MCX NCDEX Tips, Copper Updates, Gold and Silver Tips 30 may 2012

Precious metals are trading lower on MCX today. We expect prices to trade lower for the day. All base metals are trading on a negative note today. We expect prices to trade lower for the day on account of increasing worries about the Spain's debt issue. Crude oil is trading flat on MCX today. We expect prices to trade lower for the day.

NCDEX Agri Commodity Market Updates Today:
Pepper futures prices are projected to trade on mixed to volatile note on back of prevailing speculative activities. Turmeric prices are expected to continue the recovery during early trading hours on extended short covering. Jeera futures prices are projected to trade on slightly positive note on lower level buying on back of declining arrival at spot market of Unjha. Cardamom prices are projected to continue the recovery during early trading hours.

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Weekly MCX Commodity Market Updates and Tips

Gold is looking technically strong on charts. Last week Gold was trading in consolidation for most part of the week. In this week 27,730 will act as a major support in Gold and 29,320 will act as a major resistance. For this week traders can use buy on lower levels strategy. If Gold sustains above 29,200 then above 29,320 it can test the level of 29,470/29,640.

Silver is consolidating on charts. Last week Silver was trading in a range for the entire weak. For this week 51,000 and 48,000 are the major supports whereas 56,000 and 58,750 are major resistance in MCX Silver. For this week traders can use buy on lower levels strategy. If Silver sustains above 55,650 then above 56,100 Silver can test the level of 56,750/57,250.

Crude is in a consolidation around lower levels. Last week Crude Oil was trading in a range of 5,000 to 5,200 for the entire week. For this week 4,880 and 4,700 will act as major supports and 5,170 and 5,270 will act as major resistance in Crude Oil. For this week traders can use sell on higher level strategy, if MCX Crude sustains below the level of 5,030 then below 5,000 it can test the level of 4,950 /4,900.

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