Wednesday, August 24, 2011

Commodity Market Updates Today

MCX Commodity Market News:

Gold dropped 3.6% on Tuesday from the record USD 1,918 to USD 1,826. Silver also fell more than 5% from USD 44 to USD 41.5 following the Gold steps. Gold prices may remain in red zone and it can test 27,300 in MCX. Base metals may also trade with positive bias tracking firm opening SHFE. Copper may trade in range of 398-407 while lead can trade in range of 105-108 in MCX. Crude oil may remain on flat note ahead of the key inventory report scheduled today.

Important support for Gold is USD 1,810 and 27,350 at MCX, while for silver USD 41.3 and Rs 62,800 are important supports. MCX Crude Oil has support at 3,830 and resistance at 3,950.

NCDEX Agri Commodity Market News:

Cardamom futures may remain downside.  
Turmeric futures may trade bearish due to lack of fresh cues from the spot markets.  
Pepper futures may hold gains as demand outstrips supply.  
Jeera futures may remain range bound facing resistance near 16200 levels.
Chana futures (Sept) may remain sideways facing resistance near 3,250 levels. Mentha oil futures may remain sideways facing resistance near 1140 levels. Soybean futures may remain sideways holding support above 2300 levels. Refined soy oil futures may remain sideways holding support above 656 levels.

Free mcx trading tips, mcx gold tips, mcx silver tips, mcx ncdex commodity trading tips,  free commodity tips, commodities tips, commodity prices, ncdex tips, ncdex commodity tips, commodity market tips, commodity tips on mobile, gold prices, silver prices, FREE NCDEX commodity trading tips on mobile by SMS, ncdex agri commodity trading tips, ncdex agri commodity market report & news