Wednesday, August 17, 2011

Commodity Market Updates Today

MCX Commodity Market Updates:
Gold may trade with positive bias but caution is advised at current levels because some profit booking at current levels cannot be denied. Silver may also open on flat note and can trade in range of 59,000-60,500 in MCX. Base metals may also trade choppy on mixed sentiments. Copper edged up in early trading on Wednesday. Copper may trade in range of 390-410 in near term. Range bound movement can be seen in Crude oil counter as investors should eye the EIA weekly inventory report today. Crude oil has stiff resistance at 4,000 levels in MCX.

NCDEX Agri Commodity Market Updates:
Pepper futures may trade higher owing to tight supply on global market. Turmeric futures may remain sideways. Jeera futures may remain sideways taking support above 15,380 levels. Cardamom futures (Sept) may continue to face resistance at 830 levels owing to on-going harvesting season.

Other commodities: Chana futures may remain sideways owing to sluggishness prevailing at the spot markets. Sugar futures may remain sideways. Guar complex may remain downside due to diversion of area under production. Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) shaved off initial gains made during the day. Soybean futures may face resistance at 2480 levels.