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MCX Copper Updates Today :- Copper is expected to remain lackluster during the morning session on Monday, 16 July 2012 as the slowing growth in China, Europe and US might pressurize the investors. But the signals that top consumer China will step up efforts to stabilize its economy might cramp the huge losses in the metal. Copper is likely to find support at Rs. 423 per kg andRs. 420.6 per kg and resistance at Rs. 427.6 per kg and Rs. 429 per kg.
MCX Nickel Trend today :- Nickel snapped previous session losses and buoyed by 0.5% or Rs. 4.8 at Rs. 895.1 per kg on Friday, 13 July and tested an intraday high at Rs. 903.3 per kg and low at Rs.888.2 per kg. Bargain hunting with 9% dip in its open interest to 40458 lots dolaced the metal. Nickel was found to be in downtrend since early July 2012 and was finding strong support at Rs. 895 per kg. The contract traded below 9-day EMA and found to be in oversold region with its RSI at 29.55. Nickel is likely to find support at Rs. 895 per kg andRs. 885 per kg and resistance at Rs. 903 per kg and Rs. 908 per kg.
Gold Updates :- MCX August gold futures may open today's session near Rs. 29240 levels with support around Rs. 29200 and Rs. 29140 levels. In the near term the domestic gold futures may be supported in relation to the international gold futures due to perpetual fall in the Indian Rupee. The Indian Rupee tumbled below 56 a dollar last week. MCX gold may tumble below Rs. 28700 and Rs. 28400 levels in the near term.
NCDEX Oil Sead Outlook :- Indian Soya Oil futures August delivery eased after hitting the Rs. 800 mark level on NCDEX lead by profit taking. Oilseeds gained massively on strong gains in the global markets, weak local sowing reports. The acreage under oilseeds come down by 13.60% to 67.7 lakh hectare as on 13th July 2012. Technically, the August RSO on NCDEX is likely to find next support at Rs. 792.93, Rs.786 and resistance is at Rs. 801.50, Rs. 803.66 per 10 kg.
MCX Tips Today :- Buy gold above Rs 29,350 per kilogram levels stop loss should be kept at Rs 29,200 per kilogram and targets would be around Rs 29,600 per kilogram.
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