commodity forecast for 21 june 2013 premarket report
bullion commodity forecast
mcx gold aug expiry future last closed at 26845 with loss of 1166 rupees.in intraday mcx gold future made high near 28k while low was near 26800 and closed near it.total 1200 rupee intraday wide range and fed decision triggered profit booking from investors.here comex gold has support at 1220 only means again 5% downside from 1290 so here on domestic side also expect previous lows as target or even below target near 23k on margin calls and panic selling’s.for tomorrow below 26900 expect bearish move upto 26500 and then 26100 on downside.rupee effect also subside on panic selling’s.
mcx silver jul expiry future last closed at 41225 with loss of almost 2800 rupees.in intraday mcx silver future made high near 43800 while low was near 41200 and closed at it.here 2600 rupee intraday range and panic selling from big firms.here on comex silver below 21$ levels has support at 18$ so from current level again 10% drop so on mcx silver may find support around 37-38k levels.
on bullions after sharp medium term technical bounce back downtrend picked momentum on news flow and this time we may see new lows on domestic markets.s
metal commodity forecast
mcx aluminium jun expiry future last closed at 105.65 with gains of 5 paise.in intraday mcx aluminium future made high near 107 while low was near 105.total 2 rupee range and recovery from lower levels.here below 108 hold selling view for targets 105 to 103 in short to medium terms.
mcx copper jun expiry future last closed at 404.45 with loss of 4 rupee.in intraday mcx copper future made high near 412 and low near 403.total 9 rupee move and as expected selling pressure.here below 408 hold targets at 398 and then 390 on lower side.
mcx lead jun expiry future last closed at 120.95 with loss of 25 paise.in intraday mcx lead future made high near 124 while low was near 119.total 4 rupee move and profit booking continues.here now we may change in trend and below 112.5 expect levels upto 115-114 on lower side.
mcx nickel jun expiry future last closed at 819 with loss of 15 rupee.in intraday mcx nickel future made high near 833 while low was near 819.total 14 rupee intraday range and profit booking on panic.here below 828 hold selling view for target 810-800 in intraday.
mcx zinc jun expiry future last closed at 107.95 with gains of 45 paise.in intraday mcx zinc future made high near 109 while low was near 107.total 2 rupee range and recovery from lows.here below 109.5 hold short view for target 106-105.
energy commodity forecast
mcx crude oil future jun expiry last closed at 5739 with loss of 68 rupee.in intraday mcx crude oil future made low near 5727 while high was 5838.total 110 rupee intraday range and sharp profit booking.here on weak rupee and resilient selling we may see continuation of uptrend and above 5600-5650 support remain bullish from longer term view.
mcx natural gas jun expiry future last closed at 233.3 with flat loss.in intraday mcx natural gas future made high near 237 while low was 230.total 7 rupee move and some breather.for tomorrow buy near support 228 with stoploss and keep targets near 240+.