Sunday, February 17, 2013

MCX commodity report and monday commodity movement

This week commodity market is not very high in movement expected some commodity.  This week cotton is the top gainer on MCX that crosses the level of 17200. In upcoming week more high rising is expected from cotton. 
This week bullion was watched on low dull side, but if we are talking about import of gold in January it surged by 13% as compared to previous year. India is the top buyer of gold in all over world. On MCX gold price are showing red side because of depreciation in US dollar. Currently gold price are following between the ranges of 31000 to 31500. Some positive movement expected in gold price in upcoming week and some correction will see in bullion. This week both the commodity was feel tired and not so high movement had been seen.  In this week silver prices fall by more than -400 point on MCX.  Some correction are expected in silver also and trade in the range of 55800 to 57120.

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Base metal in this week was not so high on Friday some correction had seen in copper prices, meanwhile nickel price was moving around 980- 997 his week. Lead, aluminum and zinc all are show low positive movement in previous week.  From copper and nickel prices strong uptrend is expected in upcoming week.
Mentha and crude oil
This week crude oil is harmed due to EURO zone crisis, on global and domestic market. In US crude price are falling down by 0.50% on NEWYORK and comes to $96.83 on Friday. In upcoming week crud eoil is expected to trade in range of 5112 to 5280. In upcoming week crude prices are working with low positive level. While on mentha oil some correction had been seen on Friday and its crosses the range of 1400 on INDIAN MCX.  In future delivery mentha oil will go higher and some unexpected hike may be seen.

 Monday support and resistance level for commodities

Support level for gold is 29975 , 29950… with a resistance level of 30267, 30385,

Support level for silver   55750, 55620..with a resistance level of 56342, 56520

Crude oil support 5160, 5130, resistance 5270, 5320


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