Best Mcx Tips

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.