Bullions, base metals and crude oil dropped by afternoon pressured by a partial rebound in dollar. Silver fell most, losing more than two per cent. Gold and silver edged higher during the morning session with silver rising to a two week high. Crude oil rose to two week high before falling, on an unexpected draw in distillate stocks. Now, the focus is on the US jobless claims and GDP data scheduled to release today evening. US economy is expected to grow 2.2 per cent in the first quarter of this year according to forecasts against 1.8 per cent growth estimated earlier.
At the Multi Commodity Exchange (MCX), COMDEX is trading up by 0.58 points, or 0.02%, at 3,498.04 after opening at 3,506.49. MCXMETAL is trading downward by 9.29 points, or 0.20%, at 4,555.63 after opening at 4,581.79. MCXENERGY is trading down by 2.36 points, or 0.07%, at 3,237.30 after opening at 3,245.43. MCXAGRI is trading up 26.31 points, or 1.02%, at 2,603.94 after opening at 2,575.41.
Support for MCX Aluminum May contract is seen at Rs.113.5 while resistance of Rs.117.
Support for MCX Zinc May contract is seen at Rs.99 while Resistance is seen at Rs.102.5.
Support for MCX Nickel May contract is seen at Rs.1,030 while Resistance is seen at Rs.1,080.
Support for MCX Lead May contract is seen at Rs.113.5 while Resistance is seen at Rs.117.
