Intraday Outlook

Bullion
 Gold futures were down today tracking rise in the rupee against the dollar and as COMEX futures shed early gains and fell. Earlier in the day the gold futures were trading marginally higher as weak US non-farm payrolls, data for which was posted Friday, boosted demand for the safe-haven metal. However, profit booking after the recent rise pulled down prices in the US session. 

Energy
 Domestic oil futures were trading slightly lower tracking the same in benchmark contracts on the New York Mercantile Exchange.  Oil prices had declined, as sentiment weakened following release of discouraging US job data. Gas prices remained well supported even as temperatures in key Midwest and Northeast regions climbed to above-normal levels, shaking off a stubborn latewinter cold spell that spiked demand.

Metals 
 Base metal futures on the MCX were trading higher tracking the rise in benchmark contracts on the London Metal Exchange, where  prices gained on lower level buying, but appreciation in the rupee against the dollar capped the rise in prices. LME base metals futures had declined earlier due to demand concerns from the US and China and rising inventory in  warehouses.

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MCX Gold, Silver, Copper, Crude Oil Updates Today 02 April 2013

Bullion: Gold futures were trading higher on local bourses tracking the rise in COMEX contracts, which rose due to weakness in the dollar against the euro and safe-haven buying. The Indian forex market was closed as banks were shut due to annual closure of accounts. Trading was thin as UK, Australia and Hong Kong markets are closed for Easter holiday. 

Metals: Base metal futures on MCX were trading lower due to concerns over demand from China, as the country reported a lower-than-expected rise in manufacturing Purchasing Managers' Index. The data showed that China's March PMI rose to 50.9 from 50.1 in February, while market had expected it around 52. Absence of cues from the London Metal Exchange today also kept sentiment weak in domestic market. 

Energy: Domestic crude oil futures were trading lower tracking New York Mercantile Exchange, where benchmark contract declined on profit booking in the electronic session. NYMEX oil futures eased today after rising in the previous week on upbeat US durable goods data. Crude oil futures declined also because of ongoing concerns regarding the Eurozone economy and sharp rise in the US crude oil stocks. 

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MCX Gold, Silver, Copper, Crude Oil Updates Today 26 Feb. 2013

Bullion: Gold futures were up on domestic exchanges tracking rise in international prices, but a firm rupee against the dollar limited the gains. On COMEX, gold futures rose due to weakness in the dollar against the euro and on bargain buying after the recent fall in prices. 

Metals: Base metal futures on MCX were trading lower tracking firm rupee against the dollar, but mild upward correction in benchmark contracts on London Metal Exchange limited losses. LME contracts moved higher today on bargain buying, but demand concerns and release of discouraging Chinese manufacturing Purchasing Manager's Index data capped gains.

Energy: Domestic crude oil futures were trading lower tracking New York Mercantile Exchange and also due to appreciation in rupee against the dollar. China, the worlds second-biggest oil consumer after the U.S., and the engine for oil-demand growth, is sending mixed signals. China's crude oil imports rose in January by a healthy 7.4% from a year earlier, but early indications show manufacturing activity dropped in February to a level that barely indicates a growing economy. 

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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.

FREE Tips on Mobile CLICK HERE NCDEX Tips

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MCX Gold and Silver Tips, Copper Updates, Crude Updates Today

MCX Gold February
Gold prices have reversed after taking support at 26,500 levels. There is a positive divergence seen in RSI on the daily chart. We expect prices to go up to levels of 27,900.

MCX Silver March
Silver prices are taking support at levels of 48,500. Immediate resistance is at 51,600 levels. If we get a close above 51,600 we expect prices to go up to levels of 53,500. We recommend a buy above 51,600 levels with a stop loss placed below 50,000 levels for a target of 53,500.

MCX Crude Oil January
Crude oil prices are taking resistance at 5,400 levels. If prices close below 5,260 levels we expect prices to correct up to levels of 5,100.

MCX Natural Gas January
Natural gas prices continue to stay in a sideways consolidation, in the range of 160-167 levels. As prices are near the lower band of the range and the oscillators are in the oversold territory we expect a technical bounce up to levels of 167.

MCX Copper February
Copper prices are trading close to its resistance level of 407. If prices close above 407 we expect prices to go up to levels of 415. We recommend a buy above 407 levels with a stop loss placed below 401 levels for a target of 415.

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mcx gold tips, mcx silver tips, copper updates, crude updates

Today Gold and Silver are trading at negative prices. Copper and Crude Oil are trading at positive price. MCX Gold is trading in the range of Rs. 27,600-27,800. and MCX Silver is trading in the range of Rs. 52,600-52,800 in today's trading session. Today MCX Copper is trading above Rs. 405 and Crude Oil is trading above Rs. 5350. MCX Crude may touch the levels of Rs. 5400.

Gold is expected to witness some selling pressure at current levels. Gold can test 27,500 while silver 52,000 in near term. All base metals may trade sideways with weak bias. Crude oil can test 5,400 in MCX.

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MCX Commodity Market News and NCDEX Agri Tips Today

MCX Silver continues to remain sideways, trading in the range of Rs. 53,000-54,500. In this broader range it`s forming a triangular pattern and the breakout levels of it are 53,200 and 52,888. The triangle is likely is break on the lower side.

MCX Crude oil is trading in an upward sloping parallel channel and till the upward trend is intact we maintain our bias up. The support on the lower side is at 5,040, whereas, the resistance is at 5,380 and 5,600.

MCX Gold is too forming a triangular pattern and its trading in a very narrow range of 27,700-27,800 levels. It is expected to break on the upside and the minimum target for the same is 27,955.

NCDEX Guar seeds
It has formed an ending diagonal pattern in its wave five up and it quite close to its breakdown level. The crucial support is at 6,940 level once broken will confirm the medium term top for it. The minimum target on the lower side is the beginning of the wedge pattern i.e. till 6,050 levels.

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