MCX Updates for Copper Nickel and Zinc

MCX Copper Trend

In copper MCX (June) Prices are looking to fall up to 386 level which can be followed by 374-366 levels if copper consistently trades below 401-404 levels. Up Rally could be seen only above the level of 410-412.

In Copper one can Go for sell below 399 Targets- 395-393 SL-405
Buying can be initiated only after 410.

MCX Nickel Levels for today

In MCX Nickel (May) Futures 1070-1066 seems to be good downside support levels which could support Nickel to hold initially abd we could expect a recovery till 1112-22 for Intraday. Below 1066 level it caould fall down to 1030-960.

MCX Zinc Updates-
The downside support for MCX Zinc (May) is seen near 90-91 level and a corrective pullback can be seen till 95.5-99 levels later. Below 90 one can go for sell for the targets of 82-75.

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MCX Crude Oil Updates

MCX Crude May contract closed on Tuesday at 4995 rupees per barrel, down by 8 rupees against previous close of 5003. The contract opened strong this morning at 4998 made an intraday low at 4991 and last traded at 5003 up by 8 rupees after touching an intraday high of 5032.

In international markets, Crude prices last traded near 112.3 USD per barrel. As per expectation by analysts, if Crude oil inventory data to be released tonight by EIA comes up, then Crude prices may fall on profit booking. Crude in dollar terms may touch 107-103 levels in the near future.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4700-4600 in the coming few trading days.

Support for Crude is seen at 4900 and below it; prices can test 4775 while the resistance levels are seen at 5100 and 5250 respectively. Short term range for MCX Crude Apr contract is seen at 4600-5100.

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MCX Zinc Intraday Updates

Support for MCX Zinc April is  is seen near 103.4. Below this level it could  drop to 102.8.  Resistance is seen near 104.9. Above this level we can see it touching the level of 105.8.

Intraday tips for Today -

Intraday traders can buy MCX Zinc April contract near 104.3 with the stop loss of 103.5 and can wait for the targets of 105.1 and 105.8.

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MCX Crude Oil Updates- Crude Oil May fall Further

In international markets, Crude prices last traded near 109.5 USD per barrel. Crude prices are likely to fall in short term and may touch 103-100 levels within next few trading days.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4800-4720 in the coming few trading days.

Support for Crude is seen at 4850 and below it; prices can test 4775 while the resistance levels are seen at 4950 and 5025 respectively. Short term range for MCX Crude Apr contract is seen at 4700-5000.

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MCX Gold Silver Udates- Trading tips for today evening

Buy Gold June around 21350-21400 TG-21450-21500 SL-21250

Buy Silver May around 60000 TG-60150-250-350 SL-59550

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MCX Zinc Updates- Zinc Likely to trade in Positive Zone

MCX Zinc April contract yesterday traded with the negative node and settled -0.24% down at 106.35. US ISM Purchasing Managers Index (PMI) for March unexpectedly fell, weighing down the US dollar index. China’s central bank announced yesterday it would raise interest rates for financial institutions from April 6th.

For today's session market Zinc futures is looking to take support at 106.1, a break below could see a test of 105.4 and where as resistance is now likely to be seen at 108.1, a move above could see prices testing 108.8.

MCX Zinc April contract trading range is 104.3-110.

Intraday traders can buy MCX Zinc contract near 107 with the stop loss of 105.9 and can wait for the targets of 108.1 and 108.8.

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MCX Nickel Updates- MCX Nickel likley to trade Negative

MCX Nickel April contract yesterday traded with the negative node and settled down at 1139.40 in line with weakening trend overseas. Some pressure had been seen from the LME stock also which came up by 420mt, the total stock at LME is now at 124506mt.

In Today's trading session Nickel has touched the low of 1122.50 after opened at 1138.10, for today's session market is looking to take support at 1123, a break below could see a test of 1110 and where as resistance is now likely to be seen at 1153.2, a move above could see prices testing 1155.8.

Nickel futures trading range is 1110-1168.5.

Short term traders can sell MCX Nickel April Contract near 1135 with the stop loss of 1170 and can wait for the targets of 1105 and 1090.

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Crude Oil News- Crude Oil Down Ahead of inventory data Due tonight

MCX Crude Apr contract closed on Tuesday at 4697 rupees per barrel, down by 22 rupees ahead of EIA inventory data due tonight while its previous close was 4719. The contract opened down at 4691 made an intraday high at 4709 and last traded at 4681 down by 16 rupees. The said contract made an intraday low of 4676.

In international markets, Crude prices last traded near 104.25$ per barrel. Crude prices are trading sideways from last few trading days. MCX Crude future prices are likely to fall further and could touch 4500-4400 levels within next few trading days. In Dollar terms, Crude may test 99-96 levels in the next few trading days because of falling energy demand of the world.

Support for Crude is seen at 4640 and below it; prices can test 4575 while the resistance levels are seen at 4725 and 4775 respectively. 14 days RSI for MCX Crude Apr contract is at 58 levels, which shows that Crude prices are falling steadily.

Short term range for MCX Crude Apr contract is seen at 4500-4750. Positional traders can sell MCX Crude Apr contract near 4750 keeping a stop loss of 4790 and can wait for the targets of 4650-4590.

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MCX Crude Oil Updates

Crude oil prices ended higher Saturday on short covering after prices fell on Friday. Libya declared a ceasefire, easing for the moment the threat of a Western air attack that could escalate the conflict and further damage oil facilities.  

On Monday, Crude Oil prices opened at 4572 rupees and rose by 1.40 percent to 4652 rupees per BBL.

Instant support for crude is at 4600 and below could see a test of 4568 rupees and resistance is now likely to be seen at 4665, a move above could see prices testing 4698.

Another increase in China's rate reserve and continued unrest in Arabian countries putting pressure on Crude Oil prices from last few days. In case Middle East issue will keep on burning in near term than Crude Oil price may touch 5,000 rupees in coming month

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Base metals and Precius Metals News Update

Precious Metals


Gold recovered from session low of $1315.60/oz to current levels of $1320/oz as the dollar index left some grounds. Gold is taking a correction after reaching record price levels in the recent past. However, the magnitude of decline in gold prices is not equal to the rise in the dollar but gold is rather finding an excuse to
correct. Silver also follows gold and trades lower at $23/oz. MCX gold and silver futures also stayed volatile and fluctuated between gains and losses, tracking international futures. European equities failed to recover despite IFO economic sentiments data came positive. Gold and silver mainly rose on currency uncertainties. If ongoing G-20 meeting winds up with proper solution for currency wars, it could be negative for bullion prices. Sentiments remain negative for precious metals and thus, investors will continue to sell precious metal as and when prices see a slight pullback upwards.  

Base Metals

Base metal prices are trading with gains of anywhere between one to two percent. Reports of closure of Zinc smelters in China along with supportive equity markets are sending prices higher. Most of the Asian equity markets ended higher. European equity markets though opened on the lower side have pared most of there gains as IFO expectation of survey from Germany came in better than expected. In the evening, there are no major data releases due from US. Dollar index after trading lower for most part of the day is currently trading modestly higher as investors await the outcome of the G-20 meeting, which is underway and is expected to discuss on the currency intervention issues. Overall, the bias continues to remain on the positive side; today being last trading day of the week, a small bout of profit booking cannot be ruled out .

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