Sunday, May 27, 2012

MCX Tips and Updates For Today

MCX Crude Oil Updates

On the domestic bourses, prices gained by 0.4 percent on account of depreciation in Indian Rupee and closed at Rs.5,056/bbl after touching a low of Rs.4,992/bbl in last week. From an intra-day perspective, we expect crude oil prices to trade positively on account of ease in concerns of over Greece exiting the Euro Zone.

MCX Copper Updates

In MCX Copper, prices increased by 0.6 percent on the back of appreciation in Indian Rupee and closed at Rs.423.5/kg on Friday after touching a low of Rs.421/kg in last week. We expect base metal prices on the LME to trade with a positive bias on the back of weakness in the dollar index. Copper closed slightly higher, as prices clawed back from a 4-1/2-month lows, as uncertainty over Europe's economy and the potential exit of Greece from the euro hammered the single currency.

Free Commodity Tips

  • MCX Gold (Jun) Sell Below 28900, Targets: 28830-28750, with a Stoploss of 28940.
  • MCX Copper (Jun) Buy Above 424, Targets: 426.5-429 with a stoploss of 422.
  • MCX Aluminum (May) Buy Above 110, Targets: 111-112 with a stoploss of 109.3
  • MCX Crude oil (Jun) Sell Below 5070, Targets: 5045-5090 with a Stoploss of 5090.
  • MCX Nickel (May) Buy Above 936, Targets: 950-960 with a stoploss of 934.

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