Daily Commodity MCX - Metal Trend

MCX - Metal Review

Spot Gold prices declined around 0.3% and were hovering around $1338.90/oz till 3.45 pm IST today. The yellow metal prices experienced declines mainly on
the back of strength in the US Dollar Index (DX) today. The DX appreciated against a basket of six currencies and was trading at 77.65 till 3.45 pm IST. The
European equities were trading in the red in the afternoon trade. However, domestic equities comprising the Sensex and Nifty rebounded strongly in the
closing session. On the MCX platform, gold prices slipped slightly by 0.2% and were trading around Rs19,569 till 3.45 IST today.

Copper prices slumped sharply by 1.8% on LME, touching an intra‐day low of $8140/tonne till 3.45 IST today. The red metal prices were trading at $8170/tonne around the same time. Copper prices witnessed sharp declined mainly due to strength in the DX today. Moreover, poor sentiments in the global
equity markets also kept the red metal prices under check. Copper inventories jumped by 475 tonnes to reach 368,500 tonnes on the LME warehouse today.
On the MCX, copper prices dropped sharply by more than 1.5% and were hovering at `367.50/kg today.

Crude oil prices declined by almost 1% on the Nymex and were hovering at $81.45/bbl till 3.45 pm IST today. Strength in the DX coupled with poor sentiments in the global markets today exerted downside pressure on oil prices today. However some oil ports in France continue to remain closed following
the ongoing strike. On the MCX, crude oil prices declined around 0.7% and were trading at Rs3649/bbl till 3.45pm IST today.

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NCDEX, MCX Commodity Report

NCDEX Commodity Report

NCDEX Pepper futures gained with the futures touching the three percent high in todays afternoon trading sessions lead by fresh buying amid supportive bullish global cues.The spot prices surged another Rs 500 to Rs 20400 and to Rs 19900 per 100 kg for the MG-1 and Un-Garbled pepper in the Kochi mandi.

NCDEX Pepper for the benchmark November delivery touched the high of Rs 20985 and ended the session higher by 2.94 percent or Rs 600 at Rs20980 per 100 kg. The open interest in the contract added 0.48 percent to 8,973 tonnes. Volume traded surged to 12,190 tonnes from 11,292 tonnes as on last day. pot Gold prices gained around 0.2% and were hovering around $1326.10/oz till 3.45 pm IST today. The yellow metal prices witnessed gains mainly on the back of weakness in the US Dollar Index (DX) today.  The DX – a gauge against a basket of six currencies was trading at 77.66 till 5.30 pm IST. On the MCX platform; gold prices dropped slightly by 0.1% and were trading around Rs19,418 till  3.45 IST today. Asian markets traded on mixed note, but the European.

MCX Commodity Report

Spot Gold prices gained around 0.2% and were hovering around $1326.10/oz till 3.45 pm IST today. The yellow metal prices witnessed gains mainly on the back of weakness in the US Dollar Index (DX) today.  The DX – a gauge against a basket of six currencies was trading at 77.66 till 5.30 pm IST. On the MCX platform; gold prices dropped slightly by 0.1% and were trading around Rs19,418 till  3.45 IST today. Asian markets traded on mixed note, but the European indices were strong in the afternoon trade.  

Copper  prices  gained  almost  1%  on  LME  and  were  trading  at  $8343/tonne  till  3.45  IST  today.  The  red  metal  prices  witnessed  sharp  gains  mainly  due  to weakness in the DX today. Moreover, possibility of a strike of the union workers is also supporting the red metal prices today. Workers at the Collahuasi

copper mine in Chile, which is the third largest mine in the world are expected to go on strike following failure of wage negotiations.  Black Rock Inc, the

world’s largest money manager has plans to introduce the Exchange Traded Product (ETP) backed by the copper. Copper inventories on the LME decreased

by 575 tonnes to reach at 368,025 tonnes today.  On the MCX, red metal prices gained around 0.4%, and were hovering at Rs375.20/kg today.

Crude oil were steady on the Nymex, and were hovering at $81.99/bbl till 3.45 pm IST today. Oil prices took cues from the weakness in the DX which cushion downside in the prices today. Sharp gains in the crude oil prices were capped due to opening of seven out of 12 refineries in France, which eased the supply concerns in the country. On the MCX, crude oil prices climbed by 0.3% and were trading at Rs3675/bbl till 3.45pm IST today.  

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MCX Commodity Trend - Base Metals Review

MCX  Metals Review

Gold prices are expected to trade on a positive note today, mainly taking cues from the weakness in the DX. A weaker DX makes the yellow metal prices look attractive for holders of other currencies. However, demand for gold in this festival season in India is expected to be lower on the back of such high prices. This factorwill exert pressure on the upside. On intraday basis, Spot Gold prices have support at $1329/$1321 whereas resistance is seen at $1347/$1357. Spot Silver prices shall find support at $23.31/$23.00 whereas resistance is seen at $23.88/$24.14 levels.MCX December Gold has support at 19475/19395 whereas resistance is seen at  9625/19700. MCX December Silver shall find support at 35180/34890 whereas resistance is seen at 35760/36050 levels.

Copper prices will trade with a positive bias today with immediate support for MCX November contract seen at `377.00 Further below; crucial support is seen at `374.00 levels. Whereas resistance is seen at `382.40 levels & further upwards at ` 385.00 levels.

Zinc prices will trade with a positive bias today with immediate support seen at `112.00 level for MCX October contract whereas crucial support is seen at `111.00 level. Short-term resistance is seen at `114.60 whereas major resistance is seen at `116.00 levels.

Crude oil prices will take cues from the Inventory report to be released from American Petroleum Institute (API) today. Oil prices will also be influenced by the movement in the DX which is expected to trade with a depreciation bias today. Support for NYMEX December Crude Oil is seen at $81.50/$80.50 levels & resistance at $83.30/$84.20 levels. Natural Gas MCX October contract has major support at ` 143.00 & resistance at ` 152.00 levels.

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Daily Commodity MCX, NCDEX Updates - 25 'Oct

MCX Metal Trend

Spot gold prices surged, gaining around 1.3% and are hovering around Rs 1345/oz till 3.45 pm IST today. The yellow metal prices experienced gains mainly on the back of weakness in the US Dollar Index (DX) which helped gold prices to move in the upward direction today. Despite positive markets sentiments today, investors choose to invest in the yellow metal as a weaker DX attracted buying for holders of other currencies. On the MCX platform, gold prices gained more than 0.5% and were trading around `19,589 till 3.45 IST today. Appreciation of the Indian Rupee (INR) capped sharp gains in domestic prices today.

Copper prices rallied around 2% on the LME, touching an intra-day high of $8549/tonne till 3.45 pm IST today. The red metal prices were hovering around $8518/tonne on the LME. A weaker DX, positive sentiments in the European markets today, a decline in inventories and improving Chinese demand provided support to prices. Copper inventories on the LME dropped by 450 tonnes to reach at 368,375 tonnes today. Canceled warrants, gained 0.8 percent to 28,700 tons. On the MCX, red metal prices gained more than 1%, and were trading at `380.65/kg today.

Crude oil prices jumped around 1% on the Nymex and touched an intra-day high of $82.96/bbl till 3.45 pm IST today. The strike in France, the largest port of Fos-Lavera has entered its 29th day of protest and has blocked 57 oil vessels which include 38 crude oil tankers and 19 refined products tankers  today. Increasing supply concerns has given crude oil prices a positive push. Hurricane Richard which was headed towards the Gulf of Mexico has weakened to a tropical storm. But oil prices have strong fundamental support in the form of supply issues. On the MCX, crude oil prices gained 0.6% and were trading at

`3691/bbl till 3.45pm IST today.

Commodity Metal News

The quotations in Rs per kg are tin ingot which stood at Rs 815, zinc ingot at Rs 125.50, nickel plate (4x4) at Rs 985-987, gun metal scrap at Rs 226 and bell metal scrap stood at Rs 228.Similarly, the copper wire scrap stood at Rs 431, copper wire bar at Rs 450, copper mixed scrap at Rs 411, Utensil scrap at Rs 224 and Chadripital stood at Rs 175. The lead ingot stood at Rs 127, lead imported at Rs 129, aluminium ingots at Rs 102, sheet cutting at Rs 105, aluminium wire scrap at Rs 102 and aluminium utensils scrap stood at Rs 102. Moreover, the prices carried on being unaffected as the demand from construction units and wire manufacturers fell due to the tight stocks holdings.

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Commodity MCX , NCDEX Trend for Next Week

Jeera Trend 

Lower stocks on one hand and expectation of better crop of Jeera in 2010—11 are keeping the prices range bound since past few days. Any revival of demand in good quantity from overseas buyers may support prices to stngthen in the short term (till October). There are lower stocks of Jeera in the domestic market till the fresh arrivals expected in the month of March. This will also add to the gains in the short to medium term (till November). Prices in the international market of Syrian origin are being offered at higher rates than Indian origin. This will help prices to find support and strengthen in the medium term (November). In long term (December onwards), Jeera prices will depend on the demand from the overseas and domestic buyers and sowing progress in the major Jeera growing areas particularly Rajasthan and Gujarat. Jeera prices in the intraday will trade bearish and may fall by around Rs.200 due to dull trades at the domestic market. In the short term (till October), trend will depend on Jeera price parity of various origins in international market. In the medium to long term (December onwards) prices are likely to take cues from sowing progress in India and demand from the overseas and domestic buyers.

Gold Trend

U.S. gold ended slightly lower on Friday, posting its first weekly decline in nearly 3 months, as bullion investors closely monitored potential statements from the G20 meeting. Any currency reaction to the G20 meeting in South Korea this weekend could provide fresh impetus to the gold market. A currency war is in the making, and gold will be the beneficiary in the long run. Estimated gold volume at about 138,000 lots, about 12 percent above its 30-day average. Spot gold was up 0.2 percent at $1,326.11 an ounce.

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Market expectation for today – 22 'Oct

Commodity Metal , NNCDEX, MCX Updates

India Yellow spice futures near month contract declined on the anticipation of higher output on the back of reports of the higher area under coverage. Far month futures were traded marginally higher.

The latest updates from the Andhra Pradesh agriculture department shows that, the area under turmeric as on 20th October 2010 stands higher at 0.65 lakh hectare against 0.59 lakh hectare same period last year and against the normal area of 0.64 lakh hectare. Yesterday, the base metals that were led by nickel, recovered at the non-ferrous metal market due to the start of fresh buying activity from the stockists and the good industrial off-take.

The nickel rose by Rs 10 per kilo to Rs 1,170 while copper cable scrap, copper wire bar, zinc and lead firmed up by Rs 2 per kilo each to Rs 400, Rs 428, Rs 125 and Rs 116 respectively. Moreover, the copper scrap heavy, copper utensils scrap, brass utensils scrap and aluminium utensils scrap rose by Re 1 per kilo each to Rs 393, Rs 361, Rs 263 and Rs 100 respectively.

Spot gold prices declined around 0.5% and are hovering around Rs 1319/oz till 3.45 pm IST today. Despite mixed sentiments in the global financial markets,

the yellow metal prices witnessed declines mainly on the back of strength in the US Dollar Index (DX) today. On the MCX platform, gold prices were trading

on a flat note today. Depreciation of the Indian Rupee (INR) cushioned gold prices on the domestic bourses today. Spot Rupee depreciated by 0.4% and were

trading at 44.59 till 3.45 IST today, after ending on a flat note in the last two sessions of this week.

Copper prices climbed by 0.3% on the LME, touching an intra-day high of $8385/tonne till 3.45 pm IST today. The red metal prices were hovering around

$8294/tonne on the LME around the same time. Major rise in copper prices were capped due to strength in the DX coupled with choppy market sentiments.

On the MCX, copper prices gained merely 0.1%, and were trading around Rs 373.45/kg at 3.45 pm IST. Copper inventories on the LME dropped by 1,175

tonnes to reach at 368,825 tonnes today.

Crude oil prices gained by 0.7% on the Nymex, touching an intra-day high of $81.16/bbl till 3.45 pm IST today. The pension reform strike at Marseille in

France is supporting crude oil prices on the back of disturbance in the oil production. Moreover, rising demand for oil for winter heating purposes is also

supporting crude oil prices. On the MCX, crude oil prices gained around 0.6% and were trading at Rs3635/bbl till 3.45pm IST today. Crude oil prices have

been trading on a volatile note within a wide range in this week.

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Daily commodity MCX, NCDEX Review

Commodity Review 

The prices of pepper for the October contract fell by Rs 94, or 0.50 per cent, to Rs 18,660 per quintal, with an open interest of 1,437 lots at the National Commodity and Derivatives Exchange (NCDEX) due to the decline in the local and the export demand. The spice for the November contract also lost Rs 82, or 0.43 per cent, to Rs 18,962 per quintal, with an open interest of 10,367 lots at the MCX.

The prices of zinc for the October contract rose 50 paise, or 0.48 per cent, to Rs 105.40 per kg, with a business turnover of 835 lots at the Multi Commodity Exchange (MCX) since the traders enlarged their holdings tracking a steady trend in base metals in the overseas markets. The metal for the November contract also moved up by 40 paise, or 0.38 per cent, to Rs 106.50 per kg, with a business turnover of 83 lots at the MCX. Moreover, another reason that supported the prices of the metal is a steady trend in base metals in global markets. 

MCX Metal Commodity Review

Spot gold prices were trading flat and are hovering around Rs 1345.60/oz till 3.45 pm IST today. The yellow metal prices were cushioned on the back of weakness in the US Dollar Index (DX) today. The DX depreciated around 0.4% against a basket of currencies today. Global equities were trading in the green today. The domestic equity indices rallied, gaining more than 1.5% after declining in the previous sessions of this week. On the MCX platform, gold prices gained 0.2%, touching an intra-day high of Rs.19, 578 till 3.45 pm IST.

Copper prices rose around 0.4% on the LME, touching an intra-day high of $8372/tonne till 3.45 pm IST today. The red metal prices were hovering around its intra-day high in the afternoon trade. Weakness in the DX coupled with revival in the global financial markets helped the metal prices to gain in today’s trading session. On the MCX, copper prices gained 0.5%, and were trading around Rs 374.25/kg. Falling inventory levels on the LME warehouse also acted as a positive factor for the red metal prices to gain today. Copper inventories on the LME slipped by 750 tonnes to reach at 370,000 tonnes today.

Crude oil prices declined by 0.4% on the Nymex, touching an intra-day low of $81.88/bbl till 3.45 pm IST today. Despite weakness in the DX oil prices declined after the China’s growth slowed down to 9.6% in the third quarter from 10.3% in the second quarter. On the MCX, crude oil prices gained slightly by 0.2% and were trading at Rs3683/bbl till 3.45pm IST today. Moreover. Increasing inventories in the US also kept oil prices under pressure. US crude oil inventories rose by 667,000 barrels to 361.20 million barrels in the last week ending October 16th as per report released by the US Energy department yesterday. 

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MCX Gold , Copper, Cruid Oil Trend For the Day

Commodity Review
Spot gold prices gained around 0.6%, after falling sharply in yesterday’s session and are hovering around Rs 1340.85/oz till 3.45 pm IST today. The yellow metal prices witnessed gains mainly on the back of weakness in the US Dollar Index (DX) today. The DX depreciated around 0.5% against a basket of currencies today. Moreover, mixed sentiments in the financial markets also made gold prices to look attractive for the investors helping yellow metal prices to rise. On the MCX platform, gold prices declined merely by 0.1%, touching an intra-day low of Rs.19, 480 till 3.45 pm IST. Appreciation in the Indian Rupee exerted pressure on the MCX gold prices. Spot Rupee touched an intra-day high of 44.25 against the dollar today.

Copper prices gained around 0.5% on the LME today taking cues from the weakness in the DX today. The red metal prices were hovering around $8265/tonne on the LME till 3.45 IST today. Copper prices had declined sharply in yesterday’s session on the back of unexpected move by China to raise interest rates. On the MCX, copper prices declined sharply by 0.7%, on the back of appreciation in the Indian Rupee. Copper inventories on the LME increased by 800 tonnes to reach at 370,750 tonnes today. Cancelled warrants jumped by 14% to 25,350 tonnes on the LME warehouse today.

Crude oil prices reversed losses and gained by 1% on the Nymex today, touching an intra-day high of $80.32/bbl till 3.45 pm IST today. Weakness in the DX
supported oil prices to rise in the international markets today. On the MCX, crude oil prices. declined sharply by 0.7% till 3.45pm IST today. Appreciation of the INR in the beginning of the trading sessions exerted pressure on the oil prices in the Indian markets today.


NCDEX Refined Soya Oil for the November delivery spurted to the intraday high of Rs 528.70 and the session low was Rs 523.15 per 10 kg. The contract ended the day higher at Rs 528.30, up Rs 5.15 or 0.98 percent from the last close and the open interest added 0.73 percent to 1,49,470 tonnes, indicating fresh buying and volume traded declined to 1,120 tonnes from 1,38,300 tonnes.
The Refined Soya Oil October delivery ended the day higher by Rs 0.15 or 0.03 percent at Rs 512.60 after moving in the range of Rs 512.80-Rs 511.20 per 10 kg. The open interest in the contract declined 10.17 percent to 21,630 tonnes and volume traded declined to 2,730 tonnes from 3,120 tonnes.

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Commodity MCX Metal, NCDEX Review Daily Basis - 19 'Oct

MCX Commodity Updates

Spot gold prices declined merely by 0.1% and are hovering around Rs 1367.50/oz till 3.45 pm IST today. The yellow metal prices witnessed declines mainly on

the back of strength in the US Dollar Index (DX) today. The DX continued to strengthen, rising around 0.4% against a basket of currencies today. On the MCX

platform, gold prices declined around 0.3%, touching an intra-day low of Rs.19, 840 till 3.45 pm IST. Appreciation of the Indian Rupee (INR) exerted pressure

on the yellow metal prices on the MCX today.

Copper prices slipped by 0.2% on the LME and were trading at $8465/tonne till 3.45 pm IST today. The red metal prices declined mainly on the back of

strength in the DX today. On the MCX, red metal prices declined sharply by 0.7%, as appreciation of the Indian Rupee (INR) further exerted pressure on the

copper prices on the Indian platform today. Copper inventories on the LME decreased by 500 tonnes to reach at 369,950 tonnes today. Another factor that

kept copper prices under pressure is slow GDP growth expectations of China. The data is expected to be released on Thursday.

Crude oil prices declined sharply by 0.5% on the Nymex today as well as on the MCX platform till 3.45 pm IST today. Strength in the DX exerted downside

pressure on the oil prices. Nymex crude oil prices were hovering at $82.59/bbl till 3.45 pm IST today. On the MCX, crude oil prices touched a low of Rs.

3713/bbl till 3.45pm IST today. Appreciation of the INR also exerted pressure on the oil prices in the Indian markets today.

NCDEX Commodity Updates

Guar futures gained around 2% on Monday due to delay in  arrivals of good quality crop. However, arrivals have would  peak up in the coming week.  November onwards Guar prices may again decline  significantly on expectations of a bumper crop in 2010-11  which is currently estimated to be around 150 lakh bags (15  lakh tones). Pace of arrivals and overseas demand would  also influence the prices.

In long term (December onwards), Jeera prices will depend  on the demand from the overseas and domestic buyers and  sowing progress in the major jeera growing areas  particularly Rajasthan and Gujarat.  Spread between November and December contract is at   Rs.255 as compared to Rs.165 the previous day.

NCDEX November Soybean futures closed slightly lower on  account of weak overseas market.  Spread between NCDEX November and December contract  is Rs 30.50 against previous day of Rs 35.0 per 100 Kg.

CBOT November soybean futures ended lower at $     11.84/bushels on Monday, down 1.00 cents/bushel as

compared to previous close. CBOT December Soybean meal futures ended higher at $  328.30/ton on Monday, up $0.10/tonne as compared to  previous close.

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Commodity MCX Metal, NCDEX Review Daily Basis - 18 'Oct

MCX Commodity Review

Spot Gold prices declined yet again, as expected, and were trading at $1360/oz till 4.00 pm IST today. The yellow metal prices are currently witnessing profit

booking after a sharp rally which has broken record highs both in the  international markets as well as on the Indian exchanges. The US Dollar Index (DX) gained around 0.3% against the basket of six currencies in the afternoon trade and was trading at 77.27 till 4.00 pm IST. However, the DX softened after

touching an intra-day high of 77.65 touched in the Asian trade today. Indian domestic equity markets opened in the red today but rebounded strongly to

end in the green after declining more than 1% in the opening trade.


Copper prices declined around 0.4% on the LME and were trading at $8380/tonne till 4.00 pm IST today. The strength in the DX kept the red metal prices under check. Copper prices also trading under pressure on concerns over slow economic growth in China, the major driver of base metal prices. China’s GDP growth is expected to slow down in the third quarter. Markets are expecting a GDP growth of 9.5% in the third quarter, down from 10.3% in the second

quarter and 11.9% in the first quarter. Copper inventories on the LME decreased by 475 tonnes to reach at 371,025 tonnes today.

 

Crude oil prices declined around 0.5% on the Nymex in the afternoon trade today. The November crude oil contract on the Nymex was trading at $81.11/bbl

at 4.00 pm IST after touching an intra-day low of $80.35/bbl. Crude oil prices witnessed declines mainly on the back of strength in the DX which exerted

pressure on oil prices. Expectations of slower GDP growth in China is also affecting crude oil prices negatively as the Asian tiger has overtaken the US as the world’s largest consumer and slowdown in GDP growth would raise concerns over declining demand for crude oil.

NCDEX Commodity Review

Guar futures touched a high of Rs. 2121 per qtl level, due to lower availability of quality crop. Guar prices will take cues from the arrivals in the domestic mandi in the coming days. The demand for Guar seed and gum at lower prices levels

still persist which may support Guar prices and may control prices from falling sharply.

Chana prices gained more than 6% in the last 2 weeks on emergence of fresh demand ahead of festive seasons. Expectations of drop in Chickpe . According to the market sources, MSP of Chana which was set at Rs. 1760 per qtl in the last year may increase to Rs. 2100 per qtl. This will support the Chana prices as; no

farmer will sell their produce below Rs. 2100 per qtl.

Turmeric - Demand from the overseas and domestic market is keeping the Turmeric prices firm. Further, lower ending stocks of turmeric will help prices to find support in the short term ahead of festivals. Thus, near month contract may not witness sharp fall. Turmeric prices in the medium term (November onwards) will depend on growth of the sown crop. Further, demand from the domestic and overseas buyers will also determine the price trend in the above period. 

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Commodity MCX- Metal, Commodity NCDEX Updates - 15'Oct

MCX Commodity Trend 


Spot Gold prices were trading little unchanged to its previous close of $1379/oz till 3.45 pm IST. The yellow metal prices were trading flat today ahead of the

key economic updates and Federal Reserve’s Chairman Ben Bernanke’s speech to be delivered at 5.45 pm IST. The US Dollar Index (DX) depreciated slightly and was trading at 76.50 at 3.45 pm IST. Global financial markets were trading on a mixed note in the afternoon trade today. The European markets were trading in the green but witnessed lackluster trading. The domestic indices slumped in today’s session declining around 2% as rising inflation raised concerns over further interest rate hike in India. Inflation rate increased to 8.62% in September from the previous of 8.5% in August.

Copper prices gained sharply 0.8% on the LME and were trading at $8445/tonne till 3.45 pm IST today. Despite negative sentiments in the financial markets, the red metals prices took cues from the weakness in the DX today. However, on the MCX, red metal prices declined around by 0.3%, on the back of constant appreciation in the Indian Rupee (INR). This factor exerted pressure on the copper prices on the Indian platform today. Copper inventories on the LME

decreased by 475 tonnes to reach at 371,025 tonnes today.

Crude oil prices declined merely by 0.1% on the Nymex today and were trading at $82.77/bbl till 3.45 pm IST. Poor sentiments in the global equity markets acted as a negative factor for the oil prices to decline today. But sharp declines were cushioned due to weakness in the DX. In the OPEC meeting in Vienna yesterday, the members agreed to keep the oil production quotas unchanged to 24.84 million barrels per day. Falling fuel demand from the US, one the world’s largest oil user has also acted as a negative factor for the oil prices. On the MCX, crude oil prices dropped around by 0.3% and were hovering at Rs. 3654/bbl till 3.45pm IST.

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Commodity MCX- Metal, Commodity NCDEX Updates - 14'Oct

MCX Metal Trend

Spot gold prices gained around 0.5% today, but the yellow metal prices were off its record highs in the afternoon trade. Spot gold prices touched a new record high of $1387.15/oz in the morning today, but later pared gains on the back of profit booking at the higher levels. On the MCX platform, gold prices touched the much awaited Rs 20,000 mark in the early trade, but wiped out major intra day gains. At 4.00 pm IST, the December gold contract on the MCX was trading at Rs 19,198 per 10 gms. Moreover, gold prices on the MCX also faced pressure from the appreciating Rupee. Spot Rupee gained slightly less than 1% in today’s trading and was trading at 44.14 at 4.00 pm IST.

Copper prices gained around 0.3% on the LME and were trading at $8426/tonne till 4.00 pm IST today. The red metal prices touched an intra-day high of $8,470/tonne on LME today. The red metal prices extended gains in the international markets today taking cues from the weakness in the DX However, on the MCX, red metal prices declined merely by 0.1% to close at Rs.374.30/kg till 4.00 pm IST today. Sharp appreciation in the Rupee capped gains in copper

prices on the Indian bourses today. Copper inventories on the LME increased by 225 tonnes to reach 371,500 tonnes today.

Crude oil prices gained marginally by 0.2% on the Nymex today and were trading around $83.37/bbl till 4.00 pm IST. OPEC meeting is scheduled in Vienna today and the members are expected to keep production quotas unchanged at 24.84 million barrels per day. Moreover, the pension reform strike in France has become even more serious as entering in its 18th day, adding on to the supply concerns. The IEA has forecasted the global oil consumption to reach 86.9

million barrels a day in 2010 and 88.2 million barrels a day in. On the MCX platform, crude oil prices dropped slightly by 0.1% and were hovering at Rs.

3686/bbl till 4.00pm IST. Appreciation of the INR resisted gains in oil prices in the domestic markets today.

Turmeric

Profit booking at higher levels brought some corrections to Turmeric rates in the Futures market as overall trend is expected to remain firm in the mandis. Some export queries from mid-east Asian countries have been noted. Moderate domestic demand too has been there. Arrivals remained low. Good crop prospects from good rainfall activities in the growing areas have been there. Stockists reportedly held back their stocks in anticipation of a rising demand in coming days. Exports are also expected to rise and that could support the prices in the medium term. Short term trend would remain volatile as traders wait for corrections for buying opportunities.

Chana

According to the market sources, MSP of Chana which was set at Rs. 1760 per qtl in the last year may increase to Rs. 2100 per qtl. This will support the Chana prices as, no farmer will sell their produce below Rs. 2100 per qtl. Overall fundamentals are not supportive for the prices to rise in the medium term (November) as India is going to harvest record pulses crop in Kharif 2010. The acreage under pulses has expanded by a whopping 20 lakh hectares

from last year.

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Commodity tips for the day

MCX TIPS

GOLD (12-18 DAY )

BUY ABV 19600
TGT- 20300
SL 18760 

LEAD (10-14 DAYS )
Buy AT 103.80 – 104.60
TGT - 108/111/114
SL 101.20

Sell Natural Gas Now
Sl – 170
Tgt -156

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Commodity MCX- Metal, Commodity NCDEX Updates - 13'Oct

MCX Tetal Review

Gold prices are expected to trade with a positive bias today as well as in the medium term. Moreover, the large economies as well as the emerging economies of the world seem to engage in a currency war, trying to support their individual economies. This is decreasing the appeal of the paper currencies and hence investors would flock towards gold as the yellow metal is treated as the asset of the last resort.

Copper prices will trade with a positive bias today with immediate support for MCX November contract seen at Rs.371.50 Further below; crucial support is seen at 368.80 levels. Whereas resistance is seen at Rs. 376.30 levels & further  upwards at Rs. 379.00 levels.

Zinc prices will trade with a positive bias today with immediate support seen at Rs.104.20 level for MCX October contract whereas crucial support is seen at Rs.103.10 level. Short-term resistance is seen at Rs.106.30 whereas major

resistance is seen at Rs 107.50 levels.

NCDEX commodity trend

NCDEX turmeric gained further lead by fresh buying and short covering amid lower stocks and strong spot demand. NCDEX turmeric for the November delivery gained Rs 504 or 3.36 percent to the session high of Rs 15470 per 100 kg. The open interest declined 1.83 percent to 11,455 tonnes, indicating short covering and volume traded declined to 1,650 tonnes from 4,405 tonnes.

NCDEX Jeera for the November settlement touched the intraday high of Rs. 13222, up two percent from the last close. The open interest in the contract dipped 1.69 percent to 11,919 tonnes, indicating short covering ahead of the expiry. The volume traded surged to 5,532 tonnes from 3,537 tonnes traded on the previous day.

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Metal Tips

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Tgt  - 109
SL - 104

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TGT -107
SL - 99

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Tgt  -107
SL- 105

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Commodity MCX- Metal, Commodity NCDEX Updates - 12'Oct

Commodity NCDEX Updates

India Soya Oil ended the day lower on weak global cues. Benchmark CPO futures December contract on BMD ended the day lower by MYR 25 at MYR 2900 per tonne. The contract traded in the range of MYR 2925-Rs2878 per tonne. E-CBOT Soya Oil December contract currently trades at 46.90, up 0.20 cents per pound.

NCDEX Refined Soya Oil for the November delivery traded in the range of Rs 523-516.50 per 10 kg and ended the day lower by Rs 4.90 or 0.94 percent over the last close. The open interest in the contract added 4.18 percent to 1,40,070 tonnes from 1,46,180 tonnes, indicating short covering. Volume traded dipped to 87,410 tonnes from 2,06,300 tonnes. 

Commodity MCX -Metal Updates

Spot gold prices came under pressure in the Asian trade today, and the yellow metal prices were hovering around $1344/oz till 3.45 pm IST, slightly above its

intra-day low of $1243/oz. Around the same time, the December gold contract on the MCX platform was trading slightly at Rs 19,655, declining around 0.1%.

Spot gold prices lost more than 0.7% in the afternoon trade today, but losses on the MCX were cushioned on the back of Rupee depreciation. Spot Rupee declined more than 0.5% against the dollar today and was trading at 44.69 at 3.45 pm IST.

Copper prices slipped by 1% on the LME and were trading at $8232/tonne till 4.00 pm IST today. The red metal prices touched an intra-day low of $8,165/tonne in today’s session. Copper prices declined today after the Chinese officials indicated another rise in reserve requirement ratio of six large banks to curb inflation. On the MCX, red metal prices declined by 0.5% and were trading at Rs 369.50/kg till 4.00 pm IST today. Copper inventories on the LME decreased by 725 tonnes to reach at 371,750 tonnes today.

Crude oil prices declined by 0.8% on the Nymex today and were trading around $81.34/bbl till 4.00 pm IST. Crude oil prices witnessed declines due to strengthening in the DX which pulled down the oil prices today. Moreover,  negative sentiments in the global financial markets also exerted pressure on the

crude oil prices. However, the pension reform strike in the Marseille port in France has become a serious issue for the France government and has entered

its 16th day of objection. Disruption of oil production in refineries, blockage of oil ships and tankers had increased the supply concerns which could support the crude oil prices in the further coming sessions.

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Commodity MCX, NCDEX Updates - 11'Oct

Copper Review 

Consumption of copper products, widely used in construction, power and automotive industries, rose about 20 percent in the first six months of this year in Europe after a 25-30 percent drop in crisis-hit 2009. With expected growth of 18-20 percent this year and 5-7 percent in 2011, Europe’s copper product demand will still lag behind pre-crisis levels. Typically, copper tends to correct after resumption of trade in China after a long holiday. So prices might face a correction in the next week when China market will re-open after national

holiday. Dollar/copper co-relation is subject to benefit the metals. But at the same time, it would trigger new concern of economic slowdown and that might also prompt traders to sell assets across the board. The U.S. Dollar Index, a six-currency gauge of the greenback’s strength, fell to the lowest level since January as it headed for a fourth weekly loss. In Chile, the world’s largest producer of copper, workers at Anglo American Plc and Xstrata Plc’s Collahuasi mine rejected a wage offer and will enter talks over new contracts ahead of an Oct. 31 deadline.

Crude oil 

Prices accelerated last week as strong manufacturing data from China and the weak dollar kept oil lifted. The U.S.National Hurricane Center said last week that the area of disturbed weather associated with two tropical waves in the Atlantic Ocean still had a 40% chance of strengthening into a depression. The International Energy Agency said it sees upward pressure on oil prices in the second half of 2011 due to a projected decline in oil stockpiles. Crude oil maintained its upside move, also supported by a strike at France’s top oil port and disruptions to Houston petrochemical shipping, while a dollar bounce and Wall Street weakness kept gains in check. The encouraging Chinese GDP forecast, a French port strike and a shut down in Houston Ship Channel have further supported the rally. The dollar slipped on Bank of Japan announcement of rate cut, which also supported the prices. We expect the prices to be range bound in the coming week as mixed economic data coming out globally.

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Zinc 

Futures moved higher sharply in the early trading sessions of the last week as the metal is trading strong on LME counter due to non-availability of Chinese players but heavy selling pressure seen in the second half of the week as traders took some profits at higher levels. Global zinc demand in 2011 is likely to grow by 1 million tonnes from an estimated 11 million tonnes for 2010, said a senior official with the International Zinc Association. Demand may further expand to 13 million tonnes in the year 2012, with growth mainly from emerging markets. Global demand for hot-dipped galvanised sheet, the major consumer of the zinc metal, will grow 15 percent a year in coming years, mainly from the auto sector. Strong global zinc prices threaten to keep the market in surplus for longer as producers see no reason to cut output even as stocks rise. The surplus is likely to grow by 250,000 to 300,000 tonnes a quarter but at some point zinc prices will react to the market’s worsening fundamentals. Zinc prices at the end of September were still almost 15 percent below, the levels at the end of 2009. Zinc smelting capacity in China will grow by 400,000 tonnes per year over the next five years, from more than 6 million tonnes per year now. China’s zinc output this year may grow 15 percent to 5 million tones.

Commodity News

Crude oil slipped in the electronic trading today, giving up after a break under $83 per barrel levels in the afternoon trades pulled the commodity lower amid mostly steady to bullish cues from the world equities. The prices moved in a very tight range today after a bounce back post non-farm payrolls on Friday. Asian markets mostly ended higher as the strength in the Chinese stocks and a continue wave of risk appetite as a surprisingly weak US jobs report on Friday strengthened the case for more monetary stimulus from the Federal Reserve. The Dow Jones Industrial Average closed above the 11,000 mark for the first time in five months on Friday and supported the upward bias for the Asian equities. However, the Japanese markets were closed and the movements were mostly thin in the first session of the week.

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Commodity MCX Metal, NCDEX Review Daily Basis

MCX Metal Trend

Gold

Spot gold prices declined sharply by 0.5% and are hovering around Rs 1326.90/oz till 4.00 pm IST today. The yellow metal prices declined for a second Consecutive day after touching a record high of $1264/oz in yesterday’s session. Gold prices witnessed declines mainly on the back of strength in the US Dollar Index (DX) today. The DX appreciated by 0.2% against a basket of currencies today after falling sharply in the previous few sessions. On the MCX platform, gold prices declined around 0.6%, touching an intra-day low of Rs.19, 320 till 4.00 pm IST.

Copper

Copper prices were trading on a flat note on the LME and were trading at $8103/tonne till 4.00 pm IST today. The red metal prices declined mainly on the

back of strength in the DX which resisted rise in the copper prices today. Copper prices gained merely 0.1% on the MCX, touching an intra-day high of Rs.363.10 around the same time. Copper inventories on the LME declined by 1450 tonnes to reach at 372,000 tonnes today. Cancelled warrants increased by 3100 tonnes yesterday.

Crude Oil

Crude oil prices declined by 1% on the Nymex today and were trading around $80.55/bbl till 4.00pm IST. Strength in the DX acted as a negative factor for the oil prices today, due to which crude oil prices came under pressure. However, strike in the Marseille, largest oil port in France which had disturbed the oil production could support the crude oil prices to gain in the evening sessions. On the MCX platform, crude oil prices declined sharply by 1.2% and were hovering at Rs. 3595/bbl till 4.00pm IST.

NCDEX Review

NCDEX Jeera prices declined further on profit selling amid weak export demand and spillover weakness from the Black pepper futures. Jeera for the November delivery tumbled further by Rs 335 or 2.53 percent to the session low of Rs 12873 per 100 kg. The contract ended the day lower by Rs 258 or 1.95 percent at Rs 12950 per 100 kg. The open interest added 0.98 percent to 12,495 tonnes from 12,372 tonnes, indicating profit taking. Volume traded declined to 1,257 tonnes from 5,523 tonnes.

Fresh arrivals in Haryana and Rajasthan coupled with strong production estimates of the current year have maintained the bearish sentiments in guarseed market in todays trading. As per market sources, fresh arrivals of around 400-800 bags were reported in Sriganganagar mandi with the price range of Rs1780-1800 per quintal. Traders are expecting arrivals will gain momentum in the coming days. The NCDEX October contract plummeted by almost Rs7 per quintal in todays trading and were quoting at Rs1964 per quintal.

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Commodity MCX -Gold, NCDEX Review

Commodity Metal

Gold continues to climb. Indications that the Bank of Japan will join the Fed in additional quantitative easing have set the metal alight. Our bullish view on gold into 2011 remains but after the performance since last week combined with what we see in the physical market dampens our short term optimism. Gold support is at $1 320 and $1 302. Spot gold prices rallied yet again today, maintaining their northwards journey. The yellow metal prices breached the $1350/oz mark and were trading at $1357/oz till 3.45 pm IST. Spot gold prices touched a new record high of $1364/oz in the Asian trade today. The US Dollar Index (DX) continued to deteriorate against a basket of six currencies and was trading at 77.19 in the afternoon trade today. The DX – a gauge against a basket of currencies touched a fresh eight month low of 77.06 today. This factor supported gold prices as the yellow metal has the tendency of trading inversely to the greenback. Moreover, financial markets were also trading on a mixed note today which further boosted gold prices.


MCX Copper futures moved in a tight range today though a moderately weak undertone in world equities ensured that the metal does not extend its latest winning spree. Asian stocks ended mostly lower today as investors took a wait and watch approach ahead of the key economic reports from the world's advanced economies and some profit booking took place in select indices.

Commodity NCDEX Trend

Jeera
In long term (December onwards), Jeera prices will depend on the demand from the overseas and domestic buyers and sowing progress in the major jeera growing areas particularly Rajasthan and Gujarat. Spread between October and November contract is at Rs.115 as compared to Rs.108 the previous day.

Soya Oil
NCDEX October refined soy oil futures closed higher on account of improved demand ahead of festivals. Firm overseas market due to strong demand of edible oil in the world and higher prices of crude oil also added bullish market sentiments on biodiesel concern. Spread between NCDEX and MCX October contract is Rs 0.20 against previous day of Rs -0.15 per 10 Kg. CBOT December soy oil futures ended lower at $ 43.78 cents/pounds on Wednesday, down 0.04 cents/pounds as compared to previous close.

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MCX Gold & NCDEX TREND

MCX Metal

Gold prices have been trading positively since making an important low of Rs. 17505 in the month of August 2010.Since then, prices have witnessed a sharp rally, rising by almost 11.40 % to currently trade between 19400 –19500 levels. On the above weekly charts, Gold prices are closing above its 10-day, 50-day and 100-Day Exponential Moving Average (EMA).As per the above charts, Channel shows short term bullishness in the market, initial support is likely to find at 19300 and major support is at 18500 level as depicted by the above lower channel line, whereas initial resistance is at20000 and major resistance is at 21150 level . Prices are likely to move up as per the breakout confirmation .

NCDEX

NCDEX Jeera prices declined on short selling amid weak export demand and spillover weakness from the Black pepper futures. The export demand for Indian Jeera is weak currently. Domestic stocks are lower and prices of Syria and Turkey quoted at higher rates.
NCDEX Jeera for the November delivery slumped Rs 183 or 1.36 percent to the session low of Rs 13271 per 100 kg and the counter is currently trading at Rs 13335 level. The open interest in the contract added two percent to 12,657 tonnes from 12,405 tonnes, indicating short selling. Volume traded as of now stood at 4,509 tonnes.


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Commodity MCX, Commodity NCDEX Updates - 05'Oct

NCDEX Review

Guar

Guar futures in the intraday may witness sideways movement. In the short term, Guar prices may remain firm as the pace of fresh arrivals is very slow. However, prices may decline thereafter on expectations of better output in the coming season. In the medium (November onwards) prices will depend on the pace of arrivals of early sown Guar crop and stocks of Guar with the stockists.

Chana

In the short term, Chana prices may trade firm on expectations of better demand ahead of festive seasons. However, November onwards, Chana futures are expected to remain under pressure on the reports of higher sowing acreage under Kharif Pulses. In the long term (December onwards) Chana prices may take cues from the prices of other pulses and sowing progress of Chana in the major growing areas.

Jeera

Jeera prices in the intraday will trade sideways with no clear fundamentals to drive the prices. In the short term (till October), trend will depend on jeera price parity of various origins in international market. In the medium to long term (November onwards) prices are likely to take cues from stocks with major producing nation such as India, Syria and Turkey.

MCX -METAL Review

Gold

Gold prices on the MCX will be further supported as the Indian Rupee has started to depreciate. Currently, the domestic currency is trading at 44.69 (11.30 pm IST). MCX December Gold has support at 19180/19120 whereas resistance is seen at 19290/19330. MCX December Silver shall find support at 32940/32755 whereas resistance is seen at 33275/33425 levels.

Crude Oil

Crude oil prices will take cues from the inventory data to be released by the American Petroleum Institute (API) later in the evening today. Markets are anticipating inventories to increase by 600,000 barrels. Moreover, strength in the DX will also cap gains in crude oil prices. However, the ongoing strike in France may cushion crude oil prices. Support for NYMEX November Crude Oil is seen at

$80.60/$79.85 levels & resistance at $82.20/$83.00 levels. Natural Gas MCX October contract has major support at Rs. 163.30 & resistance at Rs 173.00 levels.

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