November Copper prices are expected to have support at Rs.424.5-425 and prices can move higher towards 429.0 and fresh upside can be seen only above this for rs.429.0. and prices can test Rs.431.0. Prices should not fall below Rs.423.0 to maintain positive outlook.
www.marketmagnify.com
Ph: 0731-6619100
Gold prices are expected to have resistance at $1266 i.e. Rs.27360-27390 around in MCX and selling can be seen there. Prices on lower side can extend fall towards $1252 i.e. Rs.27200. Prices should not move above $1273 i.e. Rs.27530 to maintain negative outlook for the day.
Silver December prices are expected to have resistance at Rs.42150 and selling can be seen there. Price on lower side can test Rs.41600 and again bounce back can be seen there. Prices should not move above Rs.42450 to maintain negative outlook for the day.
www.marketmagnify.com
Ph: 0731-6619100
MCX Copper settled at Rs 428.65 per kg, against Rs 427.4 per kg on 1 September 2014. The prices tested a high of Rs 431.65 per kg and a low of Rs 428.1 per kg. The selling pressure that has been built in Copper was removed last evening with prices moving higher by 0.29%. The session was capable of taking Copper above Rs 430 per kg though the settlement was lower. On the higher side Copper is capped at Rs 432 per kg. Supports for the prices are at Rs 425 per kg. Open interest has been increasing on a steady basis to 8000 against 8124 probably on account of decline in the short positions.
www.marketmagnify.com
Ph: 0731-6619100
Gold prices are expected to have resistance at $1273 i.e. Rs.27680 and selling can be seen there. Prices on lower side can slide to $1258 i.e. Rs.27400. Prices should not move above Rs.27800 to maintain negative outlook for the day.
Silver December prices are expected to have resistance at Rs.42500 and selling can be seen there. On lower side prices can test Rs.41700 and again pull back can be seen there. Prices should not move above Rs.42900 to maintain negative outlook for the day.
Gold prices are expected to have resistance at $1288 i.e. Rs.27950 and selling can be seen there. Prices on lower side can slide to $1270 i.e. Rs.27700. Prices should not move above Rs.28100 to maintain negative outlook for the day.
Silver December prices are expected to have resistance at Rs.43200 and on lower side prices have support at Rs.42500 and prices are expected to trade sideways to lower for the day. Further weakness can only be witnessed if prices close below Rs.42500.
www.marketmagnify.com
Ph: 0731-6619100
Soybean witnessed a round of volatility during yesterday’s session. Sharp swings were seen in the range of Rs 3500-3600 per quintal throughout the day to end the session a tad lower. Expectations of rising arrival created the selling pressure when prices touched a recent high of Rs 3597 per quintal after 20 trading sessions. While the bulls speculate about the actual crop loss due to abnormal rains during the pod filling and harvesting stage of the crop. Sharp rupee appreciation dragged soy oil prices lower as traders chose to book profits. We opine that the spot market arrivals will be a key for the price action in the coming days. Spot market activity will remain thin as mandi’s will remain closed due to Amavasya.
- Gold prices are expected to go up as uncertainty over budget talks continues which could possibly delay Fed’s decision to wind down its stimulus program as economic growth would likely take a hit if shutdown continues for a long time.
- We expect crude oil prices to move up over supply concerns due to storm in the Gulf of Mexico which can support prices.
- We expect copper prices to move down as absence of physical demand from China and higher supplies are likely to weigh on prices.
07316619100
Crude oil dropped on Thursday, recoiling after posting their largest gain in two weeks a day earlier, as worries about the impact of the continuing U.S. government shutdown on demand from the world's largest oil consumer undermined prices.
Crude oil is trading marginally lower on NYMEX today. We expect prices to remain range bound with a negative bias for the day as the U.S. government shutdown continued and concerns about demand from the world's largest oil consumer outweighed news of production shutdowns in the U.S. Gulf of Mexico due to a tropical storm.
A heavy open interest pick up was witnessed in MCX Gold on 1 October 2013. Gold contract for December expiry declined by almost 3% to settle at Rs 29028 per 10 grams. A low of Rs 29815 per 10 grams was tested in Gold. Further correction looks probable in this metal. Continuation of the short build ups will mean that Gold can be dragged near to Rs 28500 in near term. Meanwhile, Rs 29600 and 29900 per 10 grams has become a intermediate resistance for Gold. In Silver, panic selling can derail the prices towards Rs 47000 and 46600 per kg on MCX. The December futures closed at Rs 47902 per kg, down 2.6%.
Industrial metals prices fell to its lowest in aweek yesterday as the U.S. government shutdown reignited concerns about the world's largest economy and sparked a wave of fund and institutional selling, offsetting upbeat U.S. manufacturing data.
Industrial metals prices are trading little changed on international bourses today. We do notexpect any major downside in the prices of metals on account of better economic data fromChina and US and a weak US dollar overseas.
