Whether the BULLION & CRUDE OIL Raises Today

BULLION:

Gold futures prices at the international market at $ 1338, up by 0.70 percent. Apprehension that the Fed might continue with the monetary stimulus program supported gold prices this morning. The yen appreciated by 0.45 percent against the dollar, supporting gold prices. The dollar index declined by 0.35 percent and is currently trading at 81.25 against the majors, supporting a rise in gold prices. The Greek bailout tranche of 240 billion euro from the Troika on Monday will be closely watched, as it could generate optimism in the economy and support the euro, which might extend the gains in gold prices as well. In MCX, gold prices might see limited gains on the back of the rupee’s appreciation. On the other hand, prices may recover from the losses in the evening session. Consequently, gold prices may remain on the higher side. Nevertheless, we might see some volatility in gold prices due to weakness in dollar in the evening session. In general, we recommend remaining on the buying side in today’s session.

Gold Projected High Range at 27433-27651

Gold Projected Low Range at 27246-27028

Gold Mcx Aug Resistance on Upside at 27573-27729-27884

Gold Mcx Aug Support on Low side at 27137-26857-26701

Gold Trend Deciding Point at 27293

Silver Projected High Range at 41494-41934

Silver Projected Low Range at 41150-40709

Silver Mcx Sep Resistance on Upside at 41771-42097-42423

Silver Mcx Sep Support on Low side at 40890-40335-40009

Silver Trend Deciding Point at 41216

BASE METALS:

In Base Metals the China has ordered metal smelters to shutter the outdated production capacity by the end of September, 2013. The top global producer and consumer of industrial metals, China has set yearly plans to close the outmoded capacity since 2009 as a part of efforts to cut energy consumption and emissions. This year, the closing deadline is earlier, compared with the past. The Ministry of Industry and Information Technology ordered the closure of 6,54,400 MT of outdated copper capacity and 2,60,000 MT of aluminum. The ministry has also ordered 8,07, 000 MT of lead capacity and 1,46,200 MT of zinc capacity to be closed, which should persist to support weak manufacturer sentiments and limit any gains in prices. Fundamentally, the cancelled warrants have also declined for most of the metals and are maintaining at the lowest level since June 21, except for nickel. This should continue to support the weakness in base metals. Hence, selling should be continued in the last session of the week.

Copper Projected High Range at 419-422

Copper Projected Low Range at 418-415

Copper Mcx Aug Resistance on Upside at 421-423-426

Copper Mcx Aug Support on Low side at 415-411-409

Copper Trend Deciding Point at 417

Nickel Projected High Range at 839-845

Nickel Projected Low Range at 844-837

Nickel Mcx Jul Resistance on Upside at 841-849-858

Nickel Mcx Jul Support on Low side at 828-823-815

Nickel Trend Deciding Point at 836

CRUDE:

In Asia, most of the equity markets are trading lower on back of weak economic sentiments from the US and poor manufacturing activity in China. The yen is trading higher against the Dollar (up 0.49 percent against the dollar) while orders from China’s Industry Ministry to shutter outdated production capacity by the end of September are adding marginal pressure in the riskier assets. Departing ahead, the hopefulness over Europe, where Greece will secure its bailout tranche on Monday will be closely watched. On the other hand, German import prices might continue to remain weak amidst slow consumption and should limit gains in the Euro. In the US, the Michigan confidence survey is anticipated to remain positive and might provide some support to the Dollar, though it could indirectly increase the volatility in commodity prices in the evening session (IST). Crude oil traders could see range-bound trade today as the markets assess Wednesday’s weekly inventory data, which showed a drop in all the segments of the inventory data like crude, gasoline and distillates, with crude inventory declining at a record rate over the past 4 weeks.

Conversely, anxiety remains on the persistently rising oil production in the country. Recent government data showed that production rose to 7.56 million barrels per day, a near Twenty Two-year high. Additionally, data also suggested that refinery utilization rate inched lower for the first time in the last five weeks to 92.3 percent. We consider that the overall increase in consumption in the US owing to the seasonal summer driving season still has some legs left and could see modest tapering after increasing too high too fast, which is the same pattern being depicted in the US oil prices.

Crude Projected High Range at 6264-6312

Crude Projected Low Range at 6228-6180

Crude Mcx Aug Resistance on Upside at 6294-6330-6366

Crude Mcx Aug Support on Low side at 6198-6138-6102

Crude Trend Deciding Point at 6234

Natural Gas Projected High Range at 221-224

Natural Gas Projected Loe Range at 223-220

Natural Gas Mcx Aug Resistance on Upside at 222-226-230

Natural Gas Mcx Aug Support on Low side at 216-213-209

Natural Gas Trend Deciding Point at 220

Mentha Oil:

Yestraday Trade, an uptrend was noticed in prices at the spot front. The rise in spot prices also supported futures prices and, a positive marginal change was seen by the end of the futures market Spot prices at the Barabanki mandi were balanced Rs 13.6/kg higher while spot prices at the Chandausi and Sambhal mandis were Rs 12/kg higher compared to the yesterday’s spot quotation Due to weather concerns, arrivals declined and, across the major mandis of Uttar Pradesh, arrivals stood at 1200-1400 drums approximately (1 drum = 180 kg) Weak supply at the spot front coupled with lower arrivals compared to the yesterday’s arrivals, the length of with a minor pickup in demand from the consuming sectors pushed prices higher at the spot front According to the IMD forecast, scanty to normal rains could occur in Uttar Pradesh, which might be scattered across a few mentha growing regions also Furthermore, the huge production this year along with poor export might cushions prices for a short amount of time. Hence, we recommend trading in a range-bound fashion in today’s trading session Visit Profit Krishna to know more about Whether the BULLION & CRUDE OIL Raises Today.

Mentha Oil Projected High Range at 911-925

Mentha Oil Projected Low Range at 903-888

Mentha Oil Mcx Jul Resistance on Upside at 919-932-944

Mentha Oil Mcx Jul Support on Low side at 890-872-860

Mentha Oil Trend Deciding Point at 902

TODAY ECONOMIC DATA TO WATCH

DATE TIME Region Event Period Survey Prior
26-07-2013 05:00 JN Natl CPI YoY Jun 0.10% -0.30%
26-07-2013 07:15 CH MNI July Business Sentiment Indicator
26-07-2013 19:25 US U. S Michigan Confidence Jul F 84 83.9
27-07-2013 07:00 CH Industrial Profits YTD YoY Jun 12.30%