MCX Metal updates, NCDEX Review

MCX Trend

Gold
On intraday basis, Spot Gold prices have support at $1298/$1287 whereas resistance is seen at $1319/$1330. Spot Silver prices shall find support at $21.49/$21.21 whereas resistance is seen at $22.00/$22.27 levels.


MCX October Gold has support at 19115/19025 whereas resistance is seen at 19270/19355. MCX December Silver shall find support at 32800/32540 whereas resistance is seen at 32700/32820 levels.


Copper

Copper prices will trade with a positive bias today with immediate support for MCX November contract seen at Rs.358.00 Further below; crucial support is seen at 355.00 levels. Whereas resistance is seen at Rs. 363.00 levels & further  upwards at Rs. 365.00 levels.


Zinc

Zinc prices will also trade with a positive bias today with immediate support seen at Rs.97.40 level for MCX September contract whereas crucial support is seen at Rs.96.00 level. Short-term resistance is seen at Rs.99.40 whereas major resistance is seen at Rs 100.00 levels.

NCDEX Trend

Guar
Guar seed output is likely to rise this year due to increased acreage and a favorable monsoon season in the major producing states of Rajasthan, Gujarat, Haryana and Punjab. In the medium to long term (November onwards) prices will
take cues from the stocks of Guar with the stockists, demand from the overseas buyers and the pace of arrivals of Guar crop.


Chana
In long term (December onwards), bumper crop of Chana in the year 2009-2010 coupled with good carryover stocks will resist prices from trading higher. Prices will also take cues from price quotes of other major pulses. Spread between October and November contract is at Rs. 46 as compared to Rs.36 per qtl.

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MCX NEWS, NCDEX NEWS

MCX- Gold On High Level
Gold futures traded on New York touched a new record peak on Wednesday, as persistent worries about the health of the key economies such as the US, Euro-zone and Japan continued to drive investors to safe havens like precious metals. Gold for immediate delivery climbed as much as 0.2% to an all-time high of US$1,312.25 an ounce before trading at US$1,310.75 an ounce at 2:01 p.m. in Seoul.

The Dollar Index, which tracks the US currency against its six main rivals, dropped to 78.838 today, the lowest level since Feb. 3. The US currency traded near a five-month low against the euro.

Gold futures for December delivery increased as much as 0.4% to a record US$1,313.50 an ounce in New York. The yellow metal for December delivery on the Shanghai Futures Exchange also surged to an all-time high of 283 yuan (US$42) a gram.

NCDEX Updates
India turmeric futures plunged further on sturdy crop progress of turmeric in the current season along with comfortable stocks in major mandies. Turmeric arrivals in the Nizamabad mandi surged to 500 bags from 400 bags and finger variety quoted at Rs 14,500 per 100 kg, down Rs 100 from the last close. The Erode arrivals slipped to 7,000 bags from 8,000 bags and quoted down by Rs 100 at Rs 14,700 per 100 kg.
NCDEX turmeric for the October delivery slumped by Rs 76 or 0.56 percent to the session low of Rs 13380 per 100 kg. The contract is currently trading at Rs 13418, down Rs 38 or 0.28 percent from the last close. The open interest added 4.63 percent to 9,715 tonnes, indicating short selling. Volume traded as of now stood at 2,535 tonnes.

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MCX Commodity Updates

MCX Review

MCX Gold futures are in a highly volatile mood today following a freakish sell off in the COMEX futures at the start of the London trades. Prices drifted down nearly $25per ounce from the previous close in response to the sharp up move in US dollar but then recovered in quick time. Currently, COMEX Gold futures for December are quoting at $1291.60, down $7 per ounce on the day. The prices went up above $1300 in last session, extending the recent series of lifetime highs. The WGC reported yesterday that major central banks and the International Monetary Fund over the past 12 months have reportedly sold the smallest amount of gold since an agreement to cap gold sales was put in place in 1999. The local Gold futures slipped under the critical Rs 19000 per 10-gram mark and recovered from a low of Rs 18960 per 10 grams. The counter quotes at Rs 19007, down Rs 72 or 0.38% on the day from the previous close. The more widely traded December futures are quoting.

Gold Trend
Spot Gold prices declined by 0.4% and are hovering around Rs 1289.40/oz till 3.45 pm IST. Despite weakness in the US Dollar Index (DX) the yellow metal
consolidated marginally today. On the Indian bourses, prices declined by 0.4%, touching an intra-day low of Rs.18,960. The European markets declined
sharply in the opening session but later pared losses after some positive economic updates from UK and the Euro zone. UK’s current account deficit narrowed to 7.4 billion pounds in the second quarter from the previous of 11.3 billion pounds deficit in the first quarter. UK’s GDP growth remained unchanged at 1.2% in the second quarter.

Copper Trend
Copper prices were trading on a flat note on the LME and were hovering at $7905/tonne till 3.45pm IST today. However, copper prices slipped marginally by
0.1% on the MCX platform, touching an intra-day low of Rs.356.80 till 3.45pm IST today. Copper prices were cushioned on the downside on the back of
sudden decline in the US Dollar Index (DX) in the afternoon trade. The DX was trading at 79.41 against a basket of six currencies till 3.45 pm IST. Copper
inventories on the LME fell by 2850 tonnes to reach at 375,275 tonnes today.

Crude Oil Trend
Crude oil prices declined by 0.7% on the Nymex today and were trading around $76.01/bbl till 3.45pm IST. Oil prices witnessed sharp declines mainly on the
back of weak sentiments in the financial markets which acted as a negative factor for the crude oil prices today. However, crude oil prices gained marginally
by 0.1% on the MCX and were hovering at Rs. 3451/bbl till 3.45pm IST. Crude oil prices witnessed gains on the domestic platform, due to depreciation in the
INR in today’s trading session.

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Live Market Data In MCX Commodity

Current Trend Of Gold Metal

 

 

 

Current Trend Of Silver

 

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Commodity MCX, Commodity NCDEX Updates - 27'Sep

MCX REVIEW

Spot gold prices started the week on a positive note, trialing slightly below $1300/oz in the afternoon trade. At 3.45 pm IST, the yellow metal prices were

trading at 1298/oz. However, gold prices on the MCX platform continued to trade in the red as the constant strength in the Indian Rupee exerted pressure on the yellow metal prices. Spot Rupee touched a high of 44.99 against the dollar in the afternoon trade today and was trading at 45.15 till 3.45 pm IST. In the last week as well, gold prices on the MCX had ended in the red because of the Rupee factor, despite prices gaining in the international markets.

Copper prices declined almost 1% on the LME and were trading at $7885/tonne till 3.45pm IST today. Inevitable profit booking at the higher levels exerted

pressure on the red metal prices. Copper prices have gained constantly in the last three weeks on the LME. On the MCX, copper prices extended losses today,

declining around 1.2%, because of the Rupee appreciation. Copper prices touched an intra-day low of Rs.358.70 till 3.45pm IST today. Inventories of the red metal on the LME fell by 2,100 tonnes to reach at 378,125 tonnes today. However, a simultaneous decline in cancelled warrants faded away the positive sentiment. Cancelled warrants- the metal booked for removal from the LME warehouse decreased by 1,650 tonnes today.

Crude oil prices gained marginally by 0.1% on the Nymex today and are hovering around $76.53/bbl till 3.45pm IST. The National Hurricane Center reported

that tropical storm Matthew has weakened and this factor capped sharp gains in the oil prices. However, the weakness in the US Dollar Index (DX) cushioned

crude oil prices. On the MCX, crude oil prices declined by 0.1% and were hovering at Rs. 3477/bbl till 3.45pm IST.

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NCDEX REVIEW

Chana Review

Spread between October and November contract is at Rs. 42 as compared to Rs.36 per qtl. spot prices of Chana were quoted at premium due to improved demand amidst lower supplies. Heavy rains in North India have affected the arrivals in the last 3-4 days.

Black pepper

Spread between October and November contract is Rs.204 as compared to Rs.216 the previous day. Black Pepper prices in the international market slipped to $4,500-$4,600/tonne but still remains at premium whereas Indonesian is being offered lower at 4,250/tonne.

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Today's Commodity Updates

Commodity News for Today

The spot prices of chana at Delhi mandi increased by Rs 25 in todays trading with the total arrivals of around 30 motors reported today. The prices of Delhi mandi were at Rs 2300 per quintal while Maharashtra chapa quality chana were quoting at Rs 2350 per quintal, up Rs 25 from previous day.
Buying was seen in chana future prices as the prices of October Benchmark contract added Rs 4 per quintal, trading at Rs 2257 per quintal in todays trading.
The trading was sluggish during the week and prices decreased at most of the origins with the exception of Sri Lankan price. In , slight improvement in trading activity was indicated in the Commodity Exchange, particularly for November contract. A slight drop was also observed in Lampung and . In , local prices were relatively stable, white fob prices decreased by 1%.

BLACK PEPPER:

The trading was sluggish during the week and prices decreased at most of the origins with the exception of Sri Lankan price. In , slight improvement in trading activity was indicated in the Commodity Exchange, particularly for November contract. A slight drop was also observed in Lampung and . In , local prices were relatively stable, white fob prices decreased by 1%.

WHITE PEPPER:

In , white pepper price decreased, by 3% after experiencing an increase during the last week. In , prices were stable both in local as well as fob. In dollar terms, the local price increased by 1%. In , local price was stable, while fob prices increased by 4%. A slight increase was also reported in .

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