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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.