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Our all commodity calls and updates are live and totally based on fundamental and technical research. We deal in all commodity like crude, base metal, precious metal along with agree commodity NCDEX

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MCX Market Data

MCX Market Data

Date
Time
Currency Economic Data
Forecast
Previous
WED
31TH
AUG
5:00pm
USD
Challenger Job Cuts y/y
59.4%
5:45pm
USD
ADP Non-Farm Employment Change
102K
114K
7:15pm
USD
Chicago PMI
54.3
58.8
7:30pm
USD
Factory Orders m/m
1.8%
-0.8%
8:00pm
USD
Crude Oil Inventories
0.5M
-2.2M

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MCX Commodity Live Updates

Bullion Trend
Today in the afternoon session of the trade we have Euro Zone Economic Sentiment which are expected to decline and hence would support the Precious Metals while in the evening session of the trade we have US Consumer Confidence which is also expected to support the Precious Metals Complex at COMEX. Gold is expected to come under pressure today mainly on the back of rise in risk appetite in the global financial markets which would decrease the safe-haven demand for gold.

Copper Trend
We favour a quiet high probability to broken out the region and trigger rallies towards 429/434 or even more, but it may look for a minor dip before resuming such big rallies. Break below 420 would be a signal of bearishness.

Crude Oil Trend
U.S. refiners and energy companies on Monday began to restore operations disrupted by Hurricane Irene over the weekend. One refinery was heard to have suffered damage to a crude unit due to flooding, while another remained shut, during evening session we expect initial trades may dip towards 3960, that may give a possibility for buyers to get into rally. Any how direct fall below 3910 may trigger fresh liquidation pressure towards 3850/3830.

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MCX Market Data

Date
Time
Currency Economic Data
Forecast
Previous
TUE
30TH
AUG
6:30pm
USD
S&P/CS Composite-20 HPI y/y
-4.7%
-4.5%
7:30pm
USD
CB Consumer Confidence
52.1
59.5
9:45pm
USD
FOMC Member Kocherlakota Speaks


11:30pm
USD
FOMC Meeting Minutes


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MCX - MCX Bullion , MCX Base Metal Trend

MCX Trend
MCX Gold Trend
Today in the evening session of the trade we have US Personal Income and US Personal Spending which if comes better than expected then would pressurize the Precious Metals.Gold prices slipped 1.3 percent last week and touched a low of $1702/oz. On the MCX Gold October contract declined 2.4 percent and closed at Rs26,899/10 gm last week. Investment demand continued to look weak as holdings at SPDR Gold ETF saw a net redemption of 1.51 tonnes on Friday.

Silver Trend
COMEX Silver Sept futures surged weak in comparison to Gold and ended the day at $40.952 per troy ounce on Friday, showing a 0.59 percent rise from $40.745 per troy ounce on 25th Aug, 2011.

Copper Trend
Today in the evening session of the trade we have US Pending Home Sales Index which is expected to show some improvement and hence could support the prices. LME is closed today due to Summer Bank Holiday.

Lead Trend
Lead was the top gainer in the last week as the metal surged almost 7.4 percent on the LME as well as on the MCX. Dollar weakness and upbeat market sentiments helped lead to trade higher. Lead Shanghai weekly inventory declined 1.8 percent to 417,784 tonnes last week. This also acted as a positive factor for prices. Lead touched a high of $2482/tonne and closed at $2479/tonne on Friday.

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MCX Bullion & Base Metal Trend

Gold Trend
Markets were in a see-saw mood yesterday with Stock markets paring their gains edging lower while Dollar Index gaining up even though U.S. Jobless Claims increased by 5,000 to 417,000 for the week ended 20th Aug, 2011 when analysts expected a less number of 405,000 from an upwardly revised figure of 412,000 in the prior week. MCX Gold October contract rose 1.5 percent and touched an intra-day high of Rs26,825/10 gms till 4.00 pm IST today. Spot silver prices declined almost 1 percent mainly taking cues from downside in the base metals and touched an intra-day low of $40.52/oz today.

Copper Trend
COMEX Copper Sept futures surged by 2.03 percent to $4.0790 per pound yesterday from $3.9980 per pound on 24th Aug, 2011. Lingering concerns of FED’s Chairman Bernanke taking steps to bolster the economy lifter the RED Metal prices yesterday although nervousness remained in the market after weak jobless claims and decline in the equity markets which had capped the gains.

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MCX Market Data

Date
Time
Currency Economic Data
Forecast
Previous


FRI
26TH
AUG
6:00pm
USD
Prelim GDP q/q
1.1%
1.3%

6:00pm
USD
Prelim GDP Price Index q/q
2.3%
2.3%

7:25pm
USD
Revised UoM Consumer Sentiment
56.3
54.9

7:25pm
USD
Revised UoM Inflation Expectations
3.4%

7:30pm
USD
Fed Chairman Bernanke Speaks




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MCX Commodity Live

MCX Bullion Trend
Precious metals are trading lower on COMEX today. We expect prices to remain under pressure on account of positive data from US and margin hike done by CME. Investment demand at SPDR Gold ETF also faced the redemption and fell by 27.26 tonnes yesterday, the biggest one day decline since 25th Jan, 2011. Spot Gold prices slipped 4.3 percent on Wednesday to close at $1750/oz and prices on the MCX October contract declined 4.7 percent and closed at Rs26,293/10 gm.

COMEX Silver Sept futures also tumbled down yesterday and showed a sharp fall by 7.4 percent to close at $39.162 per troy ounce from $42.291 per troy ounce the prior day. Spot Silver prices also took cues from movement in gold and slipped 5.3 percent to close at $39.63/oz. In the Indian markets, the MCX September contract fell almost 6 percent to end yesterday’s trade Rs59,836/kg.

Crude Oil Updates
Crude oil prices are expected to trade higher today mainly taking cues from dollar weakness coupled with rise in risk appetite due to expectations that Fed may go for additional stimulus measures. Additionally, if hurricane Irene hits the US East Coast then this will create supply fears which would further provide support for oil prices. Crude oil inventories declined unexpectedly by 2.2 million barrels to 351.8 million barrels when analysts were expecting them to rise by 0.7 million barrels from a 4.2 million barrel increase in the prior week.


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MCX Bullion Trend, Base Metal Trend

Gold Trend
Spot Gold bounced back recovering from the fall in the earlier session. This was supported by safe haven buying after Moody’s downgraded Japan. During evening session we expect prices to test initially 27650-700 region for a pull back towards downside 27400 levels. Recovery in the Financial Markets dented the safe haven appeal of the Precious Metals yesterday and COMEX Gold Oct futures contract saw some profit booking yesterday after prices surged pass the
1,900 mark again yesterday.

Silver trend
COMEX Silver Sept futures also succumbed to profit booking yesterday and fell by 2.39 percent to close at $42.291 per troy ounce from $43.325 per troy ounce on 22nd Aug, 2011. Spot Silver prices too came under pressure on Tuesday and fell 4.2 percent, taking cues from decline in gold prices. But sharp losses were cushioned on account of a weaker dollar which fell by 0.3 percent in yesterday’s trade.

Copper trend
LME Copper initially edged higher on hopes of further economic quantitative measures by Federal Reserve to boost the world’s largest economy but later those gains were capped on persistent worries of global economic slow down. Copper prices on the LME increased 1.1 percent to close at $8851/tonne as dollar weakness coupled with stable market sentiments supported increase in prices. Inventories of the metal declined 0.3 percent and hence this factor did not provide much cues to prices in yesterday’s trade. Prices are trading below the crucial $9000/tonne mark and this indicates demand concerns amid the grim global economic scenario.

Crude Oil Trend
NYMEX Crude oil Oct futures extended their gains yesterday on weaker greenback and hopes of FED stimulus optimism while a rally in equities also supported the Black Gold. s. In Africa, Royal Dutch Shell has been forced to shut in its Nigerian Bonny Light crude exports to repair pipeline damage caused by a recent spate of hacksaw attacks. Additionally, dollar weakness also provided further support. MCX crude rose around 2 percent and touched an intra-day high of Rs3957/bbl on Tuesday.

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Commodity Data

MCX Commodity Data

Date
Time
Currency Economic Data
Forecast
Previous
WED
24TH
AUG
6:00pm
USD
Core Durable Goods Orders m/m
-0.3%
0.4%
6:00pm
USD
Durable Goods Orders m/m
2.1%
1.9%
7:30pm
USD
OFHEO HPI m/m
0.2%
0.4%
8:00pm
USD
Crude Oil Inventories
0.7M
4.2M


NCDEX Commodity Data

COMMODITY EXCHANGE CLOSING PRICE % CHANGE
JEERA NCDEX 15890 -1.73
PEPPER NCDEX 32900 -0.05
TURMERIC NCDEX 5920 -3.99
GUARSEED NCDEX 4514 1.62
GUARGUM NCDEX 14180 1.53
CHANA NCDEX 3207 -0.8
SOYBEAN NCDEX 2427.5 1
SOY OIL REFINED NCDEX 663.45 0.67
MUSTARD SEED NCDEX 2941 0.48
COTTONSEED OILCAKE NCDEX 1299 -1.07
GUR NCDEX 1047.5 -0.19
POTATO NCDEX 364 0.3
MENTHA OIL MCX 1126.1 -0.18
CARDAMOM MCX 763 -3.82

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MCX Commodity Bullion & Base Metals Trend

MCX Bullion Updates
There was no major economic data scheduled to release yesterday and investors continued to bet on Safe haven assets yesterday which led the COMEX Gold Oct futures breach the 1,900 mark and made a high of $1,901.5 per troy ounce yesterday.Spot gold prices rallied almost 2.5 percent on Monday and crossed the psychological level of $1900/oz mainly on the back of growing over slowdown in the global economy which boosted safe-haven demand for gold. On the MCX, Gold October contract rose almost 2 percent yesterday as further gains were capped due to Rupee appreciation.

COMEX Silver futures also rose along with Gold on safe haven buying and surged by 2.1 percent to close at $43.325 per troy ounce yesterday from $42.432 per troy ounce on 19th Aug, 2011. MCX silver September contract gained around 2.3 percent and touched an intra-day high of Rs66,625/kg on Monday.

MCX Base Metals Updates
COMEX Copper futures continued to be pushed and pulled by internal and outside forces yesterday. Futures initially got support from a rise in the Chinese refined copper imports but a stronger dollar and sluggish U.S. Today in the evening session of the trade we have U.S. New Home Sales and U.S. Richmond Manufacturing Index and a reading less than expected would pressurize the Base Metals.

As long as prices trade below 100 levels, we expect a fall towards 96.80 then 95/93 levels for the day. On the other hand, a trade above 101 may see prices to move upside towards 102.5 then 105 levels in the near term. Zinc prices declined around 1.8 percent on the LME in yesterday’s trading session mainly on account of a stronger dollar. On the MCX, prices slipped more than 1.8 percent and touched an intraday low of Rs97.40/kg on Monday.

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MCX Bullion Trend

COMEX Gold Oct futures touched a record high of $1,878.8 per troy ounce on Friday before closing at $1,850.1 per troy ounceand showing a 1.66 percent rise from $1,819.9 per troy ounce made on 18th Aug, 2011. Fears of another U.S. recession overshadowed trading on Friday, a day after a dismal reading on regional business activity. There were no signs of a solution to the euro zone financial problems that have dogged investor sentiment.

COMEX Copper Sept futures recovered on from their prior day decline as bottom hunting led the RED METALS surge by 0.44 percent to $3.9835 per pound on 19th Aug, 2011 from $3.9660 per pound made on 18th Aug, 2011. A weaker dollar also lifter the price of Copper three month futures on LME and they also surged by 0.547 percent to $8,810 per ton on 19th Aug, 2011 from $8,760 per ton on 18thAug, 2011.

Its expected that gold to trade higher today on the back of mixed sentiments in the global financial markets which will increase safe-haven demand for gold. Today, silver is expected to trade with a positive bias mainly taking cues from rise in gold and a weaker dollar.

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MCX Bullion Trend

MCX Bullion Trend
COMEX Silver futures took cues with the grim outlook and rose along with Gold to close at $40.688 per troy ounce from $40.351 per troy ounce showing a 0.84 percent gain. In Gold Spot gold prices rallied 2 percent on Thursday mainly taking cues from rising worriers with respect to slowdown in the global economy which led rise in risk aversion in the global financial markets. This factor fueled safe-haven demand for gold yesterday and the yellow metal prices touched a new high of $1828/oz.Today, gold prices extended gains and hit a lifetime high of $1844/oz. On the MCX, Gold October contract surged almost 3 percent on account of Rupee depreciation on Thursday and crossed a crucial level of Rs27,000/10gms.

Crude Oil Trend
Lackluster economic data from U.S. coupled with lingering economic worries continued dark clouds hover over the sentiments and this pressurized the NYMEX Crude oil futures yesterday which plunged down sharply by 5.94 percent to close at $82.38 per barrel from $87.58 per barrel the prior day. y. Oil
touched an intra-day low of $81/bbl and closed its trading session at $82.38/bbl on Thursday. On the MCX, crude oil August contract traded lower by 5.4 percent and touched an intra-day low of Rs3738/bbl yesterday.

We expect base metals to trade lower today mainly on the back of increasing concerns over global economic recovery which would lead to rise in risk aversion in the global markets.

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MCx Silver Tips

Buy Silver at the CMP, its a great time to buy Silver, Silver may touch 61300 in today's trading.  Keep Silver for profit.


MCX Commodity - Bullion & Base Metals Updates

Bullion Trend
Both bullion metals can buy at higher levels, its a good time for short term buying. We expect gold to trade higher today on account of dollar weakness and rise in risk aversion in the global financial markets due to global economic tensions. Silver is expected to trade with a sideways bias taking mixed cues from base metals and a weaker dollar.

Base Metals Updates
Even the crucial upside regions 404-405 has broken out in the earlier session, the moves have been disappointing and less indicative to this end. For the day we favour an initial dip followed by a consolidation then trigger reaction rallies. A direct sell off below 396 would be an early signal of strong selling pressure. Following zinc, copper gained 1.2 percent on the LME and around 1.3 percent on the MCX to be the second best performer on Wednesday. China’s buying of the metal has led drawdown in copper inventories which supported prices in yesterday’s trading session.

After posting gains in the previous session, prices are exhausted to keep the momentum and likely to show a reversal initially, but such moves are expect to held near 3880 for buyers to enter into positions to reap the benefits. Direct fall below the same may find support at 3820-800. If prices consistent above 4020 we would see a rally till 4060/4120/4160 levels. We expect crude oil prices to come under pressure today as rising worries over global economic recovery would lead to demand concerns. However, dollar weakness may cushion sharp downside.

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MCX Commodity Live Market News

Gold steadied on Wednesday, helped by investor unease over the resolution of the euro zone crisis after a Franco-German summit yielded no lasting solution to the regional debt problem, while a pickup in equities denoted improving risk appetite.

On a weekly basis, gold in Canadian dollars has performed the strongest , rising by more than 13 percent, followed by gold denominated in Swiss francs , which has risen 8.20 percent, as the Swiss currency has been shaken by the increasing efforts of the Swiss National Bank to tame its strength.

Silver rose by nearly 1 percent on the day to $40.42 an ounce, while the more industrial platinum group metals also rose. While platinum was up by more than 1.5 percent on the day at $1,841.75 an ounce, supported by ongoing inflows into ETFs and against a backdrop of threatened strikes in South Africa, the world's largest producer of the metal.   Partner - Reuters 

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MCX Gold, Crude Oil Trend


MCX Gold Trend
Investment demand at SPDR Gold ETF also saw additions yesterday as resumption of 2.73 tonnes yesterday.Today in the afternoon session we have inflation and Current account deficit for the Euro Zone which can affect the Euro. Later in the evening session of the trade we have U.S. Producer Price Index which is an inflationary measure and can affect the greenback.

We expect gold to trade on a positive note today as risk aversion in the global financial markets will fuel safe-haven demand for gold. Silver is also expected to trade higher on the back of a weaker dollar.  

Crude Oil Trend
Crude oil inventories rose 1.75 million barrels to  350.4 million barrels for the week ended 12th Aug, 2011, data from the API reported. Analysts had expected a 0.5 million barrels. Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, dropped 1.39 million barrels to 33.2 million.  Gasoline stockpiles fell 5.37 million barrels to 205.8 million barrels. The recent attempts to break the upside level 3980-4000 has been held several times. For the day we expect prices to break the same may give assurance to move higher towards 4060 initially then 4180. Other wise we see a choppy trading session with mild negative bias towards 3920. 

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Live MCX Tips


Silver Buy
At - 58465
Tgt - 58600, 58820
SL - 58290

MCX Bullion & Base Metal Trend

MCX Bullion Trend
Weakness in the Major Global Equity markets which slumped yesterday prompted investors to continue park funds in the safe haven assets and COMEX Gold Aug futures made a record high of $1,795.6 per troy ounce yesterday which was broken today as prices breached the $1,800 per troy ounce mark today even though CME raised margins of Gold contracts. Earlier Gold Aug futures at COMEX extended their sparkling rally and rose by 2.37 percent to close at $1,781.3 per troy ounce yesterday from $1,740 per troy ounce on 9th Aug, 2011. Gold is expected to trade lower today as rise in margin requirements by the CME will act as a negative factor on prices. Additionally, a stronger dollar will also exert further pressure. Silver is expected to trade with a sideways bias mainly taking mixed cues from upside in base metals and a stronger dollar.

COMEX Silver Sept futures pared their prior day gains and moved along with Gold and rose by 3.81 percent to close at $39.327 per troy ounce yesterday from $37.883 per troy ounce on 9th Aug, 2011. Huge redemption was seen at iShares Silver trust in the past 3 days and yesterday holdings declined by 118.18 tonnes while the Gold/Silver ratio closed down to 45.24 yesterday from 46.13 on 9th Aug, 2011.

Base Metal Updates
Copper trend
COMEX Copper Sept futures fell down by 2.05 percent to close at $3.885 per pound from $3.97 per pound made on 9th Aug, 2011 amid a less than expected U.S. Wholesale Inventory growth coupled with a gloomy global economic outlook.

Crude Oil Trend
Nymex crude oil prices declined slightly by 0.2 percent today mainly on the back of dollar strength. But sharp decline was cushioned due to expected increase in demand from China. Oil touched an intra-day low of $81.14/bbl and were hovering at $82.76/bbl till 4.00 pm IST. On the MCX, oil witnessed gains on account of Rupee depreciation. NYMEX Crude oil Sept futures rose by 4.53 percent to close at $82.89 per barrel yesterday from $79.30 per barrel made on 9th Aug, 2011 as it got support from an unexpected decline in the U.S. Crude oil inventory data showed by the U.S. EIA. Oil stocks fell by 5.23 million barrels to 349.8 million barrels for the week ended 5th Aug, 2011 negating the analysts expectation of a rise by 1.7 million barrels from the prior week’s increase of 1 million barrel.

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MCX Commodity Data

MCX Data
Date
Time
Currency Economic Data
Forecast
Previous
THU
11TH
AUG
6:00pm USD Trade Balance -47.9B -50.2B
6:00pm USD Unemployment Claims 401K 400K
8:00pm USD Natural Gas Storage 33B 44B


  • GOLD STEADIES NEAR LIFETIME HIGH, ECON WORRIES LINGER.
  • CRUDE OIL RISES FROM 10-MONTH LOW ON FED STATEMENT.
  • COPPER RISE ON STRONG CHINESE COPPER IMPORTS.
  • INDIAN SPICES COMPLEX TRADE UP.
NCDEX Data



COMMODITY EXCHANGE CLOSING PRICE % CHANGE
JEERA NCDEX 15080 3.25
PEPPER NCDEX 29870 4
TURMERIC NCDEX 6220 -0.67
GUARSEED NCDEX 4270 4.02
GUARGUM NCDEX 13609 4
CHANA NCDEX 3103 1.7
SOYBEAN NCDEX 2412 0.08
SOY OIL REFINED NCDEX 645.55 0.35
MUSTARD SEED NCDEX 2928 0.69
COTTONSEED OILCAKE NCDEX 1307 1.63
GUR NCDEX 1025.5 -0.44
POTATO NCDEX 356.1 0.37
MENTHA OIL MCX 1126 2.77
CARDAMOM MCX 824.9 2.12

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MCX Commodity News

Investment demand of Gold declined yesterday as redemption of 13.02 tonnes of holdings was seen in SPDR Gold ETF. South Korea fires artillery off Yeonpyeong after hearing shells from North Korea. South Korea’s military said it fired two artillery rounds after hearing three explosions coming from the North near the disputed sea border that was the scene of a deadly shelling in November.

Spot gold rose almost 1 percent today on safe-haven demand as global economic concerns still persist. Additionally, dollar weakness also helped the yellow metal to rise further. On the MCX, gold traded on a flat note till 4.00 pm IST mainly on account of Rupee appreciation.

Base metals complex traded higher on the LME today mainly taking cues from stable sentiments in the global markets coupled with a weaker dollar. Appreciation in the Indian Rupee resisted further rise on the domestic bourses. Nickel was the top gainer of the day as the metal rose 2.8 percent on the LME and around 1.3 percent on the MCX today. Base metals and crude oil are expected to trade higher on the back of dollar weakness and upbeat market sentiments.

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MCX Commodity Live

 - GOLD AT RECORD $1,778; BIGGEST 3-DAY RALLY SINCE 2008.
 - CRUDE OIL DROPS BELOW $80 FOR FIRST TIME SINCE OCTOBER IN EXTENDED      DECLINE.
 - COPPER ERASES EARLY FALL AFTER CHINA DATA.
 - DOMESTIC OIL AND OILSEED TRADE BEARISH.

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MCX Updates

The Shanghai Gold Exchange raised margin requirements for gold futures to 11% from 10% with effect from the end of settlement Thursday. The hike is aimed at maintaining market stability and protecting investors, the exchange said in a notice. Gold is testing new highs everyday and the yellow metal is headed for its 11th consecutive yearly rise. Equities, which are considered as the most preferred asset class, are under sharp selling pressure globally as investors become cautious and risk averse. Among major commodities, base metals and crude oil have slumped sharply as global economic concerns have threatened demand and in turn have led to investors shunning these investment assets too. If the current macroeconomic concerns continue to linger then gold prices could rise further while copper and crude oil will continue to tread lower.

Investment demand took a hit yesterday as redemption of 119.71 tonnes of silver holdings were seen in iShares Silver trust. Gold/Silver ratio surged high to 44.16 yesterday from 43.36 on 6th Aug, 2011 indicating that the safe haven buying demand of Gold is denting the investment demand for the white metal.

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Commodity Market Data

MCX Commodity Tips
Date
Time
Currency Economic Data
Forecast
Previous
TUE
9TH
AUG
6:00pm USD Prelim Nonfarm Productivity q/q -0.6% 1.8%
6:00pm USD Prelim Unit Labor Costs q/q 2.1% 0.7%
11:45pm USD FOMC Statement

11:45pm USD
Federal Funds Rate


<0.25% <0.25%

NCDEX Tips

COMMODITY EXCHANGE CLOSING PRICE % CHANGE
JEERA NCDEX 15010 -2.3
PEPPER NCDEX 28698 -0.27
TURMERIC NCDEX 6518 -2.16
GUARSEED NCDEX 4156 0
GUARGUM NCDEX 13360 -1.21
CHANA NCDEX 3183 0.06
SOYBEAN NCDEX 2443 -1.27
SOY OIL REFINED NCDEX 645.35 -0.16
MUSTARD SEED NCDEX 2937 -0.47
COTTONSEED OILCAKE NCDEX 1279 1.51
GUR NCDEX 1021.5 -0.39
POTATO NCDEX 357.1 1.68
MENTHA OIL MCX 1110 -2.92
CARDAMOM MCX 837.3 4

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MCX Bullion & Base Metal Trend

MCX Bullion  Updates
Precious Metal Complex got pressurized on Friday at COMEX due to better than expected rise in the U.S. Nonfarm Payrollswhich came as a breather and lifter the moods of the investors. COMEX Gold Aug futures fell by 0.45 percent to close at $1,648.8 per troy ounce on 5th Aug, 2011 from $1,656.2 per troy ounce on 4th Aug, 2011. On the India front at MCX on Saturday Gold rose on account of a credit rating cut of U.S. by Standard & Poor’s.

Gold Trend
In the last week Spot Gold prices surged around 2.5 percent and hit a lifetime high of $1682/oz mainly on the back increased safe-haven demand due to rising concerns over global economic worries. Rise in risk aversion in the markets made gold look attractive. Depreciation in the Indian Rupee led to further rise in the yellow metal prices on the domestic bourses last week.

Silver Trend
Silver on the other hand is expected to decline, taking cues from downside pressure in base metals on the back of worries over demand as global economic growth becomes a concern. Investment demand at iShares Silver trust remained muted on Friday while Gold/silver ratio surged higher to 43.46 on 5
th Aug, 2011 from 42.66 on 4th Aug, 2011 citing strength in the yellow metal as compared to the white metal in terms of investment demand.

Copper Trend
COMEX Copper Sept futures fell sharply and ended in red went the prices declined by 2.8 percent to close at $4.1170 per pound on 5 th Aug, 2011 from 4.2355 per pound on 4th Aug, 2011 as the red metal took the beating due to fragile global economic recovery which erupted concerns of another recession heading toward the U.S. Copper declined sharply by 7.4 percent in the last week mainly on the back of easing supply worries, rising demand concerns from the US and global economic tensions. Workers at Escondida, the world’s largest copper mine ended the two-week strike and accepted a bonus of 2.65m pesos ($5,700) in line with a revised offer from the company.

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MCX Commodity Bullion & Base Metals Trend

Bullion Updates
Precious Metals resorted to profit booking yesterday after surging in the early session of the trade amid growing uncertainties regarding the global economic recovery. COMEX Gold Aug futures made a record high of $1,681.7 per troy ounce yesterday before closing down to $1,656.2 per troy ounce, a 0.43 percent decline from $1.663.4 per troy ounce made on 3rd Aug, 2011.

A panic selling in the equity markets and a stronger greenback led investor’s park funds in the government bonds yesterday. Investment demand for the yellow metal at the SPDR Gold ETF remained unchanged yesterday. Markets now eye the U.S. Nonfarm Payroll data and the U.S. unemployment rate schedule to release in the evening session of the trade.

Strategy for Bullion
Spot silver prices slipped almost 7 percent on Thursday and touched an intra-day low of $38.44/oz. The white metal took cues from a stronger dolla rcoupled with downside in the base metals. We expect gold to trade with a sideways bias as it will take mixed cues from dollar strength and rise in risk aversion in the global financial markets due to global economic tensions. Silver being an industrial metal will also take cues from base metals.

Base Metal Updates
Crude Oil Trend
NYMEX Crude oil Sept futures were battered on concerns of subdued demand as the Global Economy is showing signs of stalling while another report showed a weak improvement in the U.S. Labor market also aggravated the concern that demand would wane from the world’s largest crude oil consumer.We expect crude oil prices to trade lower today as rising worries over global economic recovery would lead to demand concerns.Additionally, a stronger dollar will also exert further pressure. Futures slid by a sharp 5.77 percent to close at $86.63 per barrel yesterday from $91.93 per barrel made on 3rd Aug, 2011.

Copper Trend
Copper declined sharply by more than 2 percent in yesterday’s trading session as demand concerns from the US, the world’s largest economy coupled with global economic tensions exerted pressure on prices. Additionally,a weaker dollar led further downside. It touched an intraday low of $9331/tonne and ended at $9344/tonne. COMEX Copper Sept futures declined by 2.09 percent to close at $4.2355 per pound yesterday from $4.3260 per pound on 3rd Aug, 2011 while Copper LME three month futures also scaled down by 2.15 percent to close at $9,344 per ton from $9,549 per ton made on 3rd Aug, 2011.

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MCX Bullion & Base Metal Trend

Bullion Trend
Today in the evening session of the Trade we have Euro Zone interest rate decision and if they increase the rates then it would pressurize the U.S. Dollar and would support the Precious Metals Complex. We also have U.S. Jobless Claims in the evening session which are expected to rise from the prior week and hence would support the Precious Metals Complex.

Investment demand also showed an improvement as holdings at iShares Silver trust increased by 33.99 tonnes yesterday. Gold/Silver ratio fell drastically yesterday to 39.94 from 40.86 on 2nd July, 2011 showing strong investment demand for the white metal.

Base Metal Updates
Troubled sentiments in the markets globally due to worries with regard to US economy and Euro Zone debt issues exerted pressure on base metals base metals complex on the LME today. Additionally, dollar strength also acted as a negative factor for prices. Depreciation in the Indian Rupee led minimal decline on the domestic bourses. Zinc was the worst performer of the day as the metal declined 1.8 percent on the LME and by 1.1 percent on the MCX till 4.00 pm IST today.

U.S. Crude oil stockpiles rose 1 million barrels to 355 million barrels for the week ended 29th July, 2011 when they were expected by the analysts to rise by 1.3 million barrels from 354 million barrels in the prior week when they had shown a 2.3million barrel increase. The Strategic Petroleum Reserve fell by 4.5 million barrels last week, declining for the second-straight week as the U.S. begins its release of a total of 30 million barrels. Gasoline stockpiles rose 1.7 million barrels to 215.2 million barrels and Distillate stocks, which include heating oil and diesel fuel, rose by 400,000 barrels to 152.3 million barrels.

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Silver Tips

MCX Silver Live
MCX Silver is moving ahead, It recently crossed 61300 level & we recommend that it will touch 61500 level very soon buying position can be mange from the buy on high.

MCX Commodity Updates

Base Metal Updates
Prices are trading with mild weak bias. However any trades above 114.70 prices likely to rally upside towards 115.50 and later test the level of 116.20. A direct fall below 112.50 may drag prices to 111.

Base metals are expected to remain under pressure on account of global economic concerns and its impact on demand for commodities. Dollar strength will also be negative for base metals as a stronger dollar makes dollar denominated commodities look unattractive for holders of other commodities

Bullion Trend
We expect the upside in gold and silver to continue on the back of escalating concerns over the US economy. The appeal of gold as a safe-haven investment increases in times of economic uncertainty. Silver & Gold both are on bullish trend, they made high of week. We expect that both may go for up.

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Crude Oil Slips with impact of US

Brent slid 81 cents to USD 115.65 a barrel by 0832 GMT, almost USD 12 below this year's peak above USD 127. US crude fell 44 cents to USD 93.35 a barrel, the lowest intraday price since June 29.The American slowdown is having a direct impact on US oil demand as consumer spending and gasoline use crumble. Prices has slipped down below 4170 where it had taken support multiple times. Going forwards fro the day we favour negative bias to continue towards 4110 initially, but strong liquidation pressure is seen only a close below the same.

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Bullion & Base Metals Trend

Gold Trend
Precious Metals Complex got overshadowed by the latest improvement in the U.S. Debt rise deal saga and also on a stronger Dollar Index which rose by 0.77 percent to close at 74.32 yesterday from 73.75 on 29th July, 2011. COMEX Gold Aug futures pared their prior day gains and fell by 0.57 percent to close at $1,619 per troy ounce from $1,628.3 per troy ounce on 29 th July, 2011. Investment demand remained unchanged yesterday at the SPDR GOLD ETF trust.

We expect gold and silver prices to bounce back in today’s trade as market sentiments became weak on after thought of the increase in US debt limit. Prices are expected to trade with a positive bias despite dollar strength on account of US and Euro Zone debt concerns.

Crude Oil Trend
Crude oil prices are expected to trade lower today mainly on the back of expected rise in US crude oil inventories coupled with dollar strength. Additionally, weak sentiments in the global markets will also exert further pressure. NYMEX Crude oil Sept futures continued to edged down yesterday and got pressurized due to dim prospects of demand owing to economic data slowdown in the Global Manufacturing Activity. Futures fell by 0.85 percent to close at $94.89 per barrel from $95.70 per barrel on 29th July, 2011.

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Commodity Data

MCX Data

Date
Time
Currency Economic Data
Forecast
Previous
TUE
2ND
AUG
6:00pm USD Core PCE Price Index m/m 0.2% 0.3%
6:00pm USD Personal Spending m/m 0.2% 0.0%
6:00pm USD Personal Income m/m 0.3% 0.3%
All Day USD Total Vehicle Sales 11.9M 11.5M
NCDEX DATA

COMMODITY
EXCHANGE
CLOSING PRICE
% CHANGE
JEERA
NCDEX
15791
-1.31
PEPPER
NCDEX
29183
-0.5
TURMERIC
NCDEX
7074
-2.78
GUARSEED
NCDEX
4430
-1.16
GUARGUM
NCDEX
14500
-0.78
CHANA
NCDEX
3142
-0.41
SOYBEAN
NCDEX
2458.5
0.53
SOY OIL REFINED
NCDEX
664.2
0.36
MUSTARD SEED
NCDEX
2990
0.4
COTTONSEED OILCAKE
NCDEX
1253
-3.02
GUR
NCDEX
1040
-0.38
POTATO
NCDEX
362.2
-1.01
MENTHA OIL
MCX
1073
0.57
CARDAMOM
MCX
838.5
-0.82
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