MCX & NCDEX Commodity Updates

MCX Updates

Bullion Trend

Precious Metals took some beating yesterday amid better than expected U./S. Jobless data and extended their losses as the greenback got stronger.COMEX Gold Aug futures fell by 0.11 percent to close at $1,613.4 per troy ounce from $1,615.1 per troy ounce made on 27 th July, 2011. Gold prices are expected to trade higher today as weak sentiments in the global market due to US debt concerns will boost safe-haven demand for gold. But sharp gains will be

capped on account of dollar strength.

Base Metal Trend

We expect Crude oil prices to trade with a sideways bias today as concerns with regard to US debt worries will lead weak sentiments in the global market. Additionally, a stronger dollar will also exert further pressure. However, any news or development on the hurricane front in the US could support sharp downside in prices.

NCDEX Updates

NCDEX Guar Aug futures slipped sharply yesterday as profit booking was seen on the counter yesterday after prices touched a new high of 4,834 rupees per quintal. Guar futures slid by 3.79 percent yesterday.

NCDEX Chana Aug futures declined yesterday amid profit booking by traders coupled with weak local demand. The area under pulses cultivation has seen a significant decline of over 15 percent this season. According to the Farm Ministry, acreage under pulses as on July 22, 2011 stood at 4.54 million hectares as compared to 4.96 million hectares a year ago.

NCDEX Turmeric futures witnessed strong selling today in the wake of strong production in the current year along with restricted buying by traders and exporters. As per market sources, the total Turmeric production in the current year is likely to be around 90-95 lakh bags against 48 lakh bags that were

reported last year in the same year. This was due to strong sowing in Andhra Pradesh and Maharashtra. Moreover, strong current stock position of around 42 lakh bags might also witness the stockiest selling at higher levels. This was almost 20% higher than the previous year on the same period.

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MCX Commodity Live

MCX Gold Trend

The 23350-23050 regions consolidation are still progressing. However, 23050-030 area, where it had taken support multiple times is seem to be crucial for strong downside. For the day break of the same is favourd and drag prices lower towards 22840 or even more. A direct rise above 23350 would give confirmation for further upside. COMEX Gold Aug futures were pulled back from another new record highs yesterday of $1,628.8 per troy ounce and fell by 0.11 percent to close at $1,615.1 per troy ounce from $1,616.8 per troy ounce made on 25 th July, 2011. Investment demand also saw additions yesterday as holdings at SPDR Gold ETF rose by a marginal 3.03 tonnes yesterday.

MCX Silver Trend

Silver too followed gold and rose to a 12 week high yesterday. But prices closed in the red yesterday after dollar strength weighed on prices, making dollar-denominated commodities look unattractive for holders of other currencies. US equities declined sharply on Wednesday as no progress over debt ceiling negotiations led to concerns over US economy. The recent attempts to break the strong downside level 59100-59000 has been held several times, for the day we expect to break the same and pull prices lower, possibly towards 58500 initially followed by 57700/56600 levels.

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MCX Commodity Live

Commodity Updates

• GOLD HITS RECORD AS U.S. DEBT FEARS DEEPEN.
• OIL FALLS IN NEW YORK AFTER INDUSTRY REPORT SHOWS U.S. STOCKPILE INCREASE.
• COPPER DECLINES AS DURABLE-GOODS REPORT SHOW WEAKER GROWTH IN ORDERS.
• DOMESTIC OIL AND OILSEED TRADE LOW.

MCX Market Data

Date	Time	Currency	Economic Data	Forecast	Previous
THU 28TH JUL	6:00pm	USD	Unemployment Claims	412K	418K
	7:30pm	USD	Pending Home Sales m/m	-1.0%	8.2%
	8:00pm	USD	Natural Gas Storage		60B

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MCX Commodity News

MCX gold Updates

Precious Metals Complex continued to get support from a weaker greenback and safe haven demand which has been buoyant over the past few days as U.S. lawmakers failed to negotiate and come on common grounds over the debt ceiling issue. COMEX Gold Aug futures surged by 0.29 percent to close at $1,616.8 per troy ounce from $1,612.2 per troy ounce mad on 25 th July, 2011. Investment demand for the yellow metal has still not picked up SPDR Gold ETF whose holdings remain unchanged yesterday.

Crude Oil Trend

Crude oil prices are expected to trade with on a rangebound note today, taking mixed cues from dollar weakness and US debt concerns. In the later part of the trade the commodity will take cues from the inventory report by the US Energy Department and if data comes in as per expectations then prices will take support. After a gap down opening prices have been consolidating for the last few hours, but the momentum is also assisting down moves initially towards 4320, but if unable to trade consistently below 4280 would call fro a drift higher later. It would be required to close below 4270 to dent our bullish expectation and take prices lower.

Silver review

Silver is consolidate in today trading, its main movement can be 59700 to 60400 for today. For next week silver can touch 61000-250.

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MCX Commodity News

MCX Gold Report

COMEX Gold Aug futures made a record high of $1,624.3 per troy ounce yesterday talking cues from the ongoing debt crisis in Euro Zone and U.S. and also on Greece debt rating cut which installed fears in the minds of the investors and they parked funds in the safe haven assets.

Investment demand for the yellow metal remained weak yesterday with holdings at SPDR Gold ETF remaining unchanged. Today the dollar index fell against its major counterparts in the early session of the trade as U.S. President Obama warned of a deeper economic crisis if the U.S. Lawmakers failed to lift the country’s debt limit to avoid a default and also called on divided congressional leaders to compromise and break the deadlock.

MCX Silver Report

Silver is expected to trade slightly higher on account of a weaker dollar. But further gains may be cap on the back of downside in the base metals. COMEX Silver Sept futures continued to soar yesterday following the steps of Gold and rose by 0.60 percent to close at $40.361 per troy ounce after making a high of $41.105 per troy ounce. Future had closed at $40.122 per troy ounce on 22nd July, 2011.

Crude Oil Trend

Crude oil prices are expected to trade slightly higher today mainly on the back of expected fall in US crude oil inventories coupled with weakness in the dollar. Additionally, upbeat markets sentiments will also provide further support. NYMEX Crude Sept futures erased their prior day gains yesterday and fell by 0.67 percent to close at $99.20 per barrel from $99.87 per barrel on 22nd July, 2011 as the inability of Congress to reach an agreement weighed coupled with concerned about the global economy.

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Commodity Data

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 26TH JUL	6:30pm	USD	S&P/CS Composite-20 HPI y/y	-4.6%	-4.0%
	7:30pm	USD	CB Consumer Confidence	57.1	58.5
	7:30pm	USD	New Home Sales	321K	319K
	7:30pm	USD	Richmond Manufacturing Index	5	3

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	16630	-0.92
PEPPER	NCDEX	29525	-0.23
TURMERIC	NCDEX	7384	-0.11
GUARSEED	NCDEX	4607	-1.52
GUARGUM	NCDEX	14519	-1.59
CHANA	NCDEX	3076	0.46
SOYBEAN	NCDEX	2443.5	0.29
SOY OIL REFINED	NCDEX	665.75	-0.63
MUSTARD SEED	NCDEX	2986	-0.4
COTTONSEED OILCAKE	NCDEX	1363	0.37
GUR	NCDEX	1055	-0.33
POTATO	NCDEX	370	-1.23
MENTHA OIL	MCX	1098.1	-0.01
CARDAMOM	MCX	882.5	0.28

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MCx Silver live

Silver is going according to our Call, we are waiting for our first target. From now silver can buy at 60275 level. Silver may touch 60550+ level again. We recommend that silver will touch 61550-62250 in 10-15 days.


Silver Buy
At - 60165
tgt - 60315, 60520
Sl - 59935

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MCX Commodity Updates

MCX Commodity News

COMEX Copper Sept futures and Copper three month futures held steady on Friday and rose by 0.60 percent and 0.41 percent respectively on Friday compared to the prior day on supply side concerns as workers in Chile’s Escondida Copper mine, the world’s largest copper mine started on Friday and has entered a third day on Sunday with no signs of receding. What also supported the Red Metal on Friday was a rebound in the Euro Zone Industrial Production Index which exceeded analysts’ forecast of a rise of 0.6 percent and instead surged by 3.6 percent to 116.3 in May, 2011 from 112.2 in Apr, 2011 when it had declined by 0.09 percent.

Gold hit a record high above USD 1,622 an ounce on Monday, while the dollar steadied and Asian stocks slipped as investors piled into bullion over fears of a possible US debt default as the debt ceiling talks in Washington stalled. Spot gold, which has risen nearly 14% so far this year, climbed more than 1% to a record of USD 1,622.49 an ounce, before easing to USD 1,615.66 by 0621 GMT. US gold also hit a record at USD 1,624.30. It was last quoted at USD 1,616.50. Spot gold has rallied in 14 of this month's 17 trading sessions, and is up 7.6% from the end of last month. But so far this year, it has lagged spot silver's 31% climb.

Gold Trend

COMEX Gold Aug futures rebounded on Friday and rose by 0.91 percent to close at $1,601.5 per troy ounce from $1,587 per troy ounce on 21st July, 2011 amid renewed concerns that the bailout plan for the Greece would not solve the continent’s problem and also got support from the rating agency Fitch’s comment of Greece going for a selective default. Prices made a high of $1,607.7 per troy ounce near its record high indicating that the metal is still the investor’s preferred safe haven choice.

Silver Trend

COMEX Silver Sept futures also surged tracking the Gold futures and rose by 3.02 percent to close at $40.122 per troy ounce on Friday from $38.947 per troy ounce on 21st July, 2011. Investment demand remained muted at iShares Silver Trust on Friday while Gold/Silver ratio edged down to 39.96 on Friday from 40.64 on 21 st July, 2011.

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MCX Commodity News

MCX Bullion Tips

Gold Trend

Gold futures shed 0.03% to Rs 23,198 per 10 grams as participants reduced their positions, taking cues from weak global market. At the Multi Commodity Exchange, gold for delivery in October fell by Rs 7, or 0.03%, to Rs 23,198 per 10 grams, with a business turnover of 309 lots. Gold for delivery in August also moved down by Rs 4, or 0.02%, to Rs 22,889 per 10 grams, with a trade turnover of 1,988 lots. It closed 0.9% lower at Rs 22,893 per 10 grams in the previous session.

Spot Gold prices came under pressure yesterday and closed around 1 percent lower as the European leaders agreed on a multi-billion euro rescue package for Greece which helped reduce fears over the spreading debt contagion in the European economies and added downside pressure on the yellow metal which is considered as a safe-haven asset during economic uncertainty. But sharp losses in gold were cushioned on a account of a weaker dollar and on expectations that the Standard & Poor’s could downgrade US credit ratings within three months. Week-on-week Spot Gold has increased around 0.7 percent touching a high of $1609/oz.

We expect gold and silver prices to come under pressure today as market sentiments rise on the back of bailout to Greece. This is expected to reduce the appeal of precious metals as a safe-haven. However, a weaker dollar will cushion sharp downside in prices.

Silver trend

On a broad bias 57000/56000 looks to be possible, early attempts to evolve into a sell off targeting the same are expected to face stiff support at 57700, which if unsuccessful would diffuse the weak momentum, which we favour today, and expect to see prices recovering towards 59000 or more.

Base Metal

Copper Trend

The bounce followed last yesterday’s sharp fall, is seen capped near 435-436 region. Break of the same, and ability to float above 437 would signal reaction rallies towards 441/444. Prices have to close below 431 to negate the view and resume fresh selling pressure towards 425 later.

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commodity Data with news

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	16375	0.21
PEPPER	NCDEX	28564	0.27
TURMERIC	NCDEX	7080	-0.11
GUARSEED	NCDEX	4336	2.38
GUARGUM	NCDEX	13680	3.35
CHANA	NCDEX	2964	-1
SOYBEAN	NCDEX	2402	0.36

MCX News

• GOLD STEADY BELOW $1,600/OZ; EURO ZONE SUMMIT EYED.
• OIL TRADES NEAR HIGHEST IN A WEEK AFTER U.S. LABOR DATA, WEAKER DOLLAR.
• COPPER FALLS FOR SECOND DAY AS MANUFACTURING MAY SHRINK IN TOP USER CHINA.
• DOMESTIC OIL AND OILSEED TRADE MIXED.

  
  

  
  

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MCX Gold Trend, Oil updates

Gold Trend

COMEX Gold Aug futures edged down for the second day yesterday and fell by 0.26 percent to close at $1,596.9 per troy ounce from $1,601.1 per troy ounce on 19th July, 2011 as signs of progress towards tackling sovereign debt challenged trimmed safe haven demand.

Spot gold prices traded slightly lower by 0.1 percent today mainly due to a stronger dollar. But sharp decline was cushioned as the global financial markets traded on a choppy note. On the MCX, gold prices traded on a flat note and were hovering at `23,112/10 gms today. Spot silver declined almost 1 percent on the back of downside in the base metals coupled with dollar strength.

Oil Updates

Weak conditions developed in the wholesale oils and oilseeds market today as select edible oil prices fell by up to Rs 50 per quintal on fall in demand at prevailing higher levels amid a weakening global trend.

In the national capital, soyabean mill delivery oil (Indore) shed Rs 50 and soyabean degum oil (Kandla) fell by Rs 30 to Rs 6,200 and Rs 5,800 per quintal, respectively. Crude palm oil (Ex-kandla) lost Rs 30 to Rs 5,120 per quintal. Palmolein (rbd) and palmolein (kandla) oils followed suit and traded lower by Rs 50 each to Rs 5,750 and Rs 5,450 per quintal, respectively. Oil was expected to be pressurized by the weak Chinese Manufacturing report released today but a weaker U.S. Dollar supported the Black Gold.

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MCX Commodity Data

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
THU 21TH JUL	6:00pm	USD	Unemployment Claims	408K	405K
	7:30pm	USD	Fed Chairman Bernanke Testifies		-3.1M
	7:30pm	USD	Philly Fed Manufacturing Index	3.4	-7.7
	7:30pm	USD	CB Leading Index m/m	0.2%	0.8%
	7:30pm	USD	OFHEO HPI m/m	0.4%	0.8%
	8:00pm	USD	Natural Gas Storage	67B	84B

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	16330	1.91
PEPPER	NCDEX	28531	1.64
TURMERIC	NCDEX	7098	-2.26
GUARSEED	NCDEX	4241	1.53
GUARGUM	NCDEX	13252	1.59
CHANA	NCDEX	2989	0.44
SOYBEAN	NCDEX	2387	0.06
SOY OIL REFINED	NCDEX	662.7	-0.41
MUSTARD SEED	NCDEX	2976	-0.83
COTTONSEED OILCAKE	NCDEX	1350	-0.22
GUR	NCDEX	1046	0.29
POTATO	NCDEX	386.9	2.6
MENTHA OIL	MCX	1122.5	0.41
CARDAMOM	MCX	867.2	-0.1

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MCX Commodity News

Commodity Updates

Spot Gold retreated from the record high hit in previous session but, remained firm supported largely by the US debt talks. Spot Silver held steady after dropping almost four percent in the previous session.

Bullion Trend

COMEX Gold and Silver current month futures pared their losses and fell by 0.08 percent and 0.30 percent respectively compared to the prior day. Meanwhile COMEX Copper futures got support signaling rise in the demand from a larger than expected U.S. Housing data which was acted a breather in the depressing Housing Market. U.S. Housing starts surged 14.57 percent to 629,000 in June, 2011 from 549,000 in the prior month and beat the analyst expected rise of 580,000.

Copper Trend

As long as prices stays above 438, we expect to trade higher towards 442 then 448/452 levels for the day. For intraday bearish view to trigger prices to break below 438 towards 435 then 432 levels. Any break below 427 may see a major weakness towards 420 levels in the near term. COMEX Sept Copper futures took cues from an upbeat U.S. Housing Market data, weaker greenback and also on hoped that the global debt contagion seemed to be contained yesterday.

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MCX Gold Tips

Buy Gold
Above - 23215
Tgt - 23250, 23315
SL - 23165

MCX Commodity Updates

MCX Commodity TIps

Copper buy

Above - 440.05

Tgt - 443.10, 446.40

SL - 436.75

MCX Gold Trend

COMEX Gold Aug futures made a record high yesterday and touched $1,607.9 per troy ounce before closing at a day’s gain of $1,606 per troy ounce from $1,590.1 per troy ounce on 15th July, 2011. Safe haven buying was evident yesterday as also was investment demand in the Gold ETF’s.

Gold futures edged higher in Tuesday’s electronic trading session, continuing the momentum seen at record high hit in the previous session. Gold for August delivery edged up $3 at $1,605.50 an ounce. MCX Gold is currently trading up by `49 for the day at `23276. MCX Silver Sep is trading at `60375, it is trading up by `502 for the day.

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MCX Commodity Live

GOLD RISES ABOVE $1,600/OZ AS DEBT FEARS SIMMER.
OIL FALLS $2 ON U.S., EUROPE DEBTS FEARS.
COPPER FALLS; CHINA DEMAND, DEBT CRISES WEIGH.
SPICES COMPLEX MOSTLY POSTS GAINS TOWARDS END.

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MCX Commodity Tips

MCX Silver Tips

Silver strongly on bullish trend,  we strongly recommended silver buy on CMP for short term target of 62500, 63750. Silver can move for this for this target in 8-10 days. We can easily look from past trading session that silver trade in bullish trend & from International market silver looking bullish in current market.

MCX Gold Tips

Gold made it high, gold is on overall high & in future trading, gold looking for target of 23750-850 in short term basis. Gold may be touched 54500+ level in 4-5 months, till October end gold seems to be touch its 24500 levels.

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MCX Commodity Updates

MCX Gold Trend

COMEX Gold August futures continued to show their safe haven demand and rose slightly by 0.05 percent to close at $1,590.1 per troy ounce on 15 th July, 2011 from $1,589.3 per troy ounce made on 14th July, 2011 when they made a record high of $1,594.9 per troy ounce. A weaker greenback, credit cut threat by S&P plus debt concerns in Euro and U.S. have fuelled the safe haven demand for the Precious Metals. Spot gold  prices extended its gains today and crossed a  psychological level of $1600/oz to hit a new record high. The yellow metal witnessed gains mainly due to escalating concerns with regard to US and Euro Zone debt situations which boosted safe-haven demand for gold. It rose around 0.5 percent and was hovering around $1599/oz till 4.00 pm IST. On the MCX, Gold August contract rose almost 1 percent and touched an intra-day high of `23,199/10 gms today. 

Commodity Outlook 

Today in the evening session of  the trade we have U.S. TIC Net  Flows with  positive expectation for the Greenback. Base metals and  crude oil are expected to trade with a negative bias today mainly on the back of mixed global market sentiments, a stronger dollar and concerns with regard to US and Euro Zone  debt worries.  We expect gold to trade higher as global economic uncertainty will boost  safe-haven demand for gold. But dollar strength may cap sharp gains.  Silver is expected to trade with a sideways bias taking cues from dollar strength and downside in base metals. 

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MCX Commodity Updates

Crude Oil Updates

Crude oil prices dropped sharply by 2.4 percent on the Nymex on Thursday on rising concerns over Euro Zone and US debt worries exerted pressure on oil prices yesterday. Additionally, weak global market sentiments also kept prices under check. On the MCX, crude oil declined more than 3 percent on account of Rupee appreciation and touched an intra-day low of `4215/bbl in yesterday trading session.

Nickel was the only metal to witness gains on the LME on Thursday. Constantly falling metal inventories coupled with dollar weakness provided support to the metal. It touched an intra-day high of $24,225/tonne and closed at $24,075/tonne yesterday. On the MCX, the metal rose 0.3 percent and touched an intra-day high of `1079.90/kg on Thursday.

Gold Updates

The most-traded gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.60% lower at Rs 22,862 per 10 grams, after hitting a high of Rs 23,083 in the previous session.India gold eased on Friday as traders booked profits from the previous session's near-record rally, prompting traders to pick up a few deals in anticipation of festival demand due in September, dealers and analysts said.

Silver Trend

A drift lower is favoured towards 56500 initially, but unlikely to evolve into major weakness unless consistent trades below 56300. A turn higher form 55500-300 regions if turn up could stretch the momentum towards 57700/58600 or even more. An unexpected falls below 56300 the intraday downside objective would be 55300/54600 levels.

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MCX Commodity Updates

Gold Updates 

Gold prices extended earlier gains to record highs for a second day on Thursday after hints of further policy easing from the Federal Reserve and a Moody's warning the United States may lose its top-notch credit rating hurt the dollar and sparked buying of safe-haven assets. Concerns over the scope of the euro zone debt crisis are also sparking fresh inflows into gold.

Precious Metals Complex surged yesterday with Gold making a record high when COMEX Aug futures touched $1,588.9 per troy ounce and COMEX Silver Sept futures making a monthly  high of $38.4 per troy ounce.  Number  of factors had been supportive of safe haven demand which prompted investors to park funds in them. Dollar Index fell by 1.41 percent to 74.91 yesterday from 75.98 the prior day on comments from Federal Bank Chairman Bernanke which hinted additional stimulus measures might be  used if economic conditions deteriorate further. 

A weaker greenback supported the white metal Silver which pared its prior day losses and rose along with Gold yesterday. COMEX Silver Sept futures rose sharply by 7.06 percent to  close at $38.151 per troy ounce from $35.634 per troy ounce the prior day.

Gold/Silver ratio edged lower due to more shine in silver and fell to 41.68 from 43.26 the prior day. Investment demand was also seen in Silver as holdings at iShares Silver trust increased by 133.38 tonnes yesterday pointing to  stronger investment demand.

Copper Trend

COMEX Copper Sept futures surged up by  0.27 percent to close at $4.4035 per pound yesterday from $4.3915 per pound on 12th July, 2011 getting support from a weaker Dollar Index and  possibility of more stimulus from the U.S. Federal Bank but a possible downgrade by Moody capped the gains.

MCX Silver Updates

MCX Silver has been trading within a broad range of Rs.49500-60000 for past three months. Price was resisting on a downward  sloping trendline (R)  and supporting at (S).Twice the price has rebound from the  support line (S) creating a double bottom formation. A breakout can be seen at Rs.57000 level where the price has breached the short term resistance line (R). A sustainable close above Rs 57500 level could trigger a sharp rally breaching both the previous top of Rs 59030 and Rs 59976 and head towards our first target of Rs 61268  (T1). RSI is firm and holding above 50 mark which indicate further bullishness.

Suggestion -  Go long targeting Rs 61268, with the stop loss closing below Rs 55000. 

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MCX Live

Gold, Silver Updates

Silver was trade in bullish trend. From now silver is looking bullish for upcoming trading session, silver would trade from the level of 57650 to 58700. We reccommed that silver is good for buying in upcoming trading session. Same condition with Gold, Gold may trade from the level of 23000+ , Gold would touch 23250 level in tomorrow trading session.

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MCX Commodity Updates

Gold Updates

Gold continued to lure investors in such uncertainty and COMEX Gold Aug futures extended their rally and futures ended at 0.85 percent gain to close at $1,562.3 per troy ounce yesterday from $1,549.2 per troy ounce on 11th July, 2011.

After 17th June, 2011 resumption of 20 tonnes was seen in SPDR Gold ETF which pointed to the investment demand for the yellow metal.

Crude Oil Updates

U.S. Crude oil inventories rose 2.3 million barrels for the week ended 8th July, 2011, the American Petroleum Institute said early today morning. Stockpiles of gasoline declined 1.6 million while inventories of distillates increased 4.8 million. Crude oil prices rose in yesterday’s trading session as weakness in the dollar in the later part of the trade supported prices. The dollar pared gains as US Federal Reserve policymakers indicated uncertainty over further monetary stimulus. But crude oil prices began yesterday’s trade on a weaker note on the back of concerns over spreading European debt crisis and as the dollar strengthened on the back of risk aversion. But weakness in the dollar by the end of the trade lent support to prices.

Copper Trend

COMEX Copper Aug futures pared their prior day gains on short covering and rose yesterday by 0.53 percent to close at $4.3855 per pound from $4.3625 per pound on 11th July, 2011 while LME three month copper futures also rose by 0.83 percent to close at $9,650 per ton from $9,571 per ton the prior day. Copper prices increased almost 1 percent on the LME yesterday as demand for the metal from China is re-emerging after a three-month slump. Copper imports in China rose for the first time in three months in June as buying from overseas became profitable and as supply tightened after demand drained local stockpiles.

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MCX Silver Live

Live Silver News
Today Silver made high on 54013, but after made this silver fall on continue basis, but after evening trading silver bounce back & move for upward trend with voletile condition, at present silver trade on 53560,and it seems to little bullish for the level of 54000. Tomorrow silver would trade with in a range of 53500-54600.

Commodity News

India Import Gold & Silver 

Imports of Gold and Silver by India are soaring thanks to an unabated demand for the bullion commodities. While India’s import of gold has risen were up by 76% and 160% in April and May respectively, silver import was up by 22% in the same period compared to last year.

India is the largest consumer and importer of gold and silver in the world.

Last week, India’s state-owned trading company—Minerals and Metals Trading Corporation (MMTC)—said that it would import 350 tons of Gold and 1,200 tons of Silver in 2011-12 as demand for the precious metals is rising fast.

The company almost doubled its import of gold at 45 tonnes during the April-June quarter this year compared to the same period last year, he added. He said besides gold, the demand for Silver is rising as it gives better returns. Silver prices have been touching new peak in India thanks to robust demand amid short supply in the global market. Majority of silver in India is used in the production of ornamental items like jewellery, utensils and gift articles. Every year, India buys more than 4,000 tonnes of silver and over 960 tonnes of gold.

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Commodity Updates India

NCDEX Updates

Guar Seed futures are trading on good exports demand. However, advancement of Monsoon towards Rajasthan kept the uptrend limited as rains are critical for the sowing process to start. Further, rains at this time can be beneficial for the crop sowing and that could affect the sentiments temporarily.

Chana futures have made a good bounce back on Monday, supported by some short covering after witnessing some profit booking in the last week. Traders are expecting that a rise in demand at the lower levels from the festive season in coming months may support the rates of Chana. However, the rates had moved up significantly over last few weeks and some more short term corrections too are not being denied.

Turmeric futures were showcasing divergent trend for the second consecutive trend as they were trading mixed on NCDEX. The contract for the near term delivery was trading in green on the back of pickup of the buying activity at lower levels. However, reports of higher production likely to pressurize the prices of the commodity in the near term future.

MCX Commodity Trend

Gold Trend

Spot gold traded lower today mainly on the back of strength in the US dollar and falling crude oil prices which affected inflation-led demand for gold. But further decline was cushioned due to poor global market sentiments coupled with deepening Euro Zone worries. On the MCX, gold rose 0.3 percent on account of Rupee depreciation and was hovering around at `22,521/10 gms till 4.00 pm IST. Spot silver slipped more than 2 percent mainly taking cues from downside in the base metals.

Crude Oil trend

Nymex crude oil prices came under pressure today due to a stronger dollar coupled with rising concerns over European debt issues. Additionally, poor global market sentiments also kept prices under check. It touched an intra-day low of $93.55/bbl and were trading at $94.24/bbl till 4.00 pm IST. The American Petroleum Institute (API) will release its weekly inventory data later at midnight today. As per Reuters poll, crude oil inventories are expected to decline by 2 million barrels in the w/e 8th July 2011.

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Commodity Data - 12 July

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 12TH JUL	6:00pm	USD	Trade Balance	-44.1B	-43.7B
	7:30pm	USD	IBD/TIPP Economic Optimism	45.7	44.6
	11:30pm	USD	FOMC Meeting Minutes

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	14734	-0.44
PEPPER	NCDEX	26730	-0.75
TURMERIC	NCDEX	7730	1.05
GUARSEED	NCDEX	3880	2
GUARGUM	NCDEX	12350	2.74
CHANA	NCDEX	2939	1.52
SOYBEAN	NCDEX	2303	-0.32
SOY OIL REFINED	NCDEX	641.9	0.31
MUSTARD SEED	NCDEX	2879	-0.42
COTTONSEED OILCAKE	NCDEX	1288	2.55
GUR	NCDEX	987	-0.4
POTATO	NCDEX	405.3	2.5
MENTHA OIL	MCX	1122.9	4
CARDAMOM	MCX	810	-0.52

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Gold International News

Comex gold futures prices have backed down from early gains and silver has moved solidly lower in late-morning trading Monday. Some profit taking from recent gains is featured in the precious metals, and that's not unexpected. Crude oil futures have extended early losses in late-morning trading, and that has also added to some selling pressure in gold and silver. August gold last traded up $3.60 an ounce at $1,545.20. December silver last traded down 74 cents an ounce at $35.82.

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MCX Commodity Updates

MCX Trend

Data released on Saturday morning showed the inflationary pressures continued to haunt the Dragon Country as Consumer Price Index rose by 6.4 percent on yearly basis in June, 2011 and accelerated at the fastest pace in three years. Analysts were expecting the index to rise by 6.2 percent from 5.5 percent rise in the prior month.This came after a recent interest rate hike from China and has increased the expectation of another rate hike in this year.

Bullion Review

Bullions are expected to trade higher today as rising Euro Zone debt tensions coupled poor global market sentiments which will boost safe-haven demand.

COMEX Gold Aug futures continued to end in green and extended their gains on dismal U.S. Jobs reports and also got cues from the concerns of the spread of the Euro zone debt contagion. The yellow metal ended the day by increasing 0.72 percent to close at $1,541.6 per troy ounce on Friday from $1,530.6 per troy ounce on 7th July, 2011. Investment demand however dimmed on Friday when holdings at SPDR Gold ETF declined by 0.39 tonnes.

COMEX Silver Sept futures also rose following the yellow metal and rose marginally by 0.02 percent to close at $36.543 per troy ounce on Friday from $36.536 per troy ounce on 7th July, 2011. Investment demand remained muted at iShares Silver trust on Friday while Gold/Silver ratio rose to 42.3 on Friday from 41.9 the prior day showing weakness in the white metal compared to the yellow metal.

Following rise in gold spot silver prices surged around 8.3 percent last week. Silver being an industrial metal received support from upside in the base metals. The white metal touched a high of $36.82/oz and closed at $36.63/oz. On the MCX, silver September contract rose around 7 percent and touched a high of `54960/kg in the last week.

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Gold & Silver for Upcoming Week

Report for   11 July - 15 July

Gold Trend

COMEX Gold is in a consolidation phase. Last week COMEX Gold was sustaining at higher levels and closed near to its weekly high. In the coming week 1480 $ will act as a major support in COMEX Gold. If COMEX Gold sustains above 1510 $ an ounce then above 1560 $ an ounce it can touch the level of 1575$ an ounce and if COMEX Gold sustains below 1480$ then it can go slightly down and test the level of 1460$ an ounce.

Silver Trend

COMEX Silver is in a consolidation phase. Last week COMEX Silver was sustaining at higher levels and closed near to its weekly high. For the upcoming week 3500$ and 3300$ are the crucial supports and 3800$ and 4000$ are crucial resistance in COMEX Silver. In MCX Silver 56000 and 58000 will act as major resistance and 52000 and 50000 will act as major supports.

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Gold Live News

Gold Review

Gold was lower in most currencies except the euro this morning as euro weakness has kept gold close to record nominal highs in euros. Gold is 2.7%, 3.3% and 4% higher in dollars, pounds and euros for the week and looks set to close higher and near nominal highs in all currencies.

Futures markets were expected to see thin trade this morning ahead of the key US employment report. It is expected to show improvement in the labor market but if the number disappoints gold should receive a safe haven bid. A good number could see gold ease in the short term but the long term fundamentals remain sound due to robust global and particularly Asian demand.

Gold Live International

Comex gold futures rallied from lower price levels and hit a fresh two-week high on safe-haven buying interest in the immediate aftermath of a U.S. jobs report that was very disappointing to the market place. The market place had expected U.S. non-farm payrolls to have risen by around 125,000 in June, but the figure came in at up only 18,000. The U.S. stock indexes immediately sold off on the jobs news, while the U.S. dollar index backed down from its daily high, U.S.

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MCX LIve Tips

Silver Tips, Gold Tips

Silver Buy
Above - 54950
Tgt - 55080, 55260
SL - 54640

Buy Gold At - 22350.10
Tgt - 22385, 22450
SL - 22300

MCX Live

Trading Strategy for 8 July

Silver Trend

Silver was bullish on last trading session, it managed continues bullish tren dform last two tarading session. From the current market position silver seems to bullish for tomorrow trading, form last trading point silver would be trade on 55000+ level. According to my analysis silver may go apart from 55600 level, and opposite of this silver can sustain on lower site level of 54450.

Gold Trend 

On today's session Gold was slightly down in last trading session, from now i can say that gold would trade on around 22170 level.   

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MCX Commodity News

Today in the evening session of the trade we have Euro Zone interest rate which is expected to increase hence would pressurize U.S. Dollar. We also have the U.S. Jobs data pointing to fragile U.S. labor market and a lower than expected reading in ADP payrolls change and higher than expected figure in jobless claims would support the Precious Metals Complex.

Crude Oil Trend

Crude oil declined 0.3 percent on the Nymex on Wednesday as an interest rate hike by China and rising worries over Euro Zone debt crisis raised demand concerns. Additionally, unfavorable data from the US, a stronger dollar and mixed sentiments in the global markets also exerted pressure on oil prices yesterday. However, sharp decline was cushioned on account of fall in US crude oil inventories.

Crude oil prices are expected to trade with a sideways bias today mainly taking cues from dollar strength, weak global market sentiments and Euro Zone concerns. Expected decline in US crude oil inventories will cushion sharp fall in oil prices.

Silver Trend

COMEX Silver Sept futures also moved along with Gold and rose by 1.43 percent to close at $35.916 per troy ounce from $35.410 per troy ounce on 5 th July, 2011. Investment demand for Silver at iShares Silver trust remained unchanged yesterday while Gold/Silver ratio edged down further to 42.5 from 42.83 the prior day indicating more strength in the white metal.

Base Metal Trend

MCX Copper Trend

Copper declined 0.3 percent on the LME on Wednesday mainly due to China’s move to curb inflation and dollar strength. But sharp decline was cushioned on the back of supply disruptions in Indonesia and Chile. In Indonesia, a strike for higher pay has paralyzed production at Freeport McMoRan Copper & Gold's giant Grasberg mine. While in Chile, some workers at state-owned Codelco are planning a one-day walk-out, while unions in Peru called off a two-day strike at the last moment. Chile’s Collahuasi copper mine is coming back to normal after severe weather that affected the operations in the world’s third largest copper mine.

We expect base metals are expected to trade with a negative bias today on the back of a stronger dollar coupled with China’s latest move to raise its interest rates. Additionally, increasing concerns over Euro Zone debt crisis will also exert pressure on prices.

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Commodity Data

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
THU 7TH JUL	5:45pm	USD	ADP Non-Farm Employment Change	67K	38K
	6:00pm	USD	Unemployment Claims	421K	428K
	8:00pm	USD	Natural Gas Storage	80B	78B
	8:30pm	USD	Crude Oil Inventories	-2.4M	-4.4M

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	14754	-0.31
PEPPER	NCDEX	26785	-1.32
TURMERIC	NCDEX	7536	-1.34
GUARSEED	NCDEX	3738	-0.9
GUARGUM	NCDEX	11870	-0.89
CHANA	NCDEX	2929	0.31
SOYBEAN	NCDEX	2303	-1.41
SOY OIL REFINED	NCDEX	633.4	-0.89
MUSTARD SEED	NCDEX	2883	-0.86
COTTONSEED OILCAKE	NCDEX	1224	-1.77
GUR	NCDEX	1000.5	-0.45
POTATO	NCDEX	427.3	-3
MENTHA OIL	MCX	1033	1.43
CARDAMOM	MCX	810.8	-0.78

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Gold Updates LIve

MCX Gold/Silver Trend

Gold prices surged further at the bullion market here today on sustained buying by stockists and investors on the back of sharp rally in global markets. Silver also climbed on heavy speculative buildup amidst rising industrial demand. Standard gold (99.5 purity) rose by Rs 170 per 10 grams to end at Rs 21,890 from Tuesday''s closing level of Rs 21,720. Pure gold (99.9 purity) also spurted by Rs 180 to close at Rs 22,005 per 10 grams as against Rs 21,825 previously. Silver ready (.999 fineness) shot up by Rs 895 per kg to conclude at Rs 53,310 as compared to Rs 52,415 yesterday.

Gold International

Gold rose for a second straight day as mounting government debt in Europe boosted demand for the precious metal as a haven. Gold futures for August delivery rose $16.60, or 1.1 percent, to $1,529.30 an ounce at 10:54 a.m. on the Comex in New York. The metal advanced 2 percent yesterday. Before today, gold climbed 25 percent in the past 12 months as escalating sovereign-debt woes and record-low U.S. borrowing costs increased the appeal of the metal as an alternative to currencies. The price denominated in euros reached an all-time high on May 25.

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