10/13/2010 05:30:00 PM
Your Advisor
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.
