COPPER (APR) – Copper is expected to trade with negative momentum during the morning session on Thursday, 22nd March as bleak HSBC China PMI fell to a 4-month low in March which further exacerbated the woes over Chinese demand for industrial metals. But, the China's central bank move to cut reserve requirement rate for some Agricultural banks of China might cushion the prices. Copper at MCX is likely to find support at Rs. 426 per kg and Rs. 421.7 per kg and resistance at Rs. 435 per kg and Rs. 439.6 per kg. Expected resistance and support level for today trade are as follows:
SUPPORT 1: 428.55
SUPPORT 2: 425.35
RESISTANCE 1: 433.45
RESISTANCE 2: 435.85
CRUDE OIL (APR) – Crude oil prices may jump by upto 30% if supply from Iran falls, said Christine Lagarde, Managing Director of the International Monetary Fund (IMF). Brent crude oil prices are currently hovering above $120/barrel level. Expected resistance and support levels for the crude Dec contract with expiry date of 19 APRIL 2012 are:
SUPPORT 1: 5360
SUPPORT 2: 5275
RESISTANCE 1: 5585
RESISTANCE 2: 5675
GOLD (APR) – Gold edged up rising after a weak session. The yellow metal looked vulnerable as equities slipped across Asia and Europe and markets remained focused on Chinese growth. China's raised retail gasoline and diesel prices by 6.4% and 7%, respectively yesterday and trickled back worries pertaining to a revival in inflationary pressures in world's largest economy. Resistance and support levels for the today’s session for Gold APR contract which will expire on 5th APR 2012 are:
SUPPORT 1: 27715
SUPPORT 2: 27625
RESISTANCE 1: 27945
RESISTANCE 2: 28095
SILVER (MAY) – Silver prices may rebound to $40-50 levels aided by strong growth in global solar photovoltaic (PV) market, said Barclays Capital in a research note. Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 56715
SUPPORT 2: 56625
RESISTANCE 1: 56965
RESISTANCE 2: 57095
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MCX copper is trading down on Thursday morning trade after a weak Chinese PMI data disappointed investor sentiment. China is the biggest copper consumer in the world.
Gold trading volumes in India has gone down after the recent budget raised customs duty on gold imports. And with traders on strike and consumer claim weak, the overall India portrait does not look glowing for gold demand. India is the largest gold importer in the world and plays an important role in the overall global gold demand.
Silver prices may recover to $40-50 levels aided by strong growth in global solar photovoltaic (PV) market, said Barclays Capital in a research note.
Crude oil prices may jump by upto 30% if supply from Iran falls, said Christine Lagarde, Managing Director of the International Monetary Fund (IMF). Brent crude oil prices are currently hovering above $120/barrel level.
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