COMMODITY NEWS
COLD DROPED ASTONISHED EVERYONE…
Gold also continued to drop, even as traders wondered why the safe haven appeal of the metal has not been able to support the commodity. This peculiarity has to do a lot with the fact that the fear that was pushing gold up for much of the last five-six months has materialized into concrete developments now with a US ratings downgrade, further monetary action from the US Fed and a realization that global growth is coming to a stall.
Namrata Dwivedi: MCX DROPING COMMODITIES AND RUPEE…
MCX Gold also dropped but the fall was cushioned given the massive drop in the Indian rupee. The local currency plummeted to a 28 month low of near 50 against the US dollar today, keeping the losses relatively under check for the domestic futures. MCX Gold contract for October dropped heavily for a second day, witnessing an astonishing slide of more than Rs. 800 in intraday moves. The counter tested a low of Rs. 27180 per 10 grams and currently trades at Rs. 27206, down Rs. 709 or 2.54% on the day.
COMMODITY TRADING LEVELS FOR 24th SEPTEMBER
COPPER (Nov) – copper’s Nov contract which is going to expire on 30 Nov 2011, is expected to trade between the broad ranges of 350 to 380 Expected resistance and support level for today trade are as follows.
RESISTANCE: R1- 385 R2- 398
SUPPORT: S1- 345 S2- 335
CRUDE OIL (Jul) – expected resistance and support levels for the crude July contract with expiry date of 19 oct 2011 are:
RESISTANCE: R1-3990 R2 - 4020
SUPPORTS: S1-3950 S2- 3920
GOLD (aug) - gold august contract which will expire on 5th Oct 2011.gold is deviating as the US debt default concern made the investors cautious. Resistance and support levels for the today’s session are:
RESISTANCE: R1-26550 R2-26950
SUPPORTS: S1-25700 S2-25300
SILVER (Sep) - silver closed at 52365.silver traded in bearish mood with heavy intensity. Expected resistance and support level for today trade are as follows.
RESISTANCE: R1-53250 R2-53750
SUPPORTS: S1-51500 S2-51100
0 comments:
Post a Comment