Commodity Market Updates

Gold advanced along with equities and other commodities on speculation that policy makers from the U.S. to China will take steps to boost their economies after data signaled slowing growth and on signs of robust Chinese demand.
August-delivery bullion gained as much as 0.7 percent to $1,624.80 an ounce. MCX Gold August is currently at `29989, it is trading up by `71 points for the day. Comex Silver is currently trading at $28.36 whereas MCX Silver July is currently trading at `54146, it is up by `307.


Copper advanced for the first time in five days, rallying from the lowest level in more than five months,
MCX copper  is currently trading near 410-411 level.


Brent crude prices rebounded for a second straight session, rising above $99 per barrel on support from a weaker dollar and hopes that the world's leading economies will take new action to tackle the euro zone's debt crisis. Brent crude for July delivery rose 37 cents to $99.22 a barrel. WTI Crude Oil is
currently trading at $84.69 per barrel. MCX Crude Oil May is currently trading at `4717, it is trading up by `56 for the day.

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Bullions Tips- Technical View

Gold Prices look reluctant to edge higher. The day’s moves so far is increasingly pointing towards a fall towards 19400-19300 or even 19000. It would require a direct rise above 19625 to alter the intraday view to positive, while a close above the same or an intraday penetration of 19850 region would be required to signal powerful rallies in the coming days.

Break of 35800-900 is required for continuation of yesterday's uptrend. The day’s trades have attracted bargain hunting but have been feeble. Need to flat above 35500 to suggest that the uptrend may continue. However, sharp falls are unlikely until 35170 gives away. There is a fair chance of a break of the 35900 barrier, but inability to do so should be taken as an earlier signal that the next leg of bear move targeting 32400 could unfold soon, provided 34600 also gives away.

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MCX Gold - Continues its Bullish Trend

Gold started questing new highs in the domestic futures market with the bullish global support on Thursday. Gold quoted yet another high near $1360 per ounce levels. MCX Gold futures for December hit a high of Rs 19664 per 10 grams and currently trade at Rs 19644, up Rs 116 or 0.62% from the close. The counter looks upbeat given the strong breakout above Rs 19600 levels and dips to this threshold would see buying emerging in plenty today.

Equities looked little fatigued in Asia as the risk appetite seemingly stalled with the Euro easing from a high of 1.3946 against the US dollar. COMEX Gold futures for December hit a high of $1357.30 per ounce and currently quote at $1355.90 per ounce, up $8.20 per ounce from the previous close.

Gold hit yet another record on its spurt higher on broad concerns that aggressive monetary easing is destabilizing currency markets. Gold assets in ETPs rose 0.6 metric ton to 2,094.9 tons as of Oct. 5, according to data from 10 providers. Holdings are up 17 percent this year and reached an all-time high of 2,097.01 tons on Sept. 30. Gold opened at 19522 trading down to its low of 19507 as the dollar began to recover. The move was short lived however, as investors looked to currency alternatives and in so doing took gold to its high of 19617. Profit taking saw the metal close at 19523.

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MCX Commodity Tips For Today (6 October 2010)

MCX Gold - Dec 

S2-19466.67 S1-19536.33 CMP-19606.00 R1-19646.33 R2-19686.67  
Buy at 19550 TP 19630 SL 19500

MCX Silver - Dec

S2-33992.00 S1-34161.00 CMP-34330.00 R1-34498.00 R2-34666.00  
Buy at 34220 TP 34410 SL 34100

MCX Crude Oil - Oct -

S2-3660.00  S1-3673.00 CMP-3686.00 R1-3701.00 R2-3716.00
Buy at 3672 TP 3701 SL 3650
 
MCX Natural Gas - Oct

S2-167.87 S1-168.33 CMP-168.80 R1-169.33 R2-169.87  
Buy above 170 TP 175 SL 167.5

MCX Aluminium - Oct

S2-104.55 S1-104.85 CMP-105.15 R1-105.65 R2-106.15
Buy at 104.8 TP 106 SL 104
 
MCX Copper - Nov

S2-364.38 S1-366.22 CMP-368.05 R1-370.27 R2-372.48
Buy at 368 TP 371 SL 366
 
MCX Lead - Oct

S2-102.43 S1-102.87 CMP-103.30 R1-103.97 R2-104.63
Buy at 103 TP 104.5 SL 102

MCX Nickel - Oct  S-21096.70 S1-1104.10 CMP-1111.50 R1-1119.80 R2-1128.10 Buy at 1108 TP 1120 SL 1098

MCX Zinc - Oct S2-101.50 S1-102.25 CMP-103.00 R1-103.70 R2-104.40  
Buy at 102.9 TP 104 SL 102

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