Intraday Trading Tips

Base metals are mixed in tight ranges as the market remains focused on a meeting of eurozone finance ministers regarding Greece's bailout package. The meeting is scheduled to start later in the global trading day. Last week business confidence data and fall in Dollar elevated the base metals.

Germany business climate index increased to 101.4 in October compared to 100 in the month of September. In France, the business confidence rose more than expected. INSEE said that French Business Confidence increased to 88 in the quarter ending September 2012, compared to 85 in the previous quarter.

In US, Federal Reserve Chairman Ben Bernanke warned on the US budget crisis. Bernanke remained worried on the pace of recovery and improvement in jobs markets at a slower pace. Bernanke remained worried on the percentage of budget deficit. The budget deficit now stands at 7 percent of the GDP.

World Bureau of Metal Statistics (WBMS) showed that copper market recorded a deficit of 267000 tonnes in January to September 2012 which follows a surplus of 248000 tonnes in the whole of 2011. The total reported stocks rose by 3700 tonnes during September and ended the month 129000 tonnes lower than at the end of 2011.

World Lead market was in surplus of 11000 tonnes in January- September 2011. Lead markets were in surplus of just 600 tonnes in full year ended 2011. The total stocks at the end of September were 86200 tonnes lower than at the end of 2011.

In currency markets, Dollar slowed sharply down against the Euro ending at 1.2977 compared to 1.2827 on Monday. Dollar is now seen trading at 1.2956 against Euro and is expected to bring some profit booking in the metals space.

LME Copper ended the last session at $ 7692 per tonne, down $ 42 per tonne. MCX Copper ended at Rs 431 per kg, compared to Rs 425 per kg at the beginning of the week. MCX Nickel closed at Rs 920 per kg last week compared to Rs 916 per kg on Monday. LME Nickel three month forwards closed at $ 16595 per tonne, down $ 130 per tonne.

Intraday Trading Tips

Gold futures began week on strong note in Asia electronic trades today, after retreating 1% last week on ongoing fears over the looming fiscal crisis in the U.S. and growing tension in the Middle East.

December delivery gold futures are trading up $7.3 at $ 1722 an ounce on the Comex division of the New York Mercantile Exchange. The counter may find support near $1685 levels with resistance near $1740 levels in the near term.

Silver for December delivery fell 1.1% on Friday to settle the week at $32.30 a troy ounce. Earlier in the session, silver futures touched a one-week low of $32.02 a troy ounce. On the week, silver futures shed 0.7%.

Investors continue to remain concerned over the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal crisis were "constructive."

There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the seven weeks left before the January 1 deadline.

Gold hit a one-week low of $1,704.55 a troy ounce on Thursday, after the World Gold Council said global demand for the precious metal dropped 11% in the third quarter.

In the coming week, market participants will be focusing on developments relating to the U.S. fiscal cliff, as well as Tuesday’s meeting of the euro group of finance ministers to discuss unlocking Greece’s next aid installment.

MCX December gold futures may open today’s session near Rs 31,670 levels with resistance near Rs 31700 -750 levels.

Intraday Chna NCDEX Tips

Selling is likely to continue in chana market from higher levels of strong sowing of rabi pulses in the current year along with weak cues from spot market. The NCDEX futures plunged by almost Rs 15 per quintal in the last trading.
The preliminary data compiled by Ministry of Agriculture on 2nd November stated that pulses have been grown in 18.79 lakh hectares. so far. This acreage is more than doubled of the average area under pulses at this time of the year, but is lower than the acreage of this time last year ie., 27.23 lakh hectares.
The spot prices of Akola mix were reported down at around Rs 4625-4650 per quintal and Chapa quality at Rs 4750 per quintal in the last trading. The total daily arrivals were hovering at the lower levels of around 28000 bags in the entire major mandis , up almost 2000 bags in the last day.
The NCDEX November futures wilted almost Rs 15 per quintal to settle at Rs 4337 per quintal in last trading. The contract declined positions in open interest indicating some profit taking by traders. Technically, traders can initiate some selling around Rs 4375-4380 per quintal while supports are likely at Rs 4300-4305 per quintal in the short term.

Intraday Trading Tips

Gold futures surged in tandem with the gains in Asia equities today, although the trading might be quite today as the US stock market remains shut today because of Hurricane Sandy.

All U.S. stock and option trading will be closed on Monday because of Hurricane Sandy, with the move adding to earlier plans to close floor trading only. Markets may also remain closed Tuesday, reports said. The decision to keep the markets shut on Monday came after an agreement between the bourses, regulators and trading firms late Sunday.

Asian stocks traded mostly higher Monday, with earnings helping the Japanese market, although heavy losses for property firms weighed in Hong Kong.

An ounce of gold on COMEX division of the New York Mercantile Exchange is trading up $2 at $1713.9 in Asia electronic trades today. On the week, gold futures declined 0.65%, the third consecutive weekly drop. It fell to a seven-week low of $1,699.65 a troy ounce on October 24. Gold is likely to find support near $1685 levels with resistance near $ 1725 levels.

Gold futures ended Friday’s session mildly lower, as better-than-forecast U.S. third quarter growth data raised concern the Federal Reserve might scale back its monetary easing measures. Ongoing worries over Spain and Greece and growing uncertainty ahead of the U.S. presidential elections further weighed on sentiment.

Ahead of a policy decision from the Bank of Japan due out Tuesday, the U.S. dollar bought ¥79.66, little moved from late Friday’s ¥79.63 level but holding on to a near-2% gain made so far this month amid speculation of more easing from the Japanese central bank.

This week, investors will be awaiting any indication that Spain is growing closer to requesting a bailout from its euro zone partners. In addition, traders will be focusing on the outcome of Tuesday’s Bank of Japan policy meeting amid ongoing speculation over the possibility of more easing from the central bank.

Intraday Trading Tips

Aluminum declined to the lowest level in a month, retreating for a fourth day, after Alcoa Inc. cut its forecast for global demand citing slowing growth in China, the world’s biggest user. Palm oil advanced for a second day to the highest level in more than a week after Malaysia, the second-biggest producer, signaled that it may reduce a tax on exports after prices slumped to a three-year low last week. Most Agro Commodities have been seen rising sharply as alerted last week after very sharp corrections. Rising Crude Oil rates along with rising Agro Commodity Prices are a deadly & a perfect combination for sharp Inflation rises. Gold & Silver would naturally be the choice for hedging against Inflation.

Intraday Trading Updates

International Gold futures moved higher in electronic trading Tuesday, as investors awaited a raft of data coming out of the U.S. Gold for December delivery added $6.40, or 0.4%, to $1,771.00 an ounce on the Comex division of the New York Mercantile Exchange. The counter is right now trading with marginal gains at $ 1767.5, up $ 2.9 an ounce.

The US dollar continued to consolidate around 1.2900 mark against the Euro after hitting its near two week highs yesterday amid a barrage of weak economic data. The Dollar has edged up this week, broadly maintaining its positive movement from the lowest level in five months as global equities retreated after the recent enthusiasm after an array of week economic data last week and Spain reportedly stated that it is in to rush to seek outside financial aid. Euro is right now quoting at $1.2909, down 0.16% from Monday's close.

MCX gold continued to trade with bearish note for the fifth straight sessions as stronger local currency kept the price at lower levels. Gold for the October delivery is right now trading at Rs31446, up Rs13, easing from the high Rs31518 per 10 grams. The counter would test support at Rs31400-31270 and resistance at Rs31500-31600 level. The Indian currency is off its four-month highs near 53 per US dollar today but is holding firm amid small gains in local equities.

COMEX Silver December contract is quoting at $ 34.080, up $0.096 cents per ounce. MCX Silver December is quoting at Rs62600, up Rs200 from last close, after hitting the high Rs62,780 level.

Intraday Trading Tips

Intraday Trading Tips :- 

Gold - Silver The initial decline is still continuing. MCX gold on the lower half per cent is trading at Rs 28 717. The silver half per cent lower at Rs 58 339 level is seen. Comaks on gold - silver business is down.

The initial decline in base metals has increased. MCX is trading at all the metals in the fall. Copper and zinc have been broken half per cent, while aluminum and lead have dropped nearly half a percentage point. The nickel is trading at 0.26 per cent.

Potatoes have gone up strongly today. About 1.5 per cent rise in potato prices on MCX is seen. The price reached around Rs 800. NCDEX stand fast in the potato.

With the introduction of crude oil is up strongly today. About 1.5 per cent rise in the domestic market with crude oil has risen beyond Rs 5,300. Naimaks on the crude oil is trading above $ 108 a barrel.

Decline in the domestic market with the introduction of crude oil is today. With nearly half per cent on MCX gold is trading at Rs 28 797. 58 557 with the silver level of 0.20 per cent being seen. Comaks on gold - silver is a declining trend.

If this declining trend in base metals. All metals except nickel on MCX is trading at in the fall. Although nickel is too sluggish to move. Copper on the LME declined by nearly half per cent.