Wednesday, April 3, 2013

South Korea and North Korea issue effect on commodity market and base metal trend and today tips for 02-04-13

Today bullion open in positive but fall on domestic market due to issue between North Korea and South Korea. The issue between this country and interfering of China and US result in falling price of gold and crude.  Today Mcx gold open at 29505 bit positive form yesterday close.  On MCX for April delivery gold prices go for maximum of 29525 with a low of 29432. There is also a fall in open interest that by more than -15%. Gold is expected to turn on green side around 6:30 pm and may be it crosses the 29600.
On MCX silver form morning no positive movement had seen from its opening price it continue falling and touch a intraday low of 52501. Today MCX support a bearish trend, on Tuesday morning it opens at 52847 and from that position it fall on MCX for May delivery. On MCX silver price is look very dull and negative but some positive data is expected from silver on evening.
Crude oil on domestic market looking on red deep side, an issue between North Korea and South Korea affect its price. MCX crude oil for future delivery opens at 5281, with an intraday high 5292 with a low of 5268. Crude oil are look little slow and dull on MCX while trading on spot market. Low positive movement may be expected in evening with mostly on red side.
Base metal are bearish and showing a red flag on MCX. Nickel for April delivery trade low and negative side, today it open at 908.70 and from its opening position trying to move to green side but falling in china market result base metal on negative side.  Copper, zinc, aluminum and lead all are traded with a sloppy movement. Some corrections are required on base metals.

BUY MENTHA OIL ABOVE 1048 TGT 1050, 1055, 1060…………….SL 1036

SELL COTTON BELOW 19210 TGT 19200, 19180, 19150.SL 19270

BUY CRUDE OIL ABOVE 5290 TGT 5300, 5310, 5320…………….SL 5260

SELL SILVER BELOW 52480 TGT 52440, 52360, 52280……………..SL 52680


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