MCX Commodity Updates and Outlook for Today

Gold & Silver- Gold loses $60/oz yesterday, slips below $1600 to $1563/oz. We expect downside pressure in the case of gold and silver to continue as dollar strength and weak global market sentiments will add pressure on prices.

• Gold (FEB.) Support: 27900 - 28100, Resistance: 28300 - 28450

• Silver (MAR.) Support: 53450 - 54000, Resistance: 54600 - 55100. 

Copper- Copper on the LME fell below $7200/tonne yesterday. With growing worries over the European economy, downside pressure is expected on industrial metals to persist. A stronger US Dollar is expected to add further downside pressure on prices.

• Copper (FEB.) Support: 390 - 394, Resistance: 400 - 403.

Crude Oil- Nymex crude oil prices fell more than 5 percent on Wednesday. Crude prices are expected to test 5120- 5100 on lower end.

• Crude (DEC.) Support: 5150 - 5200, Resistance: 5230 - 5280.

MCX Commodity Updates for Today

• Gold- Today morning news came from China stating narrowed down of its trade balance may have negative impact on commodities market and thereby on gold too. Interestingly, euro is seen trading marginally lower from its previous close and the reason could be expected weaker data and the elation of positive euro summit decision which would have been over. As discussed above the day is expected to be dicey however, selling pressure may maintain during the day. In the Indian front marginal rupee depreciation may have limit on the price fall however selling trend is inevitable.

• Silver- At the Globex platform, silver is seen trading down by 56.30 cents at $31.69. Market has taken cues from Chinese news. If we look at the market Silver prices are trading down by 1.75 per cent while gold is down by around 1.00 per cent. The massive fall on Silver was witnessed due to weaker metals and energy prices. Going ahead the data are looking unimpressive and may have negative impact on prices.

• Copper- Copper Prices may come under pressure amid growing uncertainty over Euro Zone after two day long summit last week failed to ally fears over debt crisis in the region. The downside may however be capped amid rising copper imports in China signaling robust demand from the region. China’s copper import rose 17.9% in November to 452,022 tonnes. Stocks at LME fell by 2075 tonnes last week.

Support for February copper is at Rs.400 while Resistance is at Rs.412.

• Crude Oil- NYMEX crude trades in a narrow range above $99 per barrel amid mixed cues. Supporting prices is rise in Chinese crude oil imports last month and reports that China is considering a vehicle for investment in US and Euro-zone. Crude may remain in a narrow range ahead of some important event due this week, trend in equity and currency markets will determine direction for crude oil.

Support for MCX Crude Dec. contract is at Rs.5125 while Resistance is at Rs.5250.

MCX Commodity Tips Updates and Outlook for Today

• Sluggish trend in Crude Oil is seen today. In America the effect of rising in Crude Oil stocks is being witnessed on Crude Oil Prices. On MCX Crude is trading with 1/2% decline at Rs 5211.

• Gold - Silver is looking light strong today. In the Domestic Market Gold with slight edge is trading at Rs 29,306. Silver is trading with the boom of nearly 1/2% at Rs 57,407.

• Strength in base metals is still intact. On MCX metals are trading in green.