Mcx Tips India

Crude oil is trading strongly today. With 1 per cent faster on Naimaks crude oil remains around $ 88. On MCX, crude oil has reached close to Rs 4,000. 's continued rise in gold. Comaks gold is above $ 1,792 with a gain of 0.5 percent. Gold on MCX is close to Rs 26 400. In the spot market, gold has gone up to Rs 26 400. silver is strongly shopping. Comaks silver has risen closer to $ 40. MCX silver remains above Rs 60 100. LME due to firm up on MCX Copper is looking up. Copper is on MCX at Rs 421.2.

Crude oil is being seen in today's fast response. And Naimaks MCX crude oil is trading at about half per cent. According to Fitch , America's AAA rating is maintained. During the past 7 months as well as U.S. industrial production is better. The impact on crude oil is being witnessed.

Gold and silver is still firmly intact. Because of rapid growth in the international market with gold on MCX is trading at Rs 26 338. In the silver is seen trading above the level of 60 thousand.

After Tuesday's decline in base metals have been shopping today. Half per cent of all base metals, including on MCX Copper is trading at Brt.

Mganlwar 4 per cent in the upper circuit after being pepper on the decline in today's business. After a slow start shopping has come to light today in cumin. On Tuesday, the futures market is trading at 2 per cent.

Advice provided to investors -

Crude oil (August Futures) MCX: Buy from -3925 to 3935, stoploss -3875, -4000 Target

Gold (October futures) MCX: Buy from -26,190 to 26,200, stoploss -25 980, -26 440 goals

Silver (September Futures) MCX: Buy from -59,800 to 59,850, stoploss -59 300, -60 800 goals

Zinc (August Futures) MCX: Buy -98-98.20, stoploss -97, -100 Target

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The glint of gold have seen an increase in the record. Domestic gold price has risen close to 23 250 rupees per 10 grams. Comeks while gold touched a record level of $ 1607. Comeks 0.2 per cent at present, with gold trading at 1605's of dollars per ounce. Comeks looks at the decline in silver. Comeks currently at 40.2 dollars per ounce of silver is trading at.

In yesterday's trading at $ 96 per barrel crude oil on Naimeks closed down.

Naimaks currently 0.3 percent with strength in crude oil trading at 96.21 dollars a barrel is. The Brent crude slipped 0.2 percent, is trading at 116.20 dollars a barrel.

Crude oil traded today is looking dull, while today's huge rise in agri-commodities - have climbed.

Guar futures have reached a new high today. 4112 per quintal on NCDEX guar seed and guar gum have hit record levels of 12 980 per quintal. Fall in business today is the cumin.

Tips provided to trade with free mcx commodity tips for investors -

Gold: Buy -23 080, -23 000 stoploss, target -23 225

Crude oil: Sell -4350, -4380 stoploss, goal -4290

Nickel: Buy -1078, -1069 stoploss, goal -1095

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The U.S. economy if the speed of a sluggish European economy has raised concern. In such a safe investment gold demand in the international market has increased. Experts believe that gold has the potential to move up.

Silver has also been a string of fast. Comeks 6 percent on Wednesday after climbing 1 percent moved up again yesterday in silver and silver closed at 38.5 dollars. This is the last best seen on a recent demand MCX silver rate of around Rs 900 to Rs 58,000 is close up.

In the last three days of crude oil and crude oil was punctured by the sharp 2.5 percent fall on Naimeks reached close to $ 96. In the fall of crude oil has come from the dollar rally.

Federal Reserve Chairman Bernanke made the statement to the Stimuls not have seen a decline in crude oil. Naimeks currently around 96 dollars a barrel on the crude oil is trading at.

sleep on the edge in today's business. Rs 22 985 gold on MCX has risen to the top of the new record. In the international market at $ 1590 per ounce gold price has gone to record levels.

Silver Uchhal strongly at the beginning has seen sluggish business. The sense of silver in the domestic market with around 1 per cent over Rs 57,000 is reached.

After Wednesday's sharp decline in crude oil today. MCX crude oil is currently trading at 1 per cent. Naimaks the price of crude oil at 98 dollars per barrel has come down.

Now firmly in base metals since the beginning has seen sluggish today. On MCX, Copper, including base metals are trading at about 1 per cent.

International Chinese market has reached a new Uchani. Estimates of sugar production in Brazil due to the decline of sugar prices in London have reached beyond 874 dollars per tonne.

Guar is in decline today. On NCDEX guar seed and guar gum are trading at half per cent. Nearly 160 per cent rise in Rajasthan is scheduled to guar, guar and the stress has had on prices.

According to data released July 12 by state government in Rajasthan has about 11 million hectares sown Guar, Guar in the same period last year nearly 4 million hectares of the area.

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Gold (August Futures) MCX: Buy on declines -22 830, -22 720 stoploss, target -22 950

Silver (September Futures) MCX: Buy on declines -56 000, -55 400 stoploss, target -57,000 to 57,500

Crude Oil (July Futures) MCX: Buy -4 360, -4 415 stoploss, goal -4290

Copper (August Futures) MCX: Buy up to Rs -434, stoploss -430, -440 Target

Zinc (July Futures) MCX: Buy on declines -104.50, -103.30 stoploss, goals -106

Lead (July Futures) MCX: Buy on declines -119, -117.50 stoploss, goals -121

Gwarseed (August Futures) NCDEX: Sell -3960-3965, -4000-4005 stoploss, target -3860-3850

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Crude oil futures traded bearish during the initial hours of trading on Multi Commodity Exchange (MCX) Thursday losing a notable change. Profit taking was seen in sync with Nymex crude oil that also slipped to trade in red terrain.  

July crude oil at New York Mercantile Exchange (NYMEX) ended at USD 94.28 [-1.13] a barrel.

MCX crude oil July contract traded at Rs 4,247 [-36.00] a barrel. Far month August and September contracts traded at Rs 4,297 [-36.00] and at Rs 4,341 [-38.00] a barrel respectively.

Base metals displayed bearish sentiment during the opening hours of trading on Multi Commodity Exchange (MCX) Thursday losing in tandem with LME base metals. LME prices came under pressure after China made heavy selling amid softening global sentiment.

Aluminium June contract traded at Rs 113.05 per kg, down Re 0.40 at 10:27 AM IST and opened the session at Rs 113.50 per kg. It so far moved between Rs 113.20- 113.00 per kg. Total volume so far recorded at 120 lots. 

Copper June contract traded at Rs 402.20 per kg, down Rs 2.25 at 10:28 AM IST and traded in the range of Rs 403.10- 401.60 per kg. Total volumes so far recorded 5,418 lots.

Lead June contract currently traded at Rs 112.25/kg, down Re 0.90. The session opened at Rs 112.75 per kg and so far fluctuated in the range of Rs 112.80- 112.00 per kg. Total volumes recorded 1,350 lots.

Zinc June contract traded at Rs 99.30, down Re 0.60 and traded between Rs 99.60- 99.20 per kg. Total volumes recorded 775 lots. 

Gold futures traded slightly down on opening trading of Multi Commodity Exchange (MCX) Thursday trade, while silver continued to move south on weak global sentiment. Appreciating dollar pressurized prices of bullion though safe haven investment in gold is supporting its prices. Demand for the white metal in domestic markets is also reported poor. Overseas gold and silver in London spot respectively traded at USD 1,554.60/oz, down 0.25 and USD 36.25/oz, up 0.03.

MCX most active August contract at Rs 22,702, down Rs 34 and so far moved between Rs 22,720- 22,588/10gm. Contract volume was 1,786 lots.

MCX gold mini most active July contract traded at Rs 22,536/10 gm, down Rs 33 and fluctuated between Rs 22,550- 22,510/10gm. Volume was 2,213 lots.

Silver July contract dropped Rs 425 at Rs 54,213/kg at 10:51 AM IST and so far made intra-day high and low of Rs 54,550- 54,123/kg so far. Volume so far was 3,816 lots. 

MCX silver mini most traded June contract shed Rs 420 at Rs 54,231/kg and traded between Rs 54,505- 54,150/kg. Volume recorded 7,530 lots.  

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Zinc Updates

Zinc June contract offered at Rs 101.10 per kg, up Re 0.60 and traded between Rs 101.20- 100.30 per kg. Total volume recorded so far 8,622 lots. 

Yesterday zinc updates as traded with the positive node and settled 1.03% up at 101.55 as China’s Central Bank announced after the new CPI in the afternoon it will raise the deposit reserve ratio for financial institutions by 0.5%, which was under expectation. In this context, LME zinc prices edged up.

The US Commerce Department released that retail sales for May slid 0.2% from April, better than the forecast of a 0.4% decrease. The US dollar index moved around 74.2, pushing up LME zinc prices to close higher at USD 2,276/mt, up USD 38/mt.

Trading Ideas for zinc updates :

Zinc trading range is 99.8-102.5.

Zinc yesterday ended higher after China’s Central Bank raise the deposit reserve ratio by 0.5%

Zinc looks to take support at 100.70 and resistance at 102.

Zinc daily stocks at Shanghai exchange came down1180 by 476 tonnes.

SHFE 1108 zinc contract prices should fluctuate between RMB 17,300-17,600/mt today, with spot discounts expanding to negative RMB 200-250/mt. In yesterday's trading session zinc has touched the low of 100.3 after opening at 100.55, and finally settled at 101.55. For today's session market is looking to take support at 100.7, a break below could see a test of 99.8 and where as resistance is now likely to be seen at 102, a move above could see prices testing 102.5.

Gold Updates

The Gold Market may be updated temporarily turning down to sideways as the funds may shift as allocations may flow into other products.   The Indian Wedding Season has ended and the Gold Market may simply consolidate at these levels for now.  Fitch's ratings had warned the US that any potential default may take the AAA rating down. 

The US economy is fragile and any poor ratings, reports or further stalling on its recovery is bullish for Gold.  We also still have potential unrest globally and a terrorist organization out there to caution us to stay alert and be ready for anything.  The Gold Market does not always go up, but it certainly moves in times of dour circumstances.  While we may stay in this range for a while, it is precautionary to many events.  We use Gold as a hedge against inflation.   We use it to counter market crashes.  We rely on it through the ages and will need to continue to do so!

The August Gold market updated and  reached a high this week of $1555.00 and a low of $1531.80.  I am in a very bullish mode until the GCQ11 should penetrate $1529.00.  The current point of control or comfort zone may be $1542.10.   We have rolled to the August Gold !  This market is coiling and may break out soon!   Those who hold long positions may want to trail stops to protect any accumulated profits or prevent losses.  

While I am long term bullish this market, it is essential to have a trading plan with worst-case scenarios in mind.  Once you accept the risk of the trade, then all you need do is follow the plan.  Intra-day trading, we do bracket our trades with precise stops.  The use of stops, while prohibitive may allow an account take smaller losses during some very large market moves.  To live to trade another day!  

The use of options with futures positions and/or option strategies may again keep the risk at a specific level. Now we may find the market potentially could climb to $1596.00 or much higher this or next year.  Some analysts are forecasting $2000.00.   Gold Updates is still a Safe-Haven market that seems to hold value during most economic conditions.

Silver Updates

As we have predicted in out last week report that Silver prices might bounce back till 54800 levels and id did the same .

Silver Updates Today : Short term positive bias over all.. consider support 57310...resistance 58483 watch out. 

Silver traded flat to positive getting support from crude and base metal and settled at +0.37 up at 57919, as investor concern eased that Greece may become the first euro country to default, paring demand for the precious metal as a haven. Silver also dropped. Cash silver weakened as much as 1 percent to $38.14 an ounce. Greece will probably get the loans needed to avoid default, Fitch Ratings said yesterday. 

Trading Ideas:

Silver trading range is 56814-59032.

Silver rebounded smartly on renewed buying by stockists and speculators on the back of rising global trend.

Silver is having resistance at 58476 and support at 57367 level.

In spot silver is getting resistance at 38.80$ and support is at 37.40$ level.

Silver rebounded smartly on renewed buying by stockists and speculators on the back of rising global trend.Silver is having resistance at 58476 and support at 57367 level.

In spot silver is getting resistance at 38.80$ and support is at 37.40$ level

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Crude Oil Tips :
Technically, Crude Oil, which had given bullish breakout from an otherwise bearish pattern of "Rising Channel" in Daily/ Weekly Charts had the target of $114-$115 which is already achieved. 

Now it can test the breakout level around $93-94 and if that support is also violated, a strong support exists between $88-$90 which should be held if Crude has to remain in intermediate uptrend. Crude is already oversold after declining sharply from $114.83 to $94.63, weekly loss of $20. A pullback move can take Crude to $103-104 before declining again.

GOLD TIPS :
Technically, In last 5-6 months, Gold has made an "Inverted Head & Shoulder" pattern with Resistance at $1450-$1452 which is already violated with heavy volumes setting a target of $1575-$1600 which is likely to be achieved in coming weeks/ months. 

However if Gold re-enters this pattern by going below $1450, the bullish targets will get nullified. The policy should be to buy on declines with broad SL of $1440 on closing basis. (From 5T-180411). Gold achieved the target of $1577 and declined sharply from 1577 to 1462 during last week and made "Higher Bottoms".The level of 1450-1460 is important, if violated can trigger further fall towards $1385.  

SILVER  TIPS :
Technically, Silver touched a Life Time High on 25th April 2011 when it touched a high of $49.82. The sharp rise from $26.30 (on 28th January 2011) to $49.82 (On 25th April 2011) i.e. more than 75% rise in just 65 Trading Sessions can be attributed to tensions in Egypt, Libya, earth Quake & tsunami in Japan. 

Presently, Silver is extremely overbought and ripe for corrective decline. It may be noted that Silver had given bullish breakout from an otherwise bearish "Rising Wedge" pattern having resistance around $39.02 setting a target of $47.5-48 which may be achieved in coming days.

After achieving the bullish Targets, Silver declined sharply to touch an Intraweek low of $33.03 and now it can recover to $38-$39 in coming sessions. (From 5T-090511)  Astrologically, Silver may open high on Monday but there is a possibility of good decline for first 2-3 days however Silver may recover in mid-week before declining again from 2nd Half of 27th May 2011. (This is preliminary analysis. More accurate analysis with Buy/Sell recommendations will be provides to Commodity Subscribers during Market Hours) .

Gold climbed to its highest level in nearly two weeks yesterday and closed up by +0.6% at 22301 after a raft of unsettling news on indebted euro zone nations such as Greece and Italy dented investor confidence. Gold rose even as most other commodities tumbled under pressure from the dollar, which strengthened against the euro. Bullion's resilience signaled its appeal as a hedge against the mounting crisis in Europe.

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For Crude Oil Tips : supplies, where as in other hand OPEC said oil prices are more in line with market conditions after last week’s 14.7% collapse, and maintained its 2011 demand forecast. The world will need an average of 29.87mln bls of crude a day from OPEC’s 12 members this year, about 400k a day more than last year because of “roaring” economic growth in China, the group said in its monthly market report today. U.S. crude stockpiles climbed 2.95mln bls last week to 367.2 million, the API said. 

Now technically market is trading in the range as RSI for 18days is currently indicating 36.04, where as 50DMA is at 4820 and crude is trading below the same and getting support at 4357 and below could see a test of 4264 level, And resistance is now likely to be seen at 4609, a move above could see prices testing 4768.

Copper dropped to a five-month low and settled -3.17% down at 391.1 on concern that China may continue monetary tightening after inflation spread beyond food, damping the demand outlook in china. The data yesterday supported our view that tightening policies won't ease in the near future, Copper may see further downside given China's economic outlook and technically also trading well below 9000$ can could dip till 8480$ as next important support level. 

China's inflation is spreading beyond food, with non-food inflation climbing 2.7% in April, the fastest pace in at least six years, while overall consumer prices rose 5.3%. China's industrial production gained 13.4% last month from a year earlier, the least since Nov and slower than 14.8% in March. The PBOC has raised the reserve requirement ratios seven times and the interest rates four times since October last year to mop up the excessive liquidity.For today's session market is looking to take support at 386, a break below could see a test of 381 and where as resistance is now likely to be seen at 400.7, a move above could see prices testing 410.4.

Trading Ideas:

Copper trading range is 381-410.4.

Copper crumbled as signs of a growth slowdown in China signaled sustained softness in demand

Copper is taking resistance at 400.70 and support is seen at 386.

Copper daily stocks at Shanghai exchange came down by 200 tonnes.

inc yesterday traded with the negative node and settled -1.73% down at 95.65 after data released yesterday that China’s CPI during April rose by 5.3% YoY, compared with the median forecast of an 5.2% increase, pushing down LME zinc prices overnight during the Asian trading hours. Later, the Standard and Poor’s said Portuguese banking sector may need more government support, a signal that Portugal will be likely downgraded sovereign rating.

Nickel yesterday traded with the negative node and settled -2.43% down at 1092.7 tracking LME nickel which opened at USD 24,900/mt and closed at USD 24,299/mt, down by USD 601/mt from a day earlier, with the highest price at USD 24,950/mt and the lowest price at USD 24,100/mt. LME base metal prices closed with losses on Wednesday, due to stronger US dollar and concern that China's slower economy growth will cause weak demand for base metals.

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Natural gas yesterday traded with the negative node and settled -0.05% down at 208.2 but overall trading firm jumping to a 14-week high amid speculation warmer-than-normal weather and declining production would widen a stockpile deficit. The U.S. EIA said last Thursday that total U.S. natural gas storage in the week ended April 22 stood at 1.685 trillion cubic feet, 0.6% below the five-year average.

Inventories fell below the five-year average for the first time since the week ended Feb 25. Stockpiles were 11% below 2010 levels, the widest year-on-year deficit since early August 2008. For today's session market is looking to take support at 206.2, a break below could see a test of 204.3 and where as resistance is now likely to be seen at 210.4, a move above could see prices testing 212.7.

Trading Ideas:

Natural Gas trading range is 204.3-212.7.

Natural gas ended flat after jumping to a 14-week high amid speculation warmer-than-normal weather

Natural gas looks to test support at 206.20 and resistance is seen at 210.40.

Inventories fell below the five-year average for the first time since the week ended February 25.

Aluminium yesterday traded with the negative node and settled -0.53% down at 121.9. On May 2nd, ISM announced the index of the manufacturing sector was 60.4% during April, higher than the expected 59.5%. The US dollar index opened at 73.01 and closed at 73.15 after hitting a low of 72.72, up 0.17%. The US President Obama said Bin Laden was killed in a firefight during a “targeted operation” that Mr. Obama ordered in Pakistan, and market players expected that the stabilized situation in Middle East will increase crude oil supply, and crude oil for June delivery slipped 41 cents to settle at USD 113.52/bbl on NYMEX as a result.

LME market was closed on Monday for a holiday. For today's session market is looking to take support at 121.4, a break below could see a test of 121 and where as resistance is now likely to be seen at 122.3, a move above could see prices testing 122.7.

Trading Ideas:

Aluminium trading range is 121-122.7.

Aluminium yesterday traded with the negative node and settled -0.53% down

Aluminium is taking resistance at 123 and support is seen at 120.80.

Aluminium daily stocks at Shanghai exchange came down by 1940 tonnes.

Crude Palm oil yesterday traded with the negative node and settled -0.35% down at 519.6 driven by weak spot market trend on subdued demand. Malaysia's palm oil exports in April increased by 14% compared with the previous month to 1.26 million metric tonnes.

In yesterday's trading session Crude Palm oil has touched the low of 517.7 after opening at 519.3, and finally settled at 519.6. For today's session market is looking to take support at 517.8, a break below could see a test of 516 and where as resistance is now likely to be seen at 521.3, a move above could see prices testing 523.

Trading Ideas:

Crude Palm Oil trading range is 516-523.

Crude Palm oil yesterday traded with the negative node driven by weak spot market trend on subdued demand

Resistance for crude palm oil is at 521.30 level

Support for crude palm oil is at 517.80 level.

Crude palm oil prices in spot market dropped by 0.60 rupees and settled at 520.70 rupees.

Tips For Mcx

High crude oil prices have affected demand with a lag of 9-10 months

We do not rule out a delayed impact of global crude demand due to high crude prices, we believe the same will be less pronounced as seen in the last correction, as: 

(1) we are in a upward economic cycle in a high liquidity regime; and 

(2) earlier demand correction was exacerbated by the financial/mortgage crisis, which is absent currently.

IEA last estimated the operable spare  apacity at 4.08 mbpd. Assuming the entire Libyan production off the market, the operable spare capacity falls to 2.68 mbpd. This is again higher than the low levels of spare capacity seen in CY08. Before the Libyan crisis, the country was producing 1.58 mbpd of crude.

Historically, crude demand growth has lagged price increases. As we see in the chart below, the demand fall in OECD economies lag price increases by as much as 9-10 months. 

We have chosen OECD economies, as these regions are developed and pricing of products are market linked, unlike in non-OECD economies. 

Following the Libyan crisis, all of the Libyan crude capacity (1.7% of global supply) has gone off the market. However, we feel the markets remain adequately supported with the crude spare capacity still higher than the sub-2.0 mbpd levels seen in CY08. 

To make our estimate more contemporary, we are, therefore, switching our benchmark to using Brent. Though the ideal benchmark would have been using Dubai crude, we use Brent crude oil as the same is traded and indicates interest of the trading community as well.

Assuming that the entire Libyan output is out of the market, OPEC spare capacity is expected to average 3.39 mbpd in CY11 and 2.46 mbpd in CY12. We believe that the crude market, which had recently spiked, has been pricing the possibility of the contagion effects of the crisis spreading to other countries, especially Saudi Arabia and Iran.

Moving to Brent as benchmark; expect Q1FY12 at USD 115/bbl

Until recently, we followed WTI crude as a benchmark. Recently, however, lower demand in the US market led to the land-locked WTI crude to get priced at a significant discount to other global benchmarks.

Mcx India Tips

Silver Tips : On a technical side.....6000 is a psychological support in coming trading sessions, however entered in over bought region.......almost 5000 point move in last week and last 15 days added more than 10000 points.

Today Crucial Level 62902 watch out......Below 62840 short term weakness, in case open with up side gap... avoid this level.

Technically, Silver touched a Life Time High on 15th April 2011 when it touched a high of $42.91. The sharp rise from $26.30 (on 28th January 2011) to $42.91 (On 15th April 2011) i.e. more than 50% rise in just 55 Trading Sessions can be attributed to tensions in Egypt, Libya, earth Quake & tsunami in Japan. Presently, Silver is extremely overbought and ripe for corrective decline. It may be noted that Silver has given bullish breakout from an otherwise bearish "Rising Wedge" pattern having resistance around $39.02.

This suggests that Silver can touch $44.5-45 in coming weeks. It may not be out of place to mention that Silver is at it's "LIFE TIME HIGH" after it touched $41.5 in 1980. Astrologically, Silver looks volatile this week. It may start with profit booking with possibility of Sharp decline on late 18th or 19th. Silver is expected to bounce back on late 18th/ 19th but Friday may again see some profit booking. (This is preliminary analysis. More accurate analysis with Buy/Sell recommendations will be provides to Commodity Subscribers during Market Hours) 

LEAD :  After the sharp move from 125 to 135, big sell off were saw and finally made a low is 117.75 and closed at 119.50... Short term correction is over and ready to move... Higher level resistance exit 123.50.

NICKEL (APRIL) :  As expected last week, it was face a resistance 1200-1210 range and big sell off were saw resulted it was made a low of 1151. Time being trading range is 1150-1200 range, on weakness to buy side and sell on selling with tight stop loss strategy to be adopted. 

ALUMINIUM  (APRIL) : Short term support at lower level.... We may consider lower level support is 116-116.50 range and decline to buy side... resistance 120.... Trading range 118---115 watch out please. 

NATURAL GAS (APRIL) :  Strong bounce from the lower level 178 and finally made a high of 190.30. Trend is bullish and decline to buy side... Fresh up move only above 191 if hold this level successfully.... Down side major support 175-180 range and major weakness only below that level.... Above 195 it will show real power.

 

CRUDE OIL (APRIL) : Over all trend is bullish but due to lesser tension of geographically and CEAS fire accepted by the Libiya resulted some soften in Crude price. We may consider support range 4700-4750 in near term and decline to buy side. 

Comex : Strong bull favour as remain hold $ 104 for target 120 mark.

Commodity Mcx Tips

On 29th March 2011 (Tuesday), the domestic commodity markets closed on a negative note. All 4 indexes on MCX trading in the negative zone compared to the previous close price. Yesterday, in the MCX future, MCXCOMDEX closed at 3,519.16 down by 0.43%, while MCXMETAL closed at 4,493.24 down by 0.09%, MCXENERGY closed at 3,315.23 down by 0.70% and MCXAGRI closed at 2,682.71 down by 1.45%.

The top gainers at MCX were Lead for March contract (2.25%), Lead Mini for March contract (2.25%), Lead Mini for May contract (1.92%), Lead for April contract (1.83%) and Lead Mini for April contract (1.75%).

Similarly the top losers at MCX were Natural Gas for June contract (-5.33%), Natural Gas for April contract (-5.27%), Platinum for March contract (-4.0%), Mentha Oil for April contract (-2.62%) and Natural Gas for June contract (-2.25%).

Yesterday at MCX, the top traded commodities in terms of quantity were Crude Oil for April contract with 137,095 lots, Silver M for April contract with 114,318 lots, Copper for April contract with 107,695 lots, Silver for May contract with 76,110 lots, Silver MIC for April contract with 63,386 lots and Nickel for March contract with 41,474 lots.

On the domestic arena, at MCX Crude Oil for September contract closed at INR 4,916.00. It touched a high of INR 4,950.00 and a low of INR 4,892.00 after opening at INR 4,938.00. Crude Oil for August contract closed at INR 4,903.00, it touched a high of INR 4,916.00 and a low of INR 4,849.00 after opening at INR 4,892.00.

Gold for October contract closed at INR 21,592.00, it touched a high of INR 21,634.00 and a low of INR 21,547.00 after opening at INR 21,620.00. Gold for August contract closed at INR 21,262.00, it touched a high of INR 21,325.00 and a low of INR 21,547.00 after opening at 21,620.00.

Silver for December contract closed at INR 57,458.00, it touched a high of INR 57,696.00 and a low of INR 57,170.00 after opening at INR 57,500.00. Silver for September contract closed at INR 56,499.00, it touched a high of INR 56,677.00 and a low of INR 56,129.00 after opening at INR 56,451.00.

In the last couple of months, silver prices have shown an increasing trend. The price has grew from Rs 43,080 a kilogram to Rs 55,820, a rise of Rs 12,740, or 30% (from January 27), since the Jasmine Revolution started.

Gold increased its sheen on safe haven buying due to unrest in Libya coupled with earthquake and tsunami in Japan. Also, the euro zone debt crisis caused the metal to rise.

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Gold for April contract, at MCX, is trading at Rs.20,822.00 per 10 grams, up by 0.16%, after opening at Rs. 20,806.00 against the previous close price of Rs. 20,788.00 with intra-day high of Rs. 20,829.00 till the trading. (At 11:12 AM today).

Silver for May contract, at MCX, is trading at Rs.55,467.00 (up by 0.30%) after opening at Rs. 55,400.00 against the previous close of Rs. 55,302.00 with intra-day high of Rs. 55,524.00 till the trading. (At 11:11 AM today).

At MCX, copper future for April contract is trading at Rs. 438.50 per kg, up by 0.01%, after opening at Rs. 438.50 against the previous close price of Rs. 438.50. (At 11:08 AM today).

At MCX, Lead future for March contract is trading at Rs. 121.25 per kg, up by 0.25%, after opening at Rs. 121.10 against the previous close price of Rs. 120.95. (At 11:08 AM today).

At MCX, Nickel future for March contract is trading at Rs. 1,215.00 per kg, up by 0.10%, after opening at Rs. 1,216.00 against the previous close price of Rs. 1,213.00. (At 11:05 AM today).

Natural gas futures surged in the domestic market due to firm global cues. April future advanced as much as 3.74% to $4.403 per mmBtu yesterday in New York on colder than normal weather forecast in the eastern U.S. from March 30 to April 7, boosting demand for the heating fuel oil. The low temperature in New York will be 26 degrees Fahrenheit (minus 3 Celsius) tomorrow, 12 degrees below normal, according to AccuWeather Inc. in State College, Pennsylvania.

At Multi Commodity Exchange (MCX), natural gas future for March contract is trading at Rs. 197.80 per mmBtu, up by 2.81%, after opening at Rs. 193.30 against the previous close price of Rs. 192.40. It touched the intra-day high of Rs. 199.70 per mmBtu till the trading. (At 11:04 AM today).

MCX, crude future for April contract is trading at Rs. 4,743.00, up by 0.17%, after opening at Rs. 4,736.00 against the previous close price of Rs. 4,735.00 per barrel. (At 11:02 AM today).

On 25th March 2011 (Friday), the domestic commodity markets closed on a positive note. All 4 indexes on MCX trading in the positive zone compared to the previous close price. Yesterday, in the MCX future, MCXCOMDEX closed at 3533.40 up by 0.19%., while MCXMETAL closed at 4501.32 up by 0.07% , MCXENERGY closed at 3319.16 up by 0.60% and MCXAGRI closed at 2732.73 up by 0.08%.

At NCDEX, the Dhaanya, an agri commodity benchmark index, was closed at 1135.13 up by 0.59%.

Despite bearish trend in London Metal Exchange (LME).Nickel and select copper prices declined in an otherwise lackluster non-ferrous metal market on stockists offering.

Yesterday at the MCX, the market breadth was Negative with 33 commodities advanced and 50commodities declined. wherein at NCDEX the market breadth was positive note with 114 commodities advanced and 70 commodities declined.

The top gainers at MCX were Kapas for April contract (3.78%), Iron Ore for May contract (3.06%), Natural Gas for May contract (1.64%), Natural Gas for March contract (1.58%) and ref Soy Oil for May contract (1.58%).

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Currently, Domestic commodities markets are trading with positive note. Most of the indices are showing upward trend on Multi Commodity Exchange (MCX) except MCXAGRI. At MCX futures, MCXCOMDEX is trading at 3,517.17 (up by 0.71%), MCXENERGY is trading at 3,274.06 (up by 1.41%), MCXMETAL is trading at 4,460.09 (up by 0.50%), and MCXAGRI is trading at 2,820.79 (up by 0.27%). (At 02:56 PM today).

On the domestic front, Potato futures prices declined today due to profits booking by the speculators at existing price level. June future fell by Rs. 21.3, or 3.61%, to Rs. 567.40 per 100 kgs, while May future declined by Rs. 22.4, or 3.67%, to Rs. 5587.30 per 100 kgs on the Multi Commodity Exchange (MCX) as speculators reduced their long positions on the back of tracking weaker trend in the spot market. Moreover, increased fresh arrivals from the major producing regions also kept the futures prices in negative zone.

At Multi Commodity Exchange (MCX), potato future for June contract is trading at Rs. 570.00 per 100 kgs, down by 3.18%, after opening at Rs. 592.10 against the previous close price of Rs. 588.70. It touched the intra-day low of 567.40 till the trading. (At 02:54 PM today).

The top gainers at MCX are Crude Palm Oil for June contract (2.31%), Natural gas for May contract (1.78%), Silver for September contract (1.64%), Crude Oil for July contract (1.61%) and Mentha Oil for March contract (1.56%). (At 02:53 PM today).

The top losers at MCX are Platinum Mum for June contract (-3.68%), Potato for May contract (-3.23%), Potato for June contract (-3.18%), Wheat for April contract (-3.0%) and Cardamom for July contract (-2.46%). (At 02:51 PM today).

The top gainers at NCDEX are Castor Seeds for June contract (3.53%), Castor Seeds for April contract (2.61%), Maize Feed for July contract (2.40%), Castor Seeds for May contract (2.15%) and Pepper for August contract (1.88%). (At 02:50 PM today).

The top losers at NCDEX are Potato for June contract (-4.0%), Potato for July contract (-3.99%), Potato for August contract (-3.87%), Potato for April contract (-2.99%) and Potato for May contract (-2.85%). (At 02:48 PM today).

Crude oil futures surged in the domestic market on the Back of following firm global cues. April future advanced as much as 1.87% to Rs. 4,720.00 per barrels on the Multi Commodity Exchange (MCX) today. May future climbed as much as 2.37% to $104.27 per barrels on the New York Mercantile Exchange (NYMEX) as the U.S., U.K., Italy and France launched a military operation against the Libyan leader Muammar Qaddafi’s air force, boosted the concern of supply disruption from North Africa and Middle East countries. Speculators enhanced their bullish bets on expectation that political violence will spread to other part of Middle East.

The oil production in Libya has dropped to less than 400,000 barrels a day, according to the statement of Shokri Ghanem, chairman of Libya’s National Oil Co., on March 19.

At Multi Commodity Exchange (MCX), crude oil future for April contract is trading at Rs. 4,701.00 per barrel, up by 1.45%, after opening at Rs. 4,660.00 against the previous close price of Rs. 4,633.00. It touched the intra-day high of Rs. 4,720.00 till the trading. (At 02:45 PM today).

Crude oil for May future, at NYMEX, is trading at $103.59 per barrel, up by $1.74, after opening at $103.02 against the previous close price of $101.85. It touched the intra-day high of $104.27 with a business volume of 25,526 lots till the electronic trading. (At 02:43 PM today).

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The top traded commodities in terms of quantity were Crude oil for March contract with 186,933 lots, Silver M for April contract with 138,695 lots, Copper for April contract with 137,839 lots, Silver for May contract with 103,179 lots and Silver MIC for April contract with 73,542 lots.

On the domestic front, Cardamom futures advanced in the domestic market on the back of pick-up in spot demand. Speculators increased their long positions at the lower price level, amid strengthening in demand. April future surged by Rs. 33.4, or 3.0%, to Rs. 1,147.00 per kg on the Multi Commodity Exchange (MCX). Moreover, restricted arrivals from the major producing regions also kept the prices in positive zone yesterday.

At Multi Commodity Exchange (MCX), Cardamom future for April contract closed at Rs. 1,140.60 per kg, up by 2.42%, after opening at Rs. 1,116.00 against the previous close price of Rs. 1,113.00. It touched the intra-day high of 1,147.00.

Yesterday, Copper futures prices gained for the first time in six days on the back of following firm global cues. March future surged as much as 2.57% to 427.75 per kg on the Multi Commodity Exchange (MCX). Copper for three month delivery advanced on the London Metal Exchange (LME) due to speculation that copper demand will rise in next three to six months due to reconstruction needs in Japan after the world’s strongest earthquake struck in the country.

Demand for copper and lead are expected to rise in near future on power line and transformer replacement, as well as need for generators and batteries in Japan. Copper is the best non-precious metal conductor of electricity which is used in power generation, transmission of electricity. It also used in construction industry for plumbing, roofing and cladding purpose.

At Multi Commodity Exchange (MCX), copper future for April contract closed at Rs. 421.65 per kg, up by 1.11%, after opening at Rs. 418.45 against the previous close price of Rs. 417.00. It touched the intra-day high of Rs. 427.75 per kg with a business volume of 137,839 lots.

While, copper future for May contract, at COMEX, closed at $4.1975 a pound, up by 1.46%, after opening at $4.1900 a pound against the previous close price of $4.1370 a pound. It touched the intra-day high of $4.2700 with a business volume of 57,238 lots.

At Multi Commodity Exchange (MCX), natural gas future for March contract closed at Rs. 179.30 per mmBtu, up by 0.33%, after opening at Rs. 180.40 against the previous close price of Rs. 178.70 per mmBtu. It touched the intra-day high of Rs. 181.70 with a business volume of 31,769 lots.

At Multi Commodity Exchange (MCX), crude oil future for March contract closed at Rs. 4,444.00 per barrel, down by 0.47%, after opening at Rs. 4,440.00 against the previous close price of Rs. 4,465.00. It touched the intra-day low of Rs. 4,382.00 with a business volume of 186,933 lots.

Crude oil for April future, at NYMEX, closed at $97.98 per barrel, up by 80 cents, after opening at $97.40 against the previous close price of $97.18. It touched the intra-day high of $99.60 with a business volume of 388,736 lots.

The Energy Information Administration (EIA) reported yesterday that U.S. oil stockpiles increased by 1.7 million barrels in the week ended March 3, 2011 against the forecasts of 2.5 million barrels rise in the stockpiles.

Currently, Domestic commodities markets are trading with positive note. Most of the indices are showing upward trend on Multi Commodity Exchange (MCX) except MCXMETAL. At MCX futures, MCXCOMDEX is trading at 3,418.30 (up by 0.15%), MCXENERGY is trading at 3,153.53 (up by 0.40%), MCXAGRI is trading at 2,782.58 (up by 0.24%), and MCXMETAL is trading at 4,342.82 (down by 0.05%). (At 11:25 AM today).

On the domestic front, Cardamom futures are trading with negative note on the back of profits booking by the speculators. Speculators reduced their long positions at the existing price level, amid weakening in demand. April future dropped by Rs. 10.6, or 0.92%, to Rs. 1,130.00 per kg on the Multi Commodity Exchange (MCX). Moreover, increased arrivals from the major producing regions also kept the prices in negative zone today.

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Gold prices edged higher on stronger demand for safe-haven assets, while platinum and palladium tumbled as Japanese car makers shut production in the wake of a massive natural disaster. Gold benefited from heightened uncertainty as Japan scrambled to avert a meltdown at a stricken nuclear plant on Monday after a hydrogen explosion at one reactor and exposure of fuel rods at another. 

Now technically market is trading in the range as RSI for 18days is currently indicating 55.88, where as 50DMA is at 20579.28 and gold is trading above the same and getting support at 20938 and below could see a test of 20878 level, And resistance is now likely to be seen at 21066, a move above could see prices testing 21134.

Trading Ideas:

Gold trading range is 20878-21134.

Gold prices edged higher on stronger demand for safe-haven assets

Spdr gold trust holdings fell by 1.83 tonnes to 1213.65 tonnes

ETF Securities: Gold-backed ETCs boosted by $250m in past 4 weeks

Silver ended slightly weak but recover almost all of its losses on brisk buying for seasonal demand, amid a firm global trend. Silver recovered near to the peak level as trading sentiments bolstered after precious metals came in demand in the global market in the aftermath of Japan's strongest earthquake and intensifying violence in Libya. Silver's pattern remains bullish however it will need a catalyst to push it above the recent 54500 high. With the RSI at just 70, there is still room before the metal reaches overbought levels and we would not be surprised to see another push higher. 

Now technically market is trading in the range as RSI for 18days is currently indicating 70.05, where as 50DMA is at 47679.4 and silver is trading above the same and getting support at 53621 and below could see a test of 53268 level, And resistance is now likely to be seen at 54336, a move above could see prices testing 54698.

Trading Ideas:

Silver trading range is 53268-54698.

Silver ended slightly weak but recover almost all of its losses on brisk buying for seasonal demand

Silver is having resistance at 54335 and support at 53620 level.

In spot silver looks to hold support at 35.20$ and resistance at 35.88$

Crude oil ended nearly flat as concerns of a drop in Japan's economic activity weighed against views that additional oil products will be needed to generate electricity in the country. Worries about lower demand from Japan after last week's devastating earthquake limited the day's gains. Libya's National Oil Corporation has called on employees to return to work at oil installations and hoped oil production can soon increase. Saudi Arabia and other OPEC producers have increased production, partly to offset the drop in Libyan exports. 

Now technically market is trading in the range as RSI for 18days is currently indicating 55.97, where as 50DMA is at 4316.56 and crude is trading above the same and getting support at 4481 and below could see a test of 4418 level, And resistance is now likely to be seen at 4582, a move above could see prices testing 4620.

Trading Ideas:

Crude trading range is 4418-4620.

Crude oil ended nearly flat as concerns of a drop in Japan's economic activity weighed

Crude looks to test support at 4481 and resistance is seen at 4582.

Saudi Arabia and other OPEC producers have increased production, partly to offset the drop in Libyan exports

Shyam Advisory

Currently, Domestic commodities markets are trading with negative note. All the indices are showing downward trend on Multi Commodity Exchange (MCX). At MCX futures, MCXCOMDEX is trading at 3,557.27 (down by 0.21%), MCXMETAL is trading at 4,470.55 (down by 0.17%), MCXENERGY is trading at 3,336.74 (down by 0.03%), and MCXAGRI is trading at 2,881.14 (down by 0.83%). (At 05:27 PM today).

At NCDEX, the Dhaanya, an agri commodity index, closed at 1,113.32, up by 0.15% (At 05:00 PM today).

Potato futures prices advanced in the domestic market due to firm spot demand in order to meet the ongoing marriage season demand in India. March future surged by Rs. 17.8, or 2.48%, to Rs. 732.80 per 100 kgs, while April future climbed by Rs. 26.7, or 3.99%, to Rs. 732.80 per 100 kgs on the Multi Commodity Exchange (MCX) today. Moreover, restricted fresh arrivals from the major producing regions also kept the futures prices in positive zone.

At Multi Commodity Exchange (MCX), potato future for March contract closed at Rs. 728.80 per 100 kgs, up by 1.93%, after opening at Rs. 718.30 against the previous close price of Rs. 715.00. It touched the intra-day high of 732.80. (At 05:00 PM today).

The top gainers at MCX are Potato for April contract (3.65%), Potato for May contract (3.14%), Potato for March contract (1.93%), Natural gas for March contract (1.77%) and Potato TRWR for May contract (1.69%). (At 05:23 PM today).

The top losers at MCX are Kapas for April contract (-4.00%), Nickel for May contract (-3.59%), Nickel for March contract (-3.18%), Nickel for April contract (-3.11%) and Wheat for April contract (-3.00%). (At 05:22 PM today).

The top gainers at NCDEX are Natural gas for March contract (4.00%), Potato for March contract (4.00%), Potato for June contract (4.00%), Potato for May contract (3.8%) and Potato for July contract (3.8%). (At 05:20 PM today).

The top losers at NCDEX are Nickel for March contract (-8.3%), Kapas for March contract (-4.00%), Kapas for April contract (-4.00%), Castor seed for May contract (-3.8%) and Castor seed for April contract (-3.7%). (At 05:18 PM today).

Base metals fell in the local non-ferrous market today due to tracking weak global cues. Trading sentiments also weakened on the back of profits booking by the speculators on subdued industrial demand. Nickel future for March contract fell as much as 4.41% to Rs. 1,187.70 per kg on the Multi Commodity Exchange (MCX). While, Zinc future for March contract dropped 3.40% to Rs, 104.85, and Lead for March contract dropped 2.01% to Rs. 114.55 per kg on MCX.

By Shyam Advisory : At Shyam Advisory (SA), Nickel future for three month delivery fell 2.5% to $26,803 a ton, while Zinc declined 0.2% to $2,553 a ton on speculation that persisting unrest in Libya will hamper the global economic growth, reducing demand for industrial metals. Moreover, lead for three month delivery also dropped 1.7% to $2,340 a ton at LME.

Moreover, the concern about rising inflation due to higher crude oil price, traded above $100 per barrel, increased the speculation that China and European Union will tight the monetary policy in order to curb the inflation. Therefore, any tightening of monetary policy further by the People Bank of China and ECB could create a downward risk over base metals as demand for industrial metals will slowdown.

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Currently, Domestic commodities markets are trading with positive note. All the indexes at Multi Commodity Exchange (MCX) are showing upward trend. At MCX futures, MCXCOMDEX is trading at 3,567.69 (up by 0.47%), MCXMETAL is trading at 4,515.29 (up by 0.40%), MCXAGRI is trading at 2,909.84 (up by 0.08%), and MCXENERGY is trading at 3,305.79 (up by 0.74%). (At 11:29 AM today).

At NCDEX, the Dhaanya, an agri commodity index, is currently trading at 1,128.24, down by 0.3% (At 11:27 AM today).

On the domestic front, crude oil futures are trading with positive note on the back of persisting unrest in Libya, boosting concern that political tensions will spread to other North Africa and Middle East energy exporters. April future surged as much as $2.51 to $104.42 per barrel in the New York on Friday as Libyan leader Muammar Qaddafi sent troops to recapture towns in the western part of the country and prepared to quash protest in the capital.

Moreover, signs of U.S. economic recovery also boosted the demand outlook for oil in the country, as the Department of Labor showed yesterday that the U.S. unemployment rate declined to 8.9%, the lowest level since April 2009, boosting optimistic view of U.S. economic.

At MCX, crude future for March contract is trading at Rs. 4,736.00, up by 0.81%, after opening at Rs. 4,705.00 against the previous close price of Rs. 4,698.00 per barrel. (At 11:26 AM today).

The top gainers at MCX are Crude oil for July contract (1.54%), Silver for March contract (1.23%), Silver for September contract (1.20%), Potato TRWR for March contract (1.18%) and Silver M for November contract (1.14%). (At 11:24 AM today).

The top losers at MCX are Iron ore for April contract (-2.74%), Iron ore for March contract (-2.03%), Potato for May contract (-1.79%), Cardamom for March contract (-1.71%) and Cardamom for April contract (-1.67%). (At 11:22 AM today).

The top gainers at NCDEX are Silver for May contract (2.7%), Silver for July contract (2.2%), Maize for May contract (1.4%), Maize for April contract (1.2%) and Gold for August contract (1.1%). (At 11:19 AM today).

The top losers at NCDEX are Potato for June contract (-4.0%), Potato for July contract (-3.9%), chilli for June contract (-3.0%), Potato for August contract (-2.6%) and Potato for May contract (-2.4%). (At 11:17 AM today).

Copper futures are trading with positive note on the back of strengthening of global economy that boosted the demand for the metal, mainly used in building and electricity transmission grids.

U.S. service industries expanded in February to 59.7, and manufacturing grew at the fastest pace in almost seven years, according to the reports. The U.S. Department of Labor showed yesterday that U.S. initial jobless claims fell substantial by 23,000 to 368,000 in the week ended February 26, 2011 as compared to previous figure of 391,000. While, U.S. unemployment rate declined to 8.9%, the lowest level since April 2009, boosting optimistic view of U.S. economic.

Since, London Metal Exchange (LME) is close today; all the base metals are trading with little changed at multi Commodity Exchange (MCX) tracking cues from the domestic market.

At MCX, copper future for February contract is trading at Rs. 449.15 per kg, up by 0.19%, after opening at Rs. 448.30 against the previous close price of Rs. 448.30. (At 11:12 AM today).

At MCX, Lead future for March contract is trading at Rs. 118.70 per kg, up by 0.25%, after opening at Rs. 118.40 against the previous close price of Rs. 118.40. (At 11:09 AM today).

At MCX, Zinc future for March contract is trading at Rs. 111.30 per kg, up by 0.31%, after opening at Rs. 111.35 against the previous close price of Rs. 111.65. (At 11:06 AM today).

At MCX, Nickel future for March contract is trading at Rs. 1,301.50 per kg, up by 0.17%, after opening at Rs. 1,300.10 against the previous close price of Rs. 1,299.60. (At 11:00 AM today).

Gold futures climbed in the Indian bullion market on global cues. April future advanced on Friday as much as 0.86% to $1,428.6 per ounce on the COMEX as mounting political tensions in Libya enhanced the investment appeal for the precious metal as a protection of wealth. Turmoil in Libya renewed after opposition leaders in Libya rejected a mediation offer by Venezuelan President Hugo Chavez and prepared to push toward Qaddafi’s stronghold.

Gold for April contract, at MCX, is trading at Rs.21,091.00 per 10 grams, up by 0.18%, after opening at Rs. 21,069.00 against the previous close price of Rs. 21,054.00 with intra-day high of Rs. 21,105.00 till the trading. (At 10:56 AM today).

Silver for March contract, at MCX, is trading at Rs.52,270.00 (up by 1.23%) after opening at Rs. 52,925.00 against the previous close of Rs. 51,636.00 with intra-day high of Rs. 52,925.00 till the trading. (At 10:55 AM today).

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Currently, Domestic commodities markets are trading with positive note. Most of the indices are showing upward trend on Multi Commodity Exchange (MCX) except MCXENERGY. At MCX futures, MCXCOMDEX is trading at 3,475.56 (up by 0.59%), MCXMETAL is trading at 4,465.20 (up by 0.11%), MCXAGRI is trading at 2,895.20 (up by 6.46%), and MCXENERGY is trading at 3,123.86 (down by 1.27%). (At 05:25 PM today).

At NCDEX, the Dhaanya, an agri commodity index, closed at 1,147.80, down by 0.04% (At 05:00 PM today).

On the domestic front, turmeric futures prices rebounded due to increased buying by the stockiest in order to meet rising domestic and export demand. Moreover, fall in supplies from the major producing regions also kept the prices in the positive zone today. At National Commodity & Derivative Exchange (NCDEX), April future closed at Rs. 10,100.00 per quintal, up by 2.35%. (At 05:00 PM today).

The top gainers at MCX are Lead for May contract (3.52%), Lead M for May contract (3.44%), Copper for August contract (2.70%), Zinc for May contract (2.11%) and Aluminium for May contract (2.07%). (At 05:15 PM today).

The top losers at MCX are Potato TRWR for March contract (-4.00%), Cardamom for April contract (-4.00%), Cardamom for March contract (-4.00%), Mentha oil for May contract (-3.99%) and Cardamom for May contract (-3.98%). (At 05:14 PM today).

The top gainers at NCDEX are Kapas for March contract (2.5%), Turmeric for April contract (2.4%), Chilli for June contract (2%), Nickel for March contract (1.7%) and Turmeric for June contract (1.6%). (At 05:12 PM today).

The top losers at NCDEX are Light sweet crude oil for April contract (-2.6%), Natural gas for March contract (-2.1%), Cotton seed oilcake for June contract (-1.8%), Coriander for May contract (-1.8%) and Potato for June contract (-1.8%). (At 05:11 PM today).

At Multi Commodity Exchange (MCX), Zinc future for March contract traded at Rs. 113.95 per kg, up by 0.22%, after opening at Rs. 113.60 against the previous close price of Rs. 113.70. It touched the intra-day low of 113.00 till the trading. (At 05:08 PM today).

Copper for April contract, at MCX, is trading at Rs. 450.85 per kg (down by 0.10%) after opening at Rs. 450.45 against the previous close price of Rs. 451.30 with intra-day low of Rs. 446.40 till the trading. (At 05:07 PM today).

At Multi Commodity Exchange (MCX), natural gas future for March contract is trading at Rs. 181.80 per mmBtu, down by 2.10%, after opening at Rs. 185.50 against the previous close price of Rs. 185.70 per mmBtu. It touched the intra-day low of Rs. 181.60 till the trading. (At 05:06 PM today)

On the domestic front, crude oil futures are trading with negative note due to tracking weak cues from the global market. March future dropped as much as 1.53% to Rs. 4,376.00 per barrel on the back of speculation that Saudi Arabia can increase oil production in order to offset supply shortage in the region. Saudi Aramco, world’s largest state oil company, is ready to compensate for any deficit in crude supply due to prevailing unrest in Middle East nations, according to statement of Chief Executive Officer Khalid Al-Falih. However, Saudi Arabian Oil Minister Ali al-Naimi said on February 22, 2011 that his country and OPEC members will cover the any shortfall in oil production.

At Multi Commodity Exchange (MCX), crude oil future for March contract is trading at Rs. 4,383.00 per barrel, down by 1.37%, after opening at Rs. 4,440.00 against the previous close price of Rs. 4,444.00. It touched the intra-day low of Rs. 4,376.00 till the trading. (At 05:03 PM today).

Today, crude oil futures will take cues from the global market as the Institute for Supply Management (ISM) manufacturing index has scheduled to release at 08:30 PM IST today. It shows business conditions in the U.S. manufacturing. It is a significant indicator of the overall economic condition in U.S. A result above 50 is seen as positive for crude oil prices, while a result below 50 is seen as negative. Investors are expecting a fall in this indicator by 0.3 points to 60.5 in February from 60.8 in January.

On the international front, China’s manufacturing expanded at the sluggish rate in six months in February, according to report released by the China Federation of Logistics and Purchasing (CFLP) today. Country’s manufacturing PMI fell to 52.2 in February from 52.9 in January. The indicator reflects the business conditions of the Chinese manufacturing sector.

Gold prices surged in New York due to political tensions in Libya and other parts of Middle East, boosting the investment appeal in precious metals as a protection of wealth. April future advanced as much as 0.74% to $1,420.4 per ounce on the COMEX today on fear of spreading unrest in other part of Middle East. 

Moreover, increase in Chinese demand for gold also supported the prices, as China imported more than 300 metric tons of gold last year, People’s Bank of China Vice Governor Yi Gang said on Feb. 26 in Beijing.

At COMEX, gold future for April contract is trading at $1,418.5 per ounce, up by $8.6, after opening at $1,411.6 against the previous close price of $1,409.9 per ounce. It touched the intra-day high of 1,420.4 with a business volume of 21,030 lots till the electronic trading. (At 04:57 PM today).

At Multi Commodity Exchange (MCX), silver future for March contract is trading at Rs. 50,007.00 per kg, up by 0.31%, after opening at Rs. 50,000.00 against the previous close price of Rs. 49,850.00 per kg. It touched the intra-day low of Rs. 49,751.00 till the trading. (At 04:55 PM today).