Friday, May 10, 2013

Euro depreciation impact on domestic commodity market and MCX silver-crude-metal tips for today

Cotton price this year makes an enormous change  on domestic market, on MCX this year cotton prices up by more than +3000 point. Today MCX cotton for future delivery opens at 18090, its last trading price on MCX is 17970. On intraday market it touches a high of 18100 with a low of 18010. Some more up gradation are expecting in cotton this year in domestic as well as overseas market.
Mentha oil for May delivery showing dull movement on MCX, its opening price is 880 on MCX with a high of 882.40 with a low 875.00. Some positive trend is being expected on Mentha oil on the remaining trading time.

Euro falling affected the domestic bullion market, a healthy depreciation had watched on commodity especially on gold and silver. Today from morning MCX silver and gold are looking bearish, on Friday morning gold prices are open at 27100 on intraday trading it touches a high of 27116 and low of 26915. While falls in Euro price give some positive to gold prices on Tokyo market.  On Multi commodity exchange gold fall by more than -0.50% whereas on overseas market it increase to 1.10%.

Similarly silver also trimmed its position after yesterday gain on Multi commodity exchange. Today early morning  it open at 45114 and continue falls form that position and touched a  low of 44792 whereas on upper side it touch high of 45175.
Some correction might be expected on evening trading session.

Crude, copper and nickel trying to recover its position on MCX, Today copper are on good swing with a high bullish trend and supported an open interest. Some more improvement are expecting on copper for June delivery on intraday trade. While nickel following a slow movement on both direction on early trade on MCX its moving on red side but good recovery had seen in nickel prices. On intraday market it touches a high of 842.00 with a low of 834.60.
Today Crude oil open on positive side but falling down on early trade of MCX, crude oil is volatile on MCX trading for May delivery.

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MCX recommendation

Buy crude oil above 5230 tgt 5240, 5250,5060…Stoploss 5200

Buy silver above 44900 tgt 45000, 45100, 45200………stoploss 44600

Buy copper above 405 tgt 407, 409, 410…………..stoploss 400



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