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Gold inched higher on Friday, on track for a gain of more than one percent in July, as the dollar extended its losses after the Bank of Japan's stimulus fell short of market expectations.
The yen rose about 2.14 % at 102.99 against the dollar, and the dollar index, which measures the greenback against a basket of currencies, was down 0.4 % at 96.316.
Spot gold was up 0.4 % at $1,341.16 an ounce at 0430 GMT. Bullion has risen 1.2 % in July, its second straight monthly gain, and is heading for its first weekly gain in three.Spot
gold looks neutral in a range of $1,333.99-$1,346 per ounce, and an
escape will point a direction, according to Reuters technical analyst
Wang Tao.
U.S. gold was up 0.4 % at $1,337.90 an ounce.U.S. advance GDP data and employment wages figures, both for the second quarter, are due later in the day.
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Zinc on MCX settled up 1.51% at 147.75 recouping from Wednesday’s losses supported by a weaker dollar after the US Federal Reserve statement last night. The US Federal Reserve decided to leave the Federal Funds rate unchanged but said “near-term risks to the economic outlook have diminished”.
Zinc, used to rustproof steel, has surged more than 50 percent from its January low as production cuts at Glencore Plc’s mines and closures at MMG’s Century and Vedanta Resources Plc’s Lisheen operations reduced supplies.
Goldman Sachs Group Inc. forecasts a widening global shortage with prices rising to $2,500 a metric ton in six months, compared with $2,185 on Thursday. Goldman says the global shortage will expand to 360,000 tons in 2017 from 114,000 tons this year. The metal is the best performer on the LME in 2016 as stores in warehouses monitored by the bourse have fallen about 30 % from a September peak.
Trading Ideas
Zinc trading range for the day is 144.7-149.5.
Goldman says the global Zinc shortage will expand to 360,000 tons in 2017 from 114,000 tons this year.
Chinese-owned MMG Ltd. is seeking new zinc mines in Peru, after a dearth of global exploration in past decades led to an output crunch.
Oil prices settled down nearly 2 percent on Thursday, hitting April lows and with U.S. crude headed for its biggest monthly loss in a year, on growing worries that the world was pumping more crude than needed.
Oil prices are still up about 60 percent from 12-year lows of $26-$27 in the first quarter. But the rally has faded since they breached $50 in May."Our price target right now is $38 for WTI," said Matthew Tuttle, chief executive of Tuttle Tactical Management in Riverside, Connecticut. "We think there's more to go on the downside because the move that we saw up to $50 was fundamentally driven but that created more supply."
U.S. crude's West Texas Intermediate (WTI) futures settled down 78 cents, or 1.9 %, at $41.14 a barrel. WTI earlier fell to $41.04, its lowest since April 20. It also has lost 20 % since hitting a 2016 high of $51.67 on June 9, technically placing it in bear market territory.
Brent crude futures fell 77 cents, or 1.8 %, to settle at $42.70, after falling earlier to $42.56, the lowest since April 18.
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GOLD
SUPPORT: 30750/30900
RESISTANCE: 31200/30350
TREND: UP
SILVER
SUPPORT: 46700/47000
RESISTANCE: 47600/48000
TREND: UP
CRUDE OIL
SUPPORT: 2700/2740
RESISTANCE: 2820/2880
TREND: DOWN
COPPER
SUPPORT: 325/327
RESISTANCE: 332/335
TREND: SIDEWAYS
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Silver prices went up by a whopping Rs 603 to Rs 48,725 per kg in futures trading today as participants widened their positions, tracking a firm trend in global market.
At the Multi Commodity Exchange, silver for delivery in far-month December was trading notably higher by Rs 603, or 1.25 per cent, to Rs 48,725 per kg, in a business turnover of 47 lots.
Similarly, the white metal for delivery in September was up by Rs 595, or 1.27 per cent, to Rs 47,614 per kg in 1,608 .
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क्रूड की गिरावट से कल के कारोबार में अमेरिकी बाजारों में दबाव देखने को मिला। क्रूड में 2 फीसदी की गिरावट हुई और ये 43 डॉलर के नीचे चला गया। क्रूड की इन्वेटरी बढ़कर 300,000 बैरल पहुंच गई है। लेकिन फेसबुक, एप्पल और एमेजॉन की मजबूती से नेस्डैक साल की ऊंचाई पर बंद हुआ।
फेसबुक की विज्ञापन से होने वाली आय बढ़ी है। टेक शेयरों में तेजी से बाजार को सहारा मिला। जबकि फोर्ड मोटर्स के नतीजे अनुमान से कमजोर रहे हैं। आगे भी ऑटो की बिक्री घटने की आशंका है।
इस बीच अमेरिका में बेरोजगारी आकंडे बढ़कर 266000 पर पहुंच गए हैं। वहीं यूरोप के बाजारों में गिरावट देखने को मिली। बाजारों की नजर अब बैंक ऑफ जापान के फैसले पर टिकी हुई है।
गुरुवार के कारोबारी सत्र में डाओ जोंस 15.82 अंक यानी 0.09 फीसदी घटकर 18456.35 पर, एसएंडपी-500 इंडेक्स 3.48 अंक यानी 0.16 फीसदी बढ़त के साथ 2170.06 पर और नैस्डेक 15.17 अंक यानी 0.30 फीसदी की बढ़त के साथ 5154.98 पर बंद हुआ
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Nickel futures were trading higher during the afternoon trade in the domestic market on Thursday as traders raised their bets amid a firming trend at domestic market on the back of increased demand from alloy-makers. Further, the increase in domestic demand from alloy-makers at the domestic spot markets, helped the upside in nickel prices at the futures trade.
At the MCX, nickel futures for July 2016 contract is trading at Rs 702.90 per kg, up by 1.28 per cent, after opening at Rs 698.20, against a previous close of Rs 694. It touched the intra-day high of Rs 704.70.
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Turmeric on NCDEX settled down by -2.9% at 8048 due to profit booking after prices gained on expectation of lower arrivals and good upcountry demand. The arrivals in the main physical markets such as Nizamabad, Duggirala (AP), Salem, Erode and Sangli reported decreasing compared to last week Turmeric acreage in Telangana as on now was around 30,000 hectares as compared to 31,000 hectares last year. The acreage is lower compared to normal. In Andhra Pradesh, till now Turmeric sowing complete around 2522 hectares as compared to last year 2638 hectares.
Technically market is under long liquidation as market has witnessed drop in open interest by -0.21% to settled at 19215 while prices down -240 rupee, now Turmeric is getting support at 7904 and below same could see a test of 7760 level, And resistance is now likely to be seen at 8260, a move above could see prices testing 8472.
Trading Ideas
- Turmeric trading range for the day is 7760-8472.
- Turmeric acreage in Telangana as on now was around 30,000 hectares as compared to 31,000 hectares last year.
- As per dept of commerce data, turmeric exports in April 2016 increased by 27% compared to last year at 9,135 tonnes.
- In Nizamabad, a major spot market in AP, the price ended at 8422.6 rupees dropped -56.8 rupees.
GOLD
SUPPORT: 30700/30850
RESISTANCE: 31200/30350
TREND: UP
SILVER
SUPPORT: 46500/46900
RESISTANCE: 47700/48100
TREND: UP
CRUDE OIL
SUPPORT: 2760/2800
RESISTANCE: 2880/2930
TREND: DOWN
COPPER
SUPPORT: 321/324
RESISTANCE: 329/331
TREND: SIDEWAYS
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Oil prices recovered slightly from April lows in early trading on Thursday, but the outlook for the industry remained weak as crude producers and fuel refiners continue to pump out more than the market can consume.
International Brent crude oil futures were trading at $43.61 at 0118 GMT, up 14 cents from their previous close. U.S. West Texas Intermediate (WTI) crude was at $42.06, up 14 cents.
Brent and WTI hit their lowest since April in the previous session, at $43.27 and $41.68 per barrel, respectively, after U.S. government data revealed a surprise build in crude and gasoline inventories. The build adds to an already huge global refined product glut just as slowing economic growth dents the demand outlook for crude.
Oil prices were sold off heavily after the weekly EIA report showed a surprise build in crude oil inventory. The 1.7 million barrel increase (to 521.1 million barrels) was against market expectations of a 2.3 million fall. U.S. oil production also increased," ANZ bank said on Thursday.
Oil markets have been dogged by oversupply for the last two years, which pulled down prices by as much as 70% between 2014 and early 2016, when Brent hit the lowest in more than a decade at around $27 per barrel.
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Gold held steady early on Thursday, clinging to gains from the previous session when it rose 1.5 % to a 2-week high on a weaker dollar after the U.S. Federal Reserve left interest rates unchanged.
Spot gold was little changed at $1,338.87 an ounce at 0112 GMT. Bullion on Wednesday touched a high of $1,342.18, its best since July 14. U.S. gold rose 0.9 % to $1,338.7 an ounce.
The dollar index, which tracks the greenback against a basket of six major rivals, fell 0.4 % to 96.589. Earlier this week, it had risen as high as 97.569, its highest level since March.
Gold Corp, the world's largest gold producer, reported a rise in second-quarter profit on Wednesday and said it plans to sell its 50 % stake in a western Australia mine to cut debt.
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Copper on MCX settled down -0.25% at 332.95 recovered from the day's low as boosted by a weaker dollar. Copper fell in yesterday session as the appetite for risk among investors fell, and volumes dwindled ahead of the U.S. Federal Reserve's policy meeting started yesterday.
The U.S. Federal Reserve, which begins its two-day meeting on Tuesday, is expected to keep interest rates unchanged this week, but analysts say some policymakers are likely to argue for a rate hike in the coming months.
Three-month copper on the London Metal Exchange was down 0.7 % to $4,867 a tonne, the lowest since July 18, extending a 0.4% decline from Monday. Some investors are also worried that prices will be pressured by rising copper supply, highlighted when Grupo Mexico's April-June data showed copper output surging 22.7% to 266,071 tons from the same 2015 period. Now investors will be looking to Wednesday’s highly-anticipated Federal Reserve policy statement for fresh guidance on the pace of interest rate hikes over the next several months.
Technically market is under long liquidation as market has witnessed drop in open interest by -0.28% to settled at 15751 while prices down -0.85 rupee, now Copper is getting support at 330.2 and below same could see a test of 327.4 level, And resistance is now likely to be seen at 334.9, a move above could see prices testing 336.8.
Zinc on MCX settled down by -1.12% at 150.25 slipped as having encountered overhead resistance manage to hold 150 level mark, while pressure seen on entire base metals complex as uncertainty ahead of the U.S. central bank meeting and as investors sold to book profits from a recent rally.
Zinc, the best performing metal on the LME this year, ended down 0.9 percent at $2,229 a tonne, paring losses after touching $2,212, the lowest since July 18. Earlier this week LME Zinc edged up 0.2 percent on Monday and hit a 14-month peak last week of $2,294.50.
Zinc prices was also getting support this month after citing data from the International Lead and Zinc Study Group, which shows the global zinc market deficit hit 68,700mtns in the first five months of 2016, compared to the supply surplus of 177,000mtns over the same time in 2015.
Technically market is getting support at 148.9 and below same could see a test of 147.6 level, And resistance is now likely to be seen at 151.6, a move above could see prices testing 153.
Zinc, the best performing metal on the LME this year, ended down 0.9 percent at $2,229 a tonne, paring losses after touching $2,212, the lowest since July 18. Earlier this week LME Zinc edged up 0.2 percent on Monday and hit a 14-month peak last week of $2,294.50.
Zinc prices was also getting support this month after citing data from the International Lead and Zinc Study Group, which shows the global zinc market deficit hit 68,700mtns in the first five months of 2016, compared to the supply surplus of 177,000mtns over the same time in 2015.
Technically market is getting support at 148.9 and below same could see a test of 147.6 level, And resistance is now likely to be seen at 151.6, a move above could see prices testing 153.
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Soyabean on NCDEX settled down by -0.77% at 3600 as oilseed planting has progressed almost at par with last year due to plentiful monsoon rains.
Even as sowing has just begun in many parts of the country, the area under soyabean last year was estimated at 110.656 lakh hectares, which may fall owing to lower returns from the crop. The export of soyameal in June 2016 stood at 17,934 tonnes as compared to 16,647 tonnes in June 2015, showing a marginal increase of 7.73 % over the same period last year.
The newly planted US soybean is blooming at 76% which is up from 67% during the corresponding period last year and also up from 5 year average of 66%. About 35% soybean is setting pod which is up from 29% during the corresponding period last year and also up from 5 year average of 26%. Also about 71% of the newly planted US soybean crop is under good to excellent conditions which is up from 62% during the same period last year, reported in the US crop progress report dated 24 July 2016.
At the Indore spot market in top producer MP, soybean dropped -21 rupee to 3764 rupee per 100 kgs.Technically now Soyabean is getting support at 3581 and below same could see a test of 3562 level, And resistance is now likely to be seen at 3620, a move above could see prices testing 3640.
Cardamom futures were trading higher during the morning trade in the domestic market on Wednesday as investors widened their bets in the agri-commodity amid a pickup in physical demand for Cardamom in the domestic spot market.
Further, restricted supplies amid lower physical arrivals from the major Cardamom producing belts in the country also exerted upward pressure on domestic Cardamom prices. At MCX, Cardamom futures for August 2016 contract is trading at Rs 936.50 per kg, up by 0.17 %, after opening at Rs 940, against a previous close of Rs 934.90. It touched the intra-day high of Rs 940.70
Cardamom on MCX settled down by -0.05% at 934.9 on profit booking after gaining on account of good buying support from both exporters and upcountry buyers. Small cardamom markets were showing a steady trend last week on matching demand and supply at auctions held in Kerala and Tamil Nadu. Good colour bold capsules were fetching Rs. 20 more per kg while that of inferior quality was being sold at Rs. 10-20 less, market sources said. At auction held by the Cardamom Planters’ Association (CPA), the average price remained by and large steady at Rs. 735.31 a kg against Rs. 734.92 the previous Monday.
Amid a weakening global trend, Gold futures fell Rs 84 to Rs 31,140 per 10 gm today as participants trimmed their positions.
In futures trade, gold for delivery in October contracts was trading Rs 84 or 0.27 percent lower at Rs 31,140 per 10 gms in a business turnover of 99 lots at the Multi Commodity Exchange.
On similar lines, the metal for delivery in August shed Rs 78 or 0.25 % to Rs 30,834 per 10 gm in 612 lots.
Market analysts said the fall in gold futures was mostly in step with a weak trend overseas before a US Federal Reserve meeting that may shed light on the timing of interest-rate increases, and as investors considered the outlook for stimulus in Japan.
Trading Ideas
- Gold trading range for the day is 30716-31048.
- Gold prices remained in the range despite dollar dropped ahead of a two-day Federal Reserve policy meeting this week
- SPDR gold trust holdings dropped by 0.47% i.e. 4.46 tonnes to 954.23 tonnes from 958.69 tonnes.
Gold was little changed on Tuesday, after falling in the past two sessions, as the dollar slipped and equities eased ahead of the US Federal Reserve meeting later in the day. Asian markets remained cautious with investors waiting for cues from the two-day Fed meet, sending the safe-haven yen higher.
Spot gold was up 0.1 % USD 1,316.80 an ounce at 0655 GMT, hovering above the previous session's close of USD 1,315.15.
US gold dipped 0.2 % to USD 1,317 an ounce.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.46 % to 958.69 tonnes on Monday.
Among other precious metals, palladium slipped 0.1% to USD 683.80 after touching a nine-month high of USD 688 earlier in the day.
Cotton on MCX settled down by -1.32% at 21600 on profit booking after prices gained on lower output estimates of fibre and weak sowing prospects due to delayed monsoon.
Cotton output in 2015-16 will likely fall to 33.8 million bales from 35.2 million bales previous estimates and 38.6 million bales last year, the Cotton Advisory Board said after its meeting. Total cotton acreage in 2015-16 is estimated at 11.91 million hectares as compared to 12.84 million hectares a year ago.
Punjab cotton output estimates for 2015-16 was lowered to 750,000 bales compared to 1.3 million bales a year earlier with yield at 320.35 kilogram per hectare compared to 526.19 kilogram per hectare in the previous year.
Technically market is under long liquidation as market has witnessed drop in open interest by -26.64% to settled at 628 while prices down -290 rupee, now Cotton is getting support at 21464 and below same could see a test of 21327 level, And resistance is now likely to be seen at 21794, a move above could see prices testing 21987.
Trading Ideas
Cotton trading range for the day is 21327-21987.
India 2016-17 cotton kharif sowing till Jul 22 stood at 8.68 million hectare as compared to 9.95 million hectare same period year ago.
Cotton sowing in Gujarat, major fibre producing state, slumped by 24.80% to 1.76 million hectares up-till now on late arrivals of monsoon.
Cotton prices in spot market dropped by 230.00 rupees and settled at 22620.00 rupees.