Commodity forecast 3 April 2014

Commodity forecast 3 April 2014

Commodity forecast 3 April 2014

MCX GOLD April expiry future last closed at 28,149 with gain. In intraday mcx gold future’s high was at 28,399 while low was at 27,861. Total 550-rupee intraday range and closed with gain. Gold may extend bounce back on short covering and weak rupee.

MCX SILVER May expiry future last closed at 43,120 with gain. In intraday mcx silver future’s high was at 43,380 while low was at 42,528. Total almost 900-rupee intraday range and closed with gain. 43k will be now serve as support.

 

MCX ALUMINIUM April expiry future last closed at 108.45 with gain. In intraday mcx aluminium, future hit high at 108.5 while low was at 106. Total 2.5-rupee intraday range and closed with gain. Watch 108-109 for major breakout.

MCX COPPER April expiry future last closed at 404.8 with gain. In intraday mcx, copper future made high at 409 while low was at 404. Total 5-rupee intraday range and closed with gain. 410 will be strong resistance on closing basis.

MCX LEAD April expiry future last closed at 123.05 with gain. In intraday mcx lead future’s high was at 123.7 while low was at 122.1. Total 1.6-rupee intraday range and closed gain. Watch 124.5 as breakout level as well as strong resistance.

MCX NICKEL April expiry future last closed at 972.8 with gain. In intraday mcx nickel future’s high was at 978 while low was at 958. Total 20-rupee intraday range and closed with gain. Watch 980 as breakout resistance.

MCX ZINC April expiry future last closed at 118.45 with gain. In intraday mcx zinc, future hit high at 119.5 while low was at 118. Total 1.5-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 5966 with loss. In intraday mcx crude oil, future hit high at 5989 while low was at 5933. Total almost 60 rupee intraday and closed with loss. Crude next major support is at 5850.

MCX NATURALGAS April expiry future last closed at 263.7 with gain. In intraday mcx natural gas, future made high at 264 while low was at 254. Total 10-rupee intraday range and closed with gain. Watch 265 for next bullish breakout.

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Pramod Baviskar

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