Tuesday, June 5, 2012

MCX Silver Updates and Crude Tips For Today

MCX Silver Tips

Silver futures prices are also quoting higher by 0.71% at the early Globex amid optimism of the G7 meeting where the ECB nay come under pressure for a policy action in terms of cheap loan or bond buying to support the wrecked financial condition in Euro zone. On the domestic front, prices declined by more than 1 percent and closed at Rs.53,839/kg after touching an intra-day low of Rs.53,759/kg on Monday. However, depreciation in the Rupee cushioned further fall in silver prices. 

Currently Silver is in HOLD SHORT position Silver is moving sideways so short term investor better to buy only above 54682 or hold with stop at 52813.

MCX Crude Oil Tips

Crude oil prices touched an intra-day high of $84.38/bbl and closed at $83.90/bbl in yesterday’s trading session. On the domestic bourses, prices gained by 0.6 percent and closed at Rs.4661 after touching an intraday high of Rs. 4675 on Monday. Today it is trading on 4723 with gaining more than 1%.

We expect crude oil prices to trade higher today on the back of expectations of decline in US crude oil inventories along with expectations of stimulus package from the global policymakers to ease the debt crisis. Additionally, a weaker DX will also support upside in crude oil prices. However, appreciation in the Indian Rupee will cap further gains in prices.