Commodity Market Up Trend |MCX Tips Today

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Commodity Market Up Today :- MCX NCDEX commodity market have up trend opening today both commodity market segments is trading at positive note. Mcx gold Updates :- Gold demand in India picked up, after prices fell to their lowest level in more than 2-weeks following a drop in the world market and a strong rupee, luring jewelers replenishing inventory for festivals. Despite Monday's fall, the price of gold has gained more than 10 percent after the U.S. Federal Reserve this month announced QE3 in which it would buy $40 billion a month in mortgage-backed debt until the job market outlook improves largely.Gold remained positive on Tuesday as effect of QE3 and Eurozone concerns increased the demand for the safe haven. 

MCX Base Metal updates :- Today morning base metals are trading slightly up by 0.05 to 0.6 percent at LME electronic platform after remaining weak in yesterday’s trading session.After nearly three days of continuous sell off in metals, the prices are bouncing on Tuesday as traders opted for some short covering.MCx lead lead was trading at $ 2262 per tonne, up $ 12 in early Asian trades. Lead closed at Rs. 120.3 per kg, in Indian markets. Supports for the contract are at Rs.119 and Rs. 118 per kg. Resistance for the contract is at Rs. 121 per kg. 

NCDEX Updates october :- Wheat Oct NCDEX: Prices plummeted sharply and finally closed the day at 1487 levels. As prices broke the major downside support of 1510 levels, expect extension of lower correction towards 1470 followed by 1450 levels in the immediate run. However, unexpected pullbacks above 1535 could negate our bearish view in the near term. Support – 1480/1450 Resistance – 1500/1535. 

Jeera NCDEX October :- A break of 13500 could see a lower correction towards 13250 levels. 

MCX Tips For Today :- Buy nickel at 964 stop loss below 950 for target 9900/1026. 

Buy copper at 444 for target 447.6/452 with stop loss below 442. 

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