Thursday, February 9, 2012

MCX Commodity Tips - Intraday Market Updates for Today 09 Feb 2012

Bullion counter can trade with mixed bias. Gold can trade range of 28,100-28,450 and Silver is trading in the range of Rs. 57,100-57,400. Spot gold inched lower on Thursday, after a nearly 1-percent drop in the previous session. All base metals can remain sideways with some profit booking can be seen at higher levels today. Copper can trade in range of 419-429 in MCX while lead may remain in range of 105.5-108.5 and zinc in range of 103.5-105.5. Copper futures rose to a 20-week high after the government pledged to support first-time home buyers in China. Support for MCX February copper is seen at Rs.418 while resistance is seen at Rs.431. Crude oil can also trade in range while natural gas investors will eye the outcome of inventory report today. Crude oil can trade in range of 4,800-4,950 in near term.



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