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Commodity MCX, NCDEX Updates

NCDEX Review
• Guar prices closed above its 10-Day EMA and at its 20- Day EMA indicating a bullish trend.
• 14-days RSI is at 55.10 and is in neutral region.
• MACD is in the negative territory.
Guar futures may start to recover gradually in the present week as arrivals have eased across the major markets. In the medium term trend would depend on final crop estimates of Guar by the state farm department and the demand from the overseas markets. Movement of Indian Rupee against US dollar and the trend in crude oil prices would also influence Guar futures in the long run.

• Chana prices on daily charts closed above its 10-days and its 20-days EMA, indicating bullish market sentiments.
• 14-days RSI is at 55.3 and is in neutral region.
• MACD is in the positive territory.
Chana prices may trade range bound due to dull demand from the domestic buyers. In the short to medium term (1-2 week), Price gains may be capped on positive reports of sowing and 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 54.8 and is in neutral zone.
• MACD is in the positive territory.
Jeera prices in the intraday will trade sideways to firm due improved buying by the market participants. In the short
term (till mid of January), trend will depend on jeera price parity of various origins in international market and
stocks of jeera with local stockists. In the medium to long term (January end onwards) prices are likely to take cues
from demand from the overseas and domestic buyers and production estimates in India.

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Spot gold prices edged slightly lower on Monday, as the dollar gained against the other major currencies, capping gains in the yellow metal prices. Spot gold prices closed at $1413.80/oz on Monday, down 0.4 percent.

After a spectacular rally in 2010, wherein gold prices gained more than 25 percent, the yellow metal prices started the year on a weaker note. The wedding season in India is also coming to an end, reducing demand for jewellery. India is the largest consumer of gold in the world but has to import a major chunk of the yellow metal from overseas markets.

In the futures market, the January gold contract on the Comex division of the New York Mercantile Exchange closed at $1422.60/oz, slightly up by 0.1
percent. On the MCX, the near-month February contract for delivery closed at `20788/10 gm, up 0.2 percent.

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Commodity MCX Updates

Spot gold prices came under pressure mainly due to strength in the US dollar today. The yellow metal prices touched an intra-day low of $1413.79/oz and were trading at $ 1417.41/oz till 4.00 pm IST today. However, on the MCX, gold prices were up by almost 0.3 percent, as depreciation of the Rupee supported prices on the Indian markets today.

Spot Silver prices were trading lower by 0.3 percent and hit an intra- day low of $30.63/oz till 4.00 pm IST today. The white metal prices declined mainly on account of strength in the US dollar. Due to depreciation of the Indian Rupee silver prices gained around 0.5 percent on the MCX and were hovering around `46472/kg till 4.00 pm IST today.

Economic data to be released from the US today are - ISM manufacturing PMI, construction spending and ISM manufacturing prices. We expect metal prices to trade with a positive note mainly taking cues from rising copper prices. Copper prices are expected to trade higher mainly due to its positive forecast of increase in demand for the next year from China, the world’s largest metal consumer. Crude oil prices are expected to trade with a positive bias today mainly taking cues from hopes of increasing demand for the crude oil from the colder regions for the heating purpose. But sharp gains will be capped due to strength in the US dollar today. We expect gold and silver prices to trade higher today as economic uncertainties continues as we step into 2011. But sharp gains in prices will be restricted on account of dollar strength.

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Commodity MCX NCDEX Updates

MCX Updates

Spot gold prices came under pressure mainly of back of better-than- expected economic data released from the US yesterday. The yellow metal prices declined almost 0.5 percent on the international markets, to close at $1404.05/oz on Thursday. Before closing for the day, gold prices touched an intra-day low of $1402.15/oz yesterday. On the MCX, the yellow metal prices were down by 0.3 percent, to close at `20713/10 gms on Thursday.

Spot Silver prices hit an all-time high of $30.88/oz on Thursday. But due to positive economic data from the US released yesterday exerted, prices came under pressure as hopes of economic recovery reduced demand for precious metals as safe-haven assets. This led silver prices decline around 0.4 percent at the end of the trading session yesterday. On the MCX, the white metal prices were down by 0.2 percent and closed at `45920/kg on Thursday.

Crude oil prices declined mainly on the back of prediction of warmer US weather by end of the week, thus curbing demand for crude oil in the world’s largest heating oil market. US crude oil inventories declined much less-than-expected which also acted as a negative factor for oil prices yesterday. Prices declined around 1.4 percent and touched an intra-day low of $89.02/bbl on Thursday. On the MCX, oil prices declined more than 2 percent and closed at `4034/bbl yesterday. Appreciation of the Indian Rupee exerted pressure on the oil prices to decline on the domestic bourses on Thursday. We expect crude oil prices to trade with a negative bias today mainly taking cues from expectation of a warmer weather in the US by the end of this week, thus hurting prospects of rise in heating oil demand. But shapr down


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NCDEX Updates

• Guar prices closed below its 10-Day EMA and at its 20- Day EMA indicating bearish trend.
• 14-days RSI is at 46.9 and is in neutral region.
• MACD is in the negative territory.
In the Intraday Guar prices are expected to remain sideways with negative bias. In the short term (1-2 week), prices may be determined by the arrivals in the domestic market. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.

• Chana prices on daily charts closed below its 10-days and its 20-days EMA, indicating bearish market sentiments.
• 14-days RSI is at 48.9 and is in neutral region.
• MACD is in the negative territory.
Chana prices may remain weak in the intraday due to increase sowing of Rabi Pulses. In the short to medium term (one month), Price gains may be capped on positive reports of sowing and 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 52.6 and is in neutral zone.
• MACD is however, in the negative territory.
Jeera prices in the intraday will trade sideways due dull trades at the domestic market. In the short term (till mid of January), trend will depend on jeera price parity of various origins in international market and stocks of jeera with local stockists. In the medium to long term (January end onwards) prices are likely to take cues from demand from the overseas and domestic buyers and production estimates in India.

Daily Commodity Updates

Commodity NCDEX Trend

Guar Updates
• Guar prices closed below its 10-Day EMA and at its 20- Day EMA indicating bearish trend.
• 14-days RSI is at 45.7 and is in neutral region.
• MACD is in the negative territory.
In the Intraday Guar prices are expected to remain sideways with negative bias. In the short term (1-2 week), prices may be determined by the arrivals in the domestic market. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.

Chana Review
• Chana prices on daily charts closed below its 10-days and its 20-days EMA, indicating bearish market sentiments.
• 14-days RSI is at 47.2 and is in neutral region.
• MACD is in the negative territory.
Chana prices may remain weak in the intraday due to increase sowing of Rabi Pulses. In the short to medium term (one month), Price gains may be capped on positive reports of sowing and 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.

Turmeric Trend
• Prices closed above its 10-Day’s and its 20-Day’s EMA indicating bullish trend.
• 14-Day RSI is at 73.2 and is in overbought zone.
Turmeric prices in the intraday are expected to trade sideways due to lower arrivals and offtakes. Any revival in fresh orders may support prices to strengthen. Prices in short term (till mid of January), will depend on demand from the domestic and overseas buyers and growth of sown crop. In medium to long term (January end onwards), prices is likely to take cues from the turmeric stocks and production estimates reported by the spot market participants.

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MCX COMMODITY Trend

Gold prices gained sharply by 1.6 percent in Tuesday’s trading session and touched an intra-day high of $1406.75/oz. Prices took cues from weakness in the dollar after consumer confidence in the US showed a decline and as house prices also slipped. Concerns over economic growth in the US led to increased demand for gold as a safe-haven. Even otherwise, concerns with regard to Euro Zone economic growth persist and remains a bullish factor for gold in the short-term.

Silver prices on the other hand rose a whopping 3.5% on Tuesday and moved toward a 30-year record. Spot silver prices touched a high of $30.27/oz yesterday and prices on the MCX tested levels above Rs45600. The white metal has been the best commodity during 2010 as silver has gained 73% on a year-to-date basis. Safe-haven demand coupled with increased demand for silver as an industrial metal has been supportive to prices. We expect gold and silver prices to continue to trade higher in today’s trading session as the economic scenario in the US remains grim, leading to rise in demand for precious metals as a safe-haven. Weakness in the dollar will additionally support bullion prices in the international markets, making them look attractive for holders of other currencies.

Weakness in the US dollar has helped crude oil prices to trade higher, which touched an intra-day high of 91.67 on Tuesday. Demand for heating oil from colder regions also led prices to rise yesterday. Crude oil inventories have declined the most in 30 years this month as refiners want to avoid year-end tax liabilities. Supplies in the states along Gulf of Mexico have slumped 9.2% during this month to 167.3 million barrels. It has been seen that refiners usually tend to avoid the year-end liabilities due to which supplies in the Gulf Coast generally witness a decline in December, followed by a rise in January. Hence, this drawdown in oil inventories may just be for the time-being and prices may take a hit if the rise in inventories resume.


Commodity MCX , NCDEX Daily Updates

Commodity Updates
Spot gold prices gained almost 1 percent and were hovering around $1393.90/oz till 4.30 pm today. Weakness in the DX coupled with mixed sentiments in the global equity markets supported the yellow metal prices to rise today. On the MCX, yellow metal prices gained around 0.6 percent and were trading at ` 20612/10 gms around the same time.

Guar prices closed above its 10-Day EMA and at its 20-
Day EMA indicating bullish trend.
• 14-days RSI is at 44 and is in neutral region.
• MACD is in the negative territory.
In the intraday Guar prices are expected to trade firm due to improved buying by the market participants. However, in the short term (1-2 week), prices may be determined by the arrivals in the domestic market. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.

Chana prices on daily charts closed below its 10-days and
its 20-days EMA, indicating bearish market sentiments.
• 14-days RSI is at 49.34 and is in neutral region.
• MACD is in the negative territory.
In the intraday prices may trade with positive bias due to demand from the local stockists. In the short to medium term (one month), Price gains may be capped on positive reports of sowing and 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’s and its 20-Day’s EMA  indicating bullish trend.
• 14-Day RSI is at 76.3 and is in overbought zone.
Turmeric prices in the intraday are expected to trade firm due to lower arrivals amidst better offtakes. Prices in short term (till mid of January), will depend on demand from the domestic and overseas buyers and growth of sown crop. In medium to long term (January end onwards), prices is likely to take cues from the turmeric stocks and production estimates reported by the spot market participants.

NCDEX Commodity Review

Commodity Trend
Guar prices closed below its 10-Day EMA and its 20-Day
EMA indicating bearish trend.
• 14-days RSI is at 44 and is in neutral region.
• MACD is in the negative territory.
In the intraday Guar prices are expected to trade bearish due to improved arrivals and weak demand for guar and its products. However, in the short term (1-2 week), prices may be determined by the arrivals in the domestic market. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.

Chana prices on daily charts closed above its 10-days and
its 20-days EMA, indicating bullish market sentiments.
• 14-days RSI is at 46.2 and is in neutral region.
• MACD is in the negative territory.
In the intraday prices may trade with positive bias due to demand from the local stockists. In the short to medium term (one month), Price 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’s and its 20-Day’s EMA indicating bullish trend.
• 14-Day RSI is at 73.5 and is in overbought zone.
Turmeric prices in the intraday are expected to trade firm due to lower arrivals amidst better offtakes. Prices in short
term (till mid of January), will depend on demand from the domestic and overseas buyers and growth of sown crop. In
medium to long term (January end onwards), prices is likely to take cues from the turmeric stocks and production
estimates reported by the spot market participants.

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Commodity NCDEX Updates

NCDEX Commodity Trend

Guar prices closed below its 10-Day EMA and its 20-Day
EMA indicating bearish trend.
• 14-days RSI is at 47.8 and is in neutral region.
• MACD is in the negative territory.
In the intraday Guar prices are expected to trade bearish due to improved arrivals and weak demand for guar and its products. However, in the short term (1-2 week), prices may be determined by the arrivals in the domestic market. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.

Chana prices on daily charts closed above its 10-days and
its 20-days EMA, indicating bullish market sentiments.
• 14-days RSI is at 52.7 and is in neutral region.
• MACD is in the negative territory.
In the intraday prices may trade with positive bias due to demand from the local stockists. In the short to medium term (one month), Price 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 below its 10-Day and its 20-Day EMA indicating
bearish trend.
• The 14-Day RSI is at 42.7 and is in neutral zone.
• MACD is in the negative territory.
Jeera prices in the intraday will trade bearish due selling by the market participants. In the short term (till December), trend will depend on jeera price parity of various origins in international market and stocks of jeera with local stockists. In the medium to long term (January onwards) prices are likely to take cues from sowing progress in India and demand from the overseas and domestic buyers.

Prices closed above its 10 day and above its 20 day EMA,
which indicates bullish market sentiments.
• 14-Day RSI is at 59.84, which neutral zone.
• However, daily MACD is in negative territory.
In the Intraday, Soy oil prices are expected to trade slightly higher on firm overseas market as tight supply concern
and improved demand in physical market ahead of winter/marriage season demand. For long term, price are
expected to move northwards as global shortage of vegetable oil couple with strong demand of edible oils in coming
days.

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MCX Commodity Trend

Commodity MCX 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.

COMMODITY EXCLUSIVES:

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 Review

Commodity NCDEX Trend

Guar prices closed above its 10-Day EMA and its 20-Day
EMA indicating bullish trend.
• 14-days RSI is at 53.2 and is in neutral region.
• MACD is in the negative territory.
In the intraday Guar prices are expected to trade on a positive note due to fresh orders from the overseas and domestic buyers. However in the short term (1-2 week), prices may be determined by the arrivals in the domestic market. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.

Chana prices on daily charts closed above its 10-days and
its 20-days EMA, indicating bullish market sentiments.
• 14-days RSI is at 52 and is in neutral region.
• MACD is in the negative territory.
In the intraday prices may trade with positive bias due to demand from the local stockists. In the short to medium term (one month), Price 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’s and its 20-Day’s EMA
indicating bullish trend.
• 14-Day RSI is at 74.3 and is in overbought zone.
• Difference between near month and far month is expected
to reduce.
Turmeric prices in the intraday are expected to trade firm due to lower arrivals amidst better offtakes. Prices in short term (till December), will depend on demand from the domestic and overseas buyers and growth of sown crop. In medium to long term (January onwards), prices is likely to take cues from the turmeric stocks and production estimates reported by the spot market participants.

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By Copper At- 427.05
Tgt - 428.15,429.85
Sl - 424.50

MCX Trend
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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MCX Tips

MCX TIPS

Buy Copper At- 421.80
Tgt  - 424.50, 426.50
SL - 419.20


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NCDEx Commodity Updates

Multi Commodity Exchange (MCX) today said it will develop commodity derivatives markets along with Taiwan's Futures Exchange (TAIFEX) in both the countries through sharing of information, technology and other areas of mutual interest. MCX offers commodity futures contracts in bullion, base metals, energy, agricultural and other commodities whereas TAIFEX offers both equity and commodity derivatives products.

Steel long January contract opened at Rs 25930 this morning on NCDEX. Prices moved down to 25760 during trading session. Steel has remained direction less these days due to lack of fresh fundamentals. 14 days RSI is at 66 and it is moving sideways.

Jeera prices at Unjha spot market were steady during morning session today. On NCDEX, January future price gain by Rs 148 per quintal on short covering as well as bottom buying.Jeera futures traded with low volume today due to lack of pure buying sentiments. Chartists are expecting Jeera prices to sustain at current levels.

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NCDEX Commodity Review

Commodity NCDEX Trend For the Day

uar prices closed at its 10-Day EMA but above its 20-Day
EMA indicating sideways trend.
• 14-days RSI is at 52.7 and is in neutral region.
• MACD is in the negative territory.
In the intraday Guar prices are expected to trade on a positive note due to fresh orders from the overseas and domestic buyers. However in the short term (1-2 week), prices may be determined by the arrivals in the domestic market. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.

Chana prices on daily charts closed below its 10-days and
its 20-days EMA, indicating bearish market sentiments.
• 14-days RSI is at 54.6 and is in neutral region.
• MACD is in the negative territory.
In the intraday prices may trade with negative bias due to dull demand from the local stockists. In the short to medium
term (one month), Price 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’s and its 20-Day’s EMA
Indicating bullish trend.
• 14-Day RSI is at 69.4 and is in neutral zone.
• Difference between near month and far month is expected to reduce.
Turmeric prices in the intraday are expected to trade sideways to up due to improved buying at lower levels. Prices in short term (till December), will depend on demand from the domestic and overseas buyers and growth of sown crop. In medium to long term (January onwards), prices is likely to take cues from the turmeric stocks and production estimates reported by the spot market participants.

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Commodity MCX , NCDEX Daily Updates

Commodity Review for The Day

Copper climbed in London, headed for a third straight weekly gain, as European Union leaders agreed on a plan to contain future debt shocks and German business confidence unexpectedly rose.The euro gained against the dollar for a second day after EU leaders agreed to amend the bloc’s treaties to create a permanent crisis-management mechanism in 2013 and the European Central Bank armed itself with more capital. German business confidence gained to a record in December as stronger domestic demand helped bolster the recovery in Europe’s largest economy. The index of U.S. leading economic indicators probably increased in November, economists said before a report today.

India gold buying slowed on Friday as banks, the primary dealers of bullion, were shut for a public holiday, and dealers said trading would remain thin as wedding season comes to an end.Gold on the Multi Commodity Exchange (MCX) was trading 0.03 percent at 20,479 rupees per 10 grams, falling from a high of 20,510 rupees. Prices are still down 2 percent from the all-time high of 20,924 rupees struck on Dec. 7.

Jeera futures traded 1.38 per cent higher at Rs 13,710 per quintal today, as speculators created huge positions, supported by lack of supplies and dwindling stocks in physical markets.However, pick up in sowing and weak exports limited the upside.At the National Commodity and Derivatives Exchange counter, jeera for December delivery gained Rs 187, or 1.38 per cent to Rs 13,710 per quintal, with an open interest of 1,995 lots.Similarly, the spice for delivery in January contract moved up by Rs 175, or 1.26 per cent to Rs 14,115 per quintal, with a business turnover of 13,260 lots.  .

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Commodity MCX Trend for The Day

Commodity Review

Weakness in the US dollar and mixed sentiments in the global equity markets made gold prices look attractive for investors. The yellow metal prices gained around 0.4 percent in the international markets and were hovering around $1384.35/oz at 4.00 pm IST. However, appreciation of the Indian Rupee exerted pressure on gold prices in the domestic markets today. Indian currency gained on the back of recovery in the domestic equities after the Reserve Bank of India left key interest rates unchanged; only decreasing the SLR to 24 percent from the previous of 25 percent. On the MCX, the yellow metal prices declined by around 0.3 percent, touching an intra-day low of `20550 around the same time today.

Crude oil prices came under pressure in the Asian trade today mainly on the back of increasing speculation that the colder climate in US may slack off, thus decreasing the demand for oil for heating purpose. Oil prices slipped more than 0.5 percent on the Nymex, touching an intra-day low of $88.05/bbl till 4.00 pm IST today. On the MCX, oil prices declined around 0.4 percent and were trading at `4006/bbl today.

Zinc was the exception today and the metal prices gained in the Asian trade mainly due to weakness in the US dollar and falling inventories of the metal on the LME warehouse today. Zinc inventories declined by 575 tonnes to 699,175 tonnes today. Prices gained almost 0.5 percent on the LME, touching an intra-day high of$2274/tonne on the exchange till 4.00 pm IST. But, on the MCX, zinc prices were trading on a flat note as sharp gains were capped due to appreciation in the Indian Rupee today.

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NCDEX Commodity Review

NCDEX Commodity Updates

Guar prices closed near its 10-Day EMA and its 20-Day EMA indicating a sideways trend.
• 14-days RSI is at 52.53 and is in neutral region.
• MACD is in the negative territory.

In the short term (1-2 week), Prices are expected to remain under pressure due to arrival pressure of fresh crop. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.

Chana prices on daily charts closed below its 10-days and
its 20-days EMA, indicating bearish market sentiments.
• 14-days RSI is at 49.92 and is in neutral region.
• MACD has moved into the negative territory.
Lacklustre trades at the domestic market and reports of improved acreage towards Chana are pressurizing the prices. In the intraday prices may continue to trade bearish tracking the above fundamentals. In the short to medium term (one month), Price 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 below its 10-Day and its 20-Day EMA indicating bearish trend.
• The 14-Day RSI is at 49.7 and is in neutral region.
• MACD is however, in the negative territory.
Pepper prices in the intraday are expected to trade sideways to up due to demand from the domestic buyers. In the short term (till December), Pepper prices will depend on global Black pepper availability and demand from the overseas and domestic market. In the medium to long term (January 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.

Prices closed above its 10-Day’s and its 20-Day’s EMA indicating bullish trend.
• 14-Day RSI is at 64.4 and is in neutral zone.
• Difference between near month and far month is expected
to reduce.
Turmeric prices in the intraday are expected to trade sideways to up due to improved buying at lower levels. Prices in short term (till mid of December), will depend on demand from the domestic and overseas buyers and growth of sown crop. In the long to medium term (December end onwards), prices is likely to take cues from the turmeric stocks and production estimates reported by the spot market participants.

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Commodity MCX , NCDEX Daily Updates

MCX Commodity Trend

MCX Crude oil futures were trapped in a thin range today as the Rs 4000 per barrel mark acted as a significant barrier. The commodity started mixed but piled up steady gains as the US dollar continued to drop given amid upbeat Euro zone economic data, firm risk appetite and strong demand in the near term.The dollar witnessed renewed selling pressure after the global rating agency Moody's reportedly said that the US tax package increases the likelihood of a negative US outlook.

Indian Refined Soya Oil futures came off from the intraday high on some profit taking lead by slump in the Malaysian CPO futures.NCDEX Refined Soya Oil gained during the early sessions on fresh buying amid firm global cues and lower imports and stocks in the first month of the new oil year.Crude palm oil futures on the Bursa Malaysia Derivatives hit 30-month highs Tuesday, but came off those levels to end lower due to expectations that export demand weakened in the first half of the month.

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Commodity Trend

MCX TIPS FOR TODAY

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



 

MCX TREND

Gold Review

Spot gold prices were trading on a positive note, gaining almost 1 percent in the Asian trade today. Weakness in the US dollar and mixed sentiments in the global equity markets made gold attractive as a safe haven investment for the investors today. On the MCX, the February gold contract gained around 0.4 percent around the same time. Sharp gains on the MCX were capped mainly on the back of Rupee appreciation. At 4.00 pm IST, Spot Rupee traded at 44.99 against the US dollar. The Rupee touched an intra-day high of 45.13
today.

Copper Review

Copper prices touched a fresh record high on the LME today, touching a high of $9262/tonne. The tight supply outlook and strong demand coupled with weakness in the US dollar led red metal prices to hit a new record high on the international markets today.

Crude Oil Review

Crude oil prices declined slightly by 0.1 percent on the Nymex today, touching an intra-day low of $88.13/bbl till 4.00 pm IST today. However, sharp decline was cushioned due to weakness in the US dollar today. The American Petroleum Institute (API) is expected to release its weekly inventory data later at midnight today. Markets are anticipating inventories to decline by 2.2 million barrels in the w/e 10th December.

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Daily MCX Commodity Updates

MCX Commodity Tips

Crude oil prices gained almost 1 percent on the Nymex, touching an intra-day high of $88.98/bbl till 4.00 pm IST today. However, crude oil prices declined around 0.2 percent on the MCX and were hovering at `4017/bbl around the same time. Appreciation of the Indian Rupee capped gains in oil prices on the Indian exchanges.

Crude Oil

Despite base metals and crude oil prices currently trading higher, wedo not expect prices to sustain at the higher levels. Ahead of the weekend, investors may book profits as uncertainties in the Euroregion continue to dominate market sentiments. Moreover, concerns over rising inflation in China may also trigger a downside in theprices. But, we expect gold prices to trade in the green as investors would prefer being invested in the traditional safe-haven investment, thus pushing prices higher.

Copper Trend

Copper fell from an earlier record high on Thursday as investors worried about demand in China ahead of key trade data from the top metals consumer, offsetting bullish signs of market tightness. Gold edged up on Thursday after an upbeat report on the U.S. jobs market encouraged some investor risk appetite, which in turn knocked the dollar in favour of higher-yielding currencies and commodities. U.S. crude oil futures prices turned negative on Thursday, erasing previous gains of as much as $1 after the dollar strengthened and data from Europe showed a build up in oil stocks despite cold weather.

News Highlights

1- GOLD GETS RESPITE FROM YIELDS BUT DOLLAR DRAGS.
2- OIL PARES GAINS, STILL UP AFTER TWO DOWN DAYS.
3- COPPER HITS RECORD HIGH, SUPPLIES IN FOCUS.
4- INDIAN SPICES CLOSE DOWN AT END .

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Commodity MCX Trend for The Day

MCX Trend

Gold futures recovered in the afternoon trading as fresh buying emerged on bargain hunting after a steep fall in gold prices in the last two sessions. Spot gold prices in the international markets were trading slightly higher after touching an intra-day low of $1378.80/oz. On the MCX, the February gold contract was trading on a flat note, but recovered after touching an intra-day low of Rs 20502/10 gm. Indian equities declined sharply today with the Nifty losing more than 2%. Earlier the Asian indices comprising the Hang Seng and Japan’s Nikkei ended in the green on better-than-expected GDP growth of Japan in the third quarter.
Aluminum prices are currently trading higher despite strength in the US dollar mainly on back of supply concerns due to strike in BHP Billiton’s aluminium smelter in South Africa, which is the world's sixth largest producer of primary aluminium. Hillside, with annual capacity of around 700,000 tonnes, is South Africa's major producer of aluminium. About 600 workers went on strike, with the demand of 12 percent increase in their wages and a 50 percent employer contribution to a medical aid scheme.

Crude oil prices came under pressure today mainly taking cues from the stronger dollar. Oil prices declined more than 0.5 percent on the Nymex and were trading at $88.44/bbl till 4.00 pm IST today. However, crude oil prices gained around 0.2 percent on the MCX, touching an intra-day high of `4042/bbl around the same time. Depreciation of the Indian Rupee, helped oil prices to trade in the green on the MCX today.

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Commodity MCX Trend for The Day

Gold News
Gold prices continued to decline for a second consecutive day. Spot gold prices in the international markets were trading at $1400/oz, down by 0.5% at 4.00 pm IST. On the MCX, the February 2011 contract was down marginally by 0.2 percent as depreciation in the Indian Rupee cushioned sharp losses.

Stronger dollar and mixed sentiments in the global equities pressurized base metal prices on the LME today. But, on the MCX, the weaker domestic currency cushioned sharp losses in the metals pack. Zinc prices declined almost 1.5% on LME as well as on the MCX till 4.00 pm IST today. Falling LME inventories did not provide any respite to the zinc prices in the international markets today. The metal inventories declined by 650 tonnes to 632,175 tonnes today.

Out look for today
In the evening session, we expect oil prices to take cues from the inventory data to be released by the US Energy Department today. As per EIA polls, crude oil inventories are expected to decline by 1.3 million barrels. But the dollar is expected to remain strong today and this factor will continue to exert pressure on the commodity prices. Copper prices are expected to trade in the red on the back of a stronger US currency. But, tight supplies in the copper market would cushion sharp downside in the red metal prices. On an intra-day basis, gold prices are expected to decline but we expect prices to recover in the coming days as uncertainty in the Euro zone continues to persist.

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Commodity MCX , NCDEX Daily Updates

Commodity MCX Trend

Gold futures gained yet again on the Comex in the afternoon trade today as the US dollar declined against the major currencies and investor skepticism regarding Ireland’s budget approval continued to dominate market sentiments. On the MCX, the February gold futures were slightly away from touching the psychological Rs 21,000/10 gm mark.

Copper prices touched an intra-day high of $9014/tonne in the Asian trade today on the back of tight supplies and the weakness in the US dollar. Despite news from China that the country may increase interest rates in the coming weekend, copper prices gained sharply both on the LME as well as on the MCX. As per news released by China’s Securities Journal today, the country is expected to raise interest rates towards the end of this week to rein in the rising inflation. Copper inventories on the LME fell by 1,000 tonnes to reach 351,375 tonnes on the LME warehouse today.

Crude oil prices also took upside support from the decline in the US dollar and increasing demand for oil on the back of cooler weather in the European region. Temperatures in the European regions are expected to go below average, leading to more demand for crude oil for heating purpose.

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Commodity NCDEX Trend

Guar prices closed above its 10-Day EMA and its 20-Day EMA indicating a bullish trend.
• 14-days RSI is at 59.7 and is in neutral region.
• MACD is in the negative territory.
In the intraday prices are expected to trade firm due to improved buying by the market participants. In the short term (1-2 week), Prices are expected to move sideways with negative bias on arrival pressure of fresh crop. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.

Chana prices on daily charts closed above its 10-days and its 20-days EMA, indicating bullish market sentiments.
• 14-days RSI is at 60.3 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.

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Commodity MCX, NCDEX Trend

MCX Commodity Trend

Gold Review
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.

Copper Review
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%.

Crude Oil
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 Review

Chana 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.

Black piper
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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