Intraday MCX NCDEX commodity market open at negative note after the fall on Monday.
Copper Trend Today:-Copper, the leader of the base metals pack, declined around 0.6 percent on the LME on Monday. Weak demand from China, mixed market sentiments and unfavorable economic data from the US acted as a negative factor for the red metal prices. However, sharp downside was cushioned due to a weaker dollar and continuously declining copper LME inventories. Prices touched an intra-day low of $8398/tonne and closed at the level of $8447/tonne yesterday. On the MCX, Copper April contract rose around 0.1 percent due to a weaker Rupee and ended at Rs427.4/kg on Monday.
MCX Copper Apr’12 support 427.0/425.60 resistance at 430.0/432.0.
CRUDE OIL TREND:-Crude oil prices are expected to trade higher today, on the back of supply worries from Iran coupled with rise in risk appetite in the global markets. Additionally, a weaker dollar will also act as a supportive factor. However, expected rise in US crude oil inventories may cap sharp gains in oil prices.
MCX Crude Mar’12 support at 5324/5291 resistance at 5393/5442.
MCX NICKEL TIPS :-Indian MCX Nickel futures were stable at Rs. 965 per kg, up 0.12%. A short spike towards Rs. 975 per kg is expected in prices if it manages to hold onto Rs. 961 levels as support.the NCDEX March Chana futures plunged by almost Rs. 35 per quintal to trade at Rs. 3546 per quintal.
the NCDEX March Benchmark futures slumped by almost Rs. 400 per quintal in the last two trading days to settle at Rs. 4127 per quintal. Technically, prices are likely to trade in the range of Rs. 4000-4250 per quintal in the near term.
Support for the Aluminum is 109-.Resistance for the Aluminum is 111-112.
Support for the Cardamom is 928-869-761-705-682-.Resistance for the Cardamom is 947.
MCX GOLD SILVER TREND TODAY:-Gold and silver are expected to trade higher today on account of a weaker dollar along with revival in the market sentiments. Silver will also take cues from movement in base metals.
MCX Lead Mar’12 support 106.40/105.80 resistance 107.40/108.0.
FOR MORE MCX NCDEX TIPS FILL THE FORM
0 comments:
Post a Comment