MCX-NCDEX Commodity Updates and Trading Tips Today

MCX Copper Prices have support at 408 and resistance at 413. MCX Gold February contract may trade in range 27,850-27,400. Precious/Bullions metals (Gold and Silver) are trading flat on MCX commodity market today. We expect prices to remain range bound for the day. All base metals are trading higher on International bourses today. We expect prices to trade lower on account of worries over the euro zone's funding ability. Crude oil is trading flat on MCX today. We expect prices to trade lower for the day.

Pepper futures extended the steady trend for the third consecutive trading sessions. Jeera contracts ended up as overseas demand is expected to improve. Cardamom futures are likely to trade higher despite higher arrivals as there was good demand from both domestic and overseas buyers. Pepper futures prices opened higher and closed the day negatively at 32775. A trend line support is seen at 32670, break below the same may continue the weakness towards 32500/32100 followed by 31800 levels for the day.

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