Commodity NCDEX Trend
NCDEX Commodity Trend
Copper Falls in London on Concern That China’s Demand May SlowCopper fell for a second day in London on speculation that demand in China, the world’s biggest metals user, may slow after prices surged to a record and stockpiles expanded.
Bharat Forge China Venture to Post First Annual Profit (Update2)Bharat Forge Ltd., India’s biggest automotive forgings maker, expects its China venture to post an annual profit for the first time since it began four years ago.Reliance Said to Shut Two Gas Wells, Cutting Output (Update1)Reliance Industries Ltd., India’s biggest company by market value, shut two natural gas wells last week, cutting output by about 4 million cubic meters a day, two people with direct knowledge of the matter said.
Ivory Coast Cocoa Smuggled Into Ghana as Crisis Hampers Industry
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Commodity NCDEX Trend
By Copper At- 427.05
Tgt - 428.15,429.85
Sl - 424.50
Spot gold prices gained more than 0.5 percent on Monday, closing at $1384.09/oz at the end of the session. The yellow metal prices gained mainly on the back of uncertainty in the Korean peninsula and ongoing concerns of a debt-crisis in the Euro zone.
In the futures market, the February gold contract on the MCX platform gained around 0.6 percent and closed at `20602/10 gm after touching an intra-day high of `20640/10 gm. Gold prices in the Indian markets have gained more than 20 percent on a year-to-date basis on the back of rising investment demand. According to World Gold Council (WGC), demand in India, which still remains the largest consumer of gold in the world, stood at 21 percent of the total global demand this year.
Silver futures gained more than 0.5 percent on the Comex on Monday (December contract), closing at $29.21/oz. The white metal prices have gained a stunning 60 percent y-o-y, following rise in industrial activities. Apart from an investment demand, silver is also widely used in industrial activities.
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Sell silver 44970 sl 45200 tgt 44200 -43900 -43300
Buy crude jan only when it comes 3850 -3900 sl 3740 for tgt 4180 -4300 -4500
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Spot Gold prices were trading on flat note in the Asian trade today as the dollar rebounded after a sharp decline in the last week. The US Dollar Index (DX) – which measures its performance against a basket of six currencies gained around 0.8% till 4.30 pm IST. This factor capped gains in gold prices today. Spot
gold prices in the international markets were hovering around 1392 /oz at 4.15 pm IST. The equity markets traded on a mixed note today. The Asian equity indices gained but the domestic indices ended in the red. The European indices were also trading in the red at 4.30 pm IST.
Strength in the US dollar coupled with mixed sentiments in the global financial markets capped gains in copper prices on the LME today. However, sharp declines were cushioned on account of ongoing strike at Collahuasi mine; which is the world’s third largest copper mine. The red metal prices were trading
on a flat note and were hovering above $8735/tonne on the LME at 4.00 pm IST. On the MCX, stronger Indian Rupee further exerted pressure on copper prices on the MCX. At 4.00 pm IST, the February copper futures on the MCX was trading at `398/kg, down by 0.5%.
After hitting a fresh two‐year high of $89.76/bbl on the Nymex today, crude oil prices were trading on a flat note at 4.00 pm IST today. Strength in the US dollar and choppy sentiments in the global equity markets capped further gains in prices today. Crude oil prices were trading at $89.15/bbl at 4.00 pm IST. Oil
prices witnessed declines of more than 0.5% on the MCX today and were trading at `4012/bbl till 4.00 pm IST. Appreciation of the Indian Rupee exerted further pressure on the Indian exchanges.
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NCDEX Commodity ReviewChana News
Chana prices on daily charts closed above its 10-days and
its 20-days EMA, indicating bullish market sentiments.
- 14-days RSI is at 65.5 and is in neutral region.
- MACD is in the positive territory
Delay in sowing due to unseasonal rains and resowing in some growing areas may support Chana prices to remain firm in the coming weeks. However, in the short to medium term (one month), Prices may gains may be capped due to rising arrivals of Kharif pulses. Long term trend in Chana futures may depend on the reports sowing of Rabi Pulses which is presently expected to be higher due to increase in MSP of Pulse. Also, weather during the crop development period may be crucial for the deciding the further trend of Chana futures.
Prices closed above its 10-Day and its 20-Day EMA
indicating bullish trend.
• The 14-Day RSI is at 63.6 and is in neutral region.
• MACD is however, in the negative territory.
Pepper prices in the intraday are expected to trade firm due to expected demand from the overseas and domestic buyers. In the short term (till mid of December), Pepper prices will depend on global Black pepper availability and demand from the overseas and domestic market. In the medium to long term (December end onwards), price trend will depend on demand from the overseas and domestic market, pepper stocks with major producers and Black pepper production estimates of in India and Vietnam of 2011.
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