MCX COMMODITY TIPS

Silver Can Buy, Above 55320 its a very good level for buying silver. From the level of 55350, Silver can move 55700- 850. Today silver is in bullish trend, so today all buy position is good.

Apart from silver gold is good from the level of 22685, Here is the good level fo gold & gold can move 22735-55 form this level.

MCX Commodity Daily Updates

Spot gold prices gained around 0.3 percent mainly due to weak sentiments in the global equity markets which made gold look attractive as a safe-haven investment. But sharp gains were capped due to dollar strength. Gold touched an intra-day high of $1547/oz and was trading at $1545/oz till 4.30 pm IST. On the MCX, the yellow metal gained slightly by 0.1 percent as further gains were capped on account of Rupee appreciation.

The base metals complex traded higher on the LME today, mainly supported by improving Chinese demand expectations. Copper prices traded higher mainly on the back of supply disruptions on account of strike at the EI Teniente mine in Chile, which is the world’s largest producer of the metal. The red metal rose 0.4percent and touched an intra-day high of $9202/tonne today.

We expect base metals to trade higher today mainly on the back of improved demand expectations from China, which is the world’s largest metal consumer. Strike at a copper mine in Chile has raised supply-side concerns and is also supporting an upside in prices.

Crude oil prices are expected to trade lower on account of expected rise in supply target by OPEC, dollar strength and poor sentiments in the global equity markets.Gold prices are expected to trade with a positive bias today mainly on account of weak sentiments in the global equity markets which will increase safe-haven demand for gold. But sharp gains will be capped due to dollar strength.

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MCX Commodity Data

Date	Time	Currency	Economic Data	Forecast	Previous
MON 6TH JUN	1:00pm	USD	FOMC Member Plosser Speaks
	10:45pm	USD	Treasury Sec Geithner Speaks

NCDEX Commodity Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	14169	0.09
PEPPER	NCDEX	29172	0.67
TURMERIC	NCDEX	7404	0.19
GUARSEED	NCDEX	3319	-1.01
GUARGUM	NCDEX	10940	-0.47
CHANA	NCDEX	2532	-1.33
SOYBEAN	NCDEX	2412	0.5
SOY OIL REFINED	NCDEX	657.3	-0.66
MUSTARD SEED	NCDEX	2965	-0.3
COTTONSEED OILCAKE	NCDEX	1185	-2.63
GUR	NCDEX	986.5	0.41
POTATO	NCDEX	416	-0.69
MENTHA OIL	MCX	903.3	1.1
CARDAMOM	MCX	734.7	2.25

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MCX Commodity News - 3 June

Bullion Updates

Spot gold prices declined around 0.5 percent as the metal witnessed profit-booking on Thursday. But a weaker dollar cushioned sharp decline in the yellow metal. It touched an intra-day low of $1519.60/oz and closed at $1531.90 yesterday. On the MCX, Gold August contract declined 0.7 percent and touched an intra- day low of `21,891/10 gms on Thursday.

Outllook

We expect gold to trade higher today mainly on the back of poor global market sentiments and ongoing Euro Zone debt worries which will increase safe-haven demand.

Silver on the other hand could continue to witness pressure on the back of move by China to increase margins on silver trading coupled with downside in base metals.

Crude Oil Trend

Nymex crude oil traded slightly higher by 0.1 percent on Thursday on account of dollar weakness. Rise in oil prices was capped due to unexpected rise in US crude oil inventories coupled with weak sentiments in the global equity markets. Oil touched an intra-day high of $100.93/bbl and closed at $100.40/bbl yesterday.

We expect crude oil prices to come under pressure today as market sentiments remain choppy ahead of the US jobs report scheduled at 6.00pm IST today. Also, the expected move by OPEC to raise its supply will put pressure on the commodity.

Base Metal

Today, the base metals complex is expected to trade with a negative bias as markets await the crucial unemployment rate data from the US today. On the back of this we expect the DX to recover and thereby add pressure on dollar-denominated commodities. Also, sentiments in the global markets are choppy on account of Euro Zone debt concerns.

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MCX Commodity - Bullion Trend' 2 June

Nymex crude oil traded higher by 0.2 percent mainly taking cues from weakness in the US dollar. But sharp gains were capped due to the comment from the OPEC delegate that the cartel may increase its supply target to temper prices. Oil touched an intra-day high of $100.74/bbl and was hovering at $100.45/bbl till 4.00pm IST. On the MCX, crude oil traded on a flat note and touched an intra-day low of `4471/bbl today.

Commodity Outlook

We expect base metals and crude oil to trade higher today mainly on the back of dollar weakness. But sharp gains will be capped due to weak global market sentiments. Gold prices are expected to higher today mainly taking cues from weakness in the dollar and poor sentiments in the global equity markets which will fuel demand for gold as a safe-haven investment.

Gold Updtaes

Gold June futures on COMEX rebounded from their prior day loss and rose by 0.42 percent to close at $1,542.4 per troy ounce yesterday from $1,535.9 per troy ounce  made on 31st May, 2011. Investment demand for the yellow metals also saw an increase by 2.12 tonnes in SPDR Gold ETF yesterday after almost a week.

Silver updates

Silver July futures on COMEX however pared their prior day losses and fell by 1.60 percent to close at $37.694 per troy ounce from $38.305 per troy ounce made on 31st May, 2011. Investment demand has still not seen in the white metal with holdings remaining unchanged at iShares Silver Trust. Gold/Silver ratio rose to 40.91 yesterday from 39.98 made on 31st May, 2011.

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Gold Updates

Gold June futures on COMEX pared their gains and fell slightly by 0.03 percent to $1,535.9 per troy ounce from $1,536.3 per troy ounce on 27th May, 2011 as easing worries of Greece calmed investors of the country becoming the first to default. Earlier futures made weekly high of $1,541.1 per troy ounce on softer greenback which fell by 0.43 percent yesterday. Investment demand receded yesterday with holdings at SPDR Gold ETF showing a 2.42 tonnes of redemption. Rise in the margins at Shanghai Gold Exchange from 3rd June, 2011 also pressurized the yellow metal. However a softer dollar and uncertainty in the Euro Zone and feeble data showing U.S. economy still in doldrums would continue to support the Gold prices.

Silver Trend

Silver July Futures on COMEX on the other hand showed a sharp rise of 1.17 percent to close at $38.305 per troy ounce yesterday from $.37.863 per troy ounce made on 27th May, 2011.

Investment demand remained unchanged yesterday at iShares Silver Trust while the Gold/Silver Ratio edged down to close at 39.98 just above the 100 Day SMA from 40.37 made on 30th May, 2011.

Copper Trend

Copper July Futures on COMEX fell on weak economic data dissipated from the U.S. and negated the weak U.S. dollar to close at $4.1775 per pound, a 0.20 percent decline from $4.1860 per pound made on 27th May, 2011. Copper three month futures on London Metal Exchange also declined yesterday and they fell by 0.22 percent to close at $9,228 per ton from $9,207.5 per ton made on 27th May, 2011.

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