Commodity forecast 1 April 2014

Commodity forecast 1 April 2014

Commodity forecast 1 April 2014

MCX GOLD April expiry future last closed at 28,539 with gain. In intraday mcx gold future’s high was at 28,790 while low was at 28,363. Total 400-rupee intraday range and closed with gain. Gold is bounce back from 28,500 so keep it as strict stop loss.

MCX SILVER May expiry future last closed at 42,786 with gain. In intraday mcx silver future’s high was at 43,330 while low was at 42,700. Total almost 600-rupee intraday range and closed with gain. 43k will be strong resistance on closing basis.

 

MCX ALUMINIUM April expiry future last closed at 106.2 with gain. In intraday mcx aluminium, future hit high at 106 while low was at 104. Total 2-rupee intraday range and closed with gain. We may see technical short covering up to 107-108.

MCX COPPER April expiry future last closed at 404 with loss. In intraday mcx, copper future made high at 405 while low was at 402. Total 2-rupee intraday range and closed with loss. 410 will be strong resistance on closing basis.

MCX LEAD April expiry future last closed at 124.35 with gain. In intraday mcx lead future’s high was at 124.75 while low was at 124. Total 1-rupee intraday range and closed gain. Above 123, expect short covering rally up to 127.

MCX NICKEL April expiry future last closed at 959 with gain. In intraday mcx nickel future’s high was at 960 while low was at 946. Total 14-rupee intraday range and closed with gain. Above 940, keep buy on dips view.

MCX ZINC April expiry future last closed at 119.55 with gain. In intraday mcx zinc, future hit high at 120 while low was at 118. Total 2-rupee intraday range and closed with gain. Zinc future may show short covering rally up to 122-123.

 

MCX CRUDEOIL April expiry future last closed at 6122 with gain. In intraday mcx crude oil, future hit high at 6139 while low was at 6076. Total almost 70 rupee intraday and closed with gain. Crude above 6050 will remain bullish and buy on dips.

MCX NATURALGAS April expiry future last closed at 263.1 with loss. In intraday mcx natural gas, future made high at 271 while low was at 261. Total 10-rupee intraday range and closed with loss. Watch 258-260 zone support on closing basis to buy or sell.

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Pramod Baviskar

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