12/07/2010 06:16:00 PM
Your Advisor
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.
Click To get all MCX Tips
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.
Click To get all NCDEX Tips
All Commodity tips , mcx tips ,ncdex tips, commodity trend , gold price , silver price you can get from here .
