BASE METAL
Today market opens with equally red and green, base metal showing
green positive trend on MCX. Nickel and copper on MCX showing good trend, copper
for Feb contracts open slightly higher than its yesterday close. Copper on
domestic market is expected to trade positive it touches an intraday high of
438.20 and low of 436.90. While nickel for Jan contract opens at 933.80 its previous
close is 932.70. Nickel is expected to trade in the range of 945 to 924, on
MCX. Lead, aluminum and zinc showing positive moment and expected to trade on
equally red and green today.
Gold and silver
Today bullion open on red side, Indian government raise
import duty tax on gold and platinum by 6% and 4% to reduce consumption of that
commodity. This step is taken to reduce importation of gold and platinum. This
causes and reduces demand in yellow metal. On MCX gold will going to high by 315
Rs on per 10 gram. Today on MCX gold is open at 30720 and touch an intraday
high of 30766 and low of 30715. On MCX this week yellow metal is going to trade
low, while white metal showing some hikes on intraday trading. Today silver
open at slightly lower and it’s moving downside from its opening position.
Cotton and crude
Firstly crude oil for Feb contract open few point (5) low
from its yesterday close at 5157. Today crude oil is showing volatility on his
movement on MCX. Currently crude is traded at green side with 3 point high from
its yesterday close at 10:48 am. Demand in crude is looking low today on MCX. While cotton is working on the other side and
showing red shade, it opens at 16270 and touches an intraday low of 16250.
Mentha oil
On MCX mentha oil is performing well green today, mentha oil
is open at 1310 with a positive high node and expected to trade on green side. It
touches an intrday high of 1311 and low of 1304.30 form its last close.
Today calls:-
Sell cotton (31 Jan) below 16280 tgt 16260, 16230………..sl
16370
Buy mentha oil (31 Jan) above 1308 tgt 1310, 1315+++………sl 1285
Sell silver (5 mar) below 59360 tgt 59300, 59200………..sl 59550
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