in five months, beating forecasts

Warehouse stock for Aluminium at LME was at 4854325mt that is down by -8500mt.

MENTHA OIL:

Mentha oil trading range for the day is 1275.6-1349.2.

Mentha oil spot is at 1497/-.Spot market is up by Rs.14/-.

Mentha oil declines as reports of ban on Gutka in some more states kept trend weak

Overall trading activities remained low but traders expect pickup in demand in the coming weeks.

The total arrivals stood steady at 600-650 drums.

Today Commodity Advises:

  • BUY COPPER NOV ABOVE 453 SL 445 TGT 457.50-461.50-466.
  • BUY NICKEL @ 918-922 SL 910 TGT 932-945-956
  • SELL MENTHA OIL MCX SEPT BELOW 1312 SL 1325 TGT 1300-1292-1280.
  • SELL SOYABEAN NCDEX OCT BELOW 3790 SL 3820 TGT 3768-3745-3720.