HomeCopper Updates For Today: 23rd Oct.
Copper Updates:
Copper rose on news of expectation of stimulus by ECB in December and buoyed by another production cutback by producer Free port and strong Chinese import data.
A modest break higher in last session for MCX Copper fizzled out as the 50 day Exponential Moving Average drew near. The counter ended just under Rs 344 per kg mark. Much of the recovery was due to bargain buying after the contract tested a two week low under Rs 339 per kg in the prior session. A break under Rs 343 mark, which was the last session low can trigger further selling today. Upside looks capped around Rs 347.
Copper MCX Tips: It will be better to sell Copper for intraday due to its bearish trend today.
Commodity Updates For Today: 22nd Sept
Gold correct from the three-week high on Monday on stronger dollar dampened a rally fueled by the Federal Reserve's decision.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 674.61 down 3.57 tonnes from previous business day.
Base metals recovered from two week lows on Monday on rising Chinese imports rose, however on stronger dollar gains are limited. Daily average primary aluminium output excluding China rose to 68,600 tonnes in August.
Crude oil traded marginally higher as U.S. rig count fell by 8 to 644 rigs as of September 18. crude oil might turned down on stronger dollar and higher output.
Copper traded on mixed note as supply disruptions in Chile and the US interest rate decision continued to boost the price of the industrial metal and on Monday dollar index turned higher. Traders can hold their short position. Resistance of copper now seen at 354.10.
Crude Oil Updates For Today
Crude oil price have got some support due to a decrease in the number of rigs in the world's biggest consumer of crude oil USA. Foreign crude oil is trading near $ 45.40 per barrel with a gain of near about one per cent.
Oil production companies are now facing loss due to the Crude oil prices fall and because of that the number of oil rigs has decline for the third consecutive week. According to the energy and crude oil market expert firm McKenzie Woods of the oil prices below 50 dollars is not profitable for US oil producing companies.
Crude Updates: Possible support in MCX Crude
The impact of price fall in Global market may appear in Domestic market too. on MCX Commodity exchange crude oil is likely to open higher in early trade. On the other hand Rupee is also weak against US dollar so it may support Crude oil to get a strong support as per our experts.
MCX Natural Gas Trend, Outlook For Today| NCDEX Live Tips 24th March
Chana resolved way up by simply 0. 44% with 3627 upon quick covering immediately after stress noticed motivated by simply soaring provides from your year plant. Throughout 2014-15, your Output associated with pulses projected with 20. 43 million tonnes is gloomier by simply some. 36% through twenty. 5 million tonnes manufactured in 2013-14. Indian probably will collect 16% decrease chana in 2014-15 through a year ago upon decrease grown region (down 16% Y-O-Y). Meanwhile, your fall in tur production as a result of unreliable rainwater circumstances throughout the monsoon season-2014.
Chana is getting support at 3590 and below same could see a test of 3553 level, and resistance is now likely to be seen at 3653, a move above could see prices testing 3679.
MCX Natural Gas Trend: 24th March
Natural gas NYMEX April contract traded in a volatile manner wherein the commodity traded lower for most part of the day however, saw cut in its losses in latter half, probably on back of immediate winter related demand NG active expiry 2% lower to $2.733 per MMBTU whereas at one point of time it was further down to $2.691 per MMBTU
MCX Natural Gas Outlook:
As per markets updates over US weather, near term expectations continue to stay for cooler temperatures in the Eastern and Central half of the country. However as we look at the 2 weeks view over US weather, weather updates are calling for change in cooler temperatures to warmer to normalized temperatures as we move into April month. While intraday position in the commodity is seen ranged, positional traders can look down to sell the commodity on pullbacks as the commodity is likely to take negative view over weather and rising supplies in near term.
NCDEX Jeera Tips: Jeera prices slipped lower from the high of 14610 and later closed the day at 14325 levels. It is necessary to breach the horizontal trend line support of 14200 levels to continue current selling pressure towards 14030 followed by 13800 regions. Moreover, daily RSI (14) is gradually turning lower, expecting a slim fall. Conversely, failure to break could see short covering rallies and only a consistent trades above 15500 could negate the intermediate weakness. Hence, recommend to sell below 14200 levels for the day.
NCDEX Chana Tips: Chana on NCDEX is looking sluggish for today, As long as 45 day EMA caps upside at 3645, expect to see downside moves towards 3600/3580 levels.
NCDEX Turmeric Live: As long as prices trading well below the 45 day EMA resistance at 8215, bearish moves could see towards 7810 followed by 7720/7530 levels in the near term
Chana is getting support at 3590 and below same could see a test of 3553 level, and resistance is now likely to be seen at 3653, a move above could see prices testing 3679.
MCX Natural Gas Trend: 24th March
Natural gas NYMEX April contract traded in a volatile manner wherein the commodity traded lower for most part of the day however, saw cut in its losses in latter half, probably on back of immediate winter related demand NG active expiry 2% lower to $2.733 per MMBTU whereas at one point of time it was further down to $2.691 per MMBTU
MCX Natural Gas Outlook:
As per markets updates over US weather, near term expectations continue to stay for cooler temperatures in the Eastern and Central half of the country. However as we look at the 2 weeks view over US weather, weather updates are calling for change in cooler temperatures to warmer to normalized temperatures as we move into April month. While intraday position in the commodity is seen ranged, positional traders can look down to sell the commodity on pullbacks as the commodity is likely to take negative view over weather and rising supplies in near term.
NCDEX Live Tips
NCDEX Jeera Tips: Jeera prices slipped lower from the high of 14610 and later closed the day at 14325 levels. It is necessary to breach the horizontal trend line support of 14200 levels to continue current selling pressure towards 14030 followed by 13800 regions. Moreover, daily RSI (14) is gradually turning lower, expecting a slim fall. Conversely, failure to break could see short covering rallies and only a consistent trades above 15500 could negate the intermediate weakness. Hence, recommend to sell below 14200 levels for the day.
NCDEX Chana Tips: Chana on NCDEX is looking sluggish for today, As long as 45 day EMA caps upside at 3645, expect to see downside moves towards 3600/3580 levels.
NCDEX Turmeric Live: As long as prices trading well below the 45 day EMA resistance at 8215, bearish moves could see towards 7810 followed by 7720/7530 levels in the near term
