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Mcx Commodity market trend :- we expect precious metals to trade lower on account of negative global market sentiments coupled with strength in the DX. However, in the Indian markets depreciation in the Rupee will cushion sharp fall in prices.
Mcx gold Trend Today :- Gold futures inched up in Asia morning session today after suffering heavy selling pressure last week when the US dollar surged against its major counterparts following a report showing the U.S. added fewer jobs than expected in May. The counter may trade in the range of $1550 to $1620 levels this week.
MCX Lead Tips :- Lead for delivery in July 2012 dropped by 0.4% or Rs. 0.45 at Rs.104.15 per kg on Friday, 6 July and tested an intraday high of Rs. 104.7 per kg and low of Rs. 103.3 per kg. Lead traded in range bound during the last week and fell on Friday due to short selling with 3% rise in its open interest to 9006 lots hampered the metal. The contract traded below 9-day EMA and RSI stood at 43.22. Lead was finding the next support at Rs. 103.6 per kg and Rs. 102.4 per kg and resistance at Rs. 105 per kg andRs. 105.6 per kg.
MCX Copper Trend :- Copper is expected to be poised during the morning session on Monday, 9 July 2012, as the investor's sentiment dampened due to bleak US jobs report. But easing of China's inflation is expected to counter the situation for the metal to add little gain. Copper is likely to find support at Rs. 423.6 per kg and Rs. 420.6 per kg and resistance at Rs. 426.6 per kg and Rs. 429 per kg.
MCX TIPS FOR TODAY :- Sell nickel at around Rs 926 per kilogram levels with a stop loss of Rs 938 per kilogram for a downside target of Rs 920 per kilogram.
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