commodity forecast for 7 jun 2013
bullion commodity forecast
mcx gold aug expiry future last closed at 27883 with gains.in intraday mcx gold future made high above 28k while low was near 27500.total 500 rupee intraday range and strong follow up buying.here weak rupee adding premium while trapped short boosting on every upside.for tomorrow buy near support 27700 with stoploss and expect breakout above 28k may be again 500+ points rally.
mcx silver jul expiry future last closed at 44,455 with gains.in intraday mcx silver future made high near 44700 while low was near 43700 so total 1000 rupee intraday volatility and follow up buying for silver.here buy near support 44200 with stoploss and expect 45 to 45.5 as targets in intraday.here first positional target is now t 47k.
metal commodity forecast
mcx aluminium jun expiry future last closed at 110.25 with loss.in intraday mcx aluminium future made high near 111 while low was near 110.total 1 rupee move and now fatigue is seen in all base metals prices.for tomorrow expect correction upto 108-107 levels.
mcx copper jun expiry future last closed at 416.6 with loss.in intraday mcx copper future made high near 424 while low was near 416.total 8 rupee intraday move and profit booking in copper.trading below 418 means bearish signal and may show correction upto 408 to 400 levels in intraday.
mcx lead jun expiry future last closed at 124.8 with loss.in intraday mcx lead future made high at 127.1 while closed at lows.here also same picture and may show sharp correction upto major support zone of 122-123 in next 1-2 sessions.
mcx nickel jun expiry future last closed at 855 with loss.in intraday mcx nickel future made high at 869 while low was near 854 and closed near it.in intraday given 15 rupee volatility and sharp profit booking here.here expect profit booking to continue and may show 830-825 levels on downside.
mcx zinc jun future last closed at 108.8 with loss.in intraday mcx zinc future made high at 110.25 while low was 110.7 and closed near it.for tomorrow expect correction to continue and may show 106-105 levels on downside.
energy commodity forecast
mcx crude oil jun expiry future last closed at 5396 with gains.in intraday mcx crude oil future made high at 5432 while low was 5340.total almost 100 rupee move and target of 54k is achieved by crude oil.but now expect correction may be upto 5350 to 5300 on downside.
mcx natural gas jun expiry future last closed at 218 with heavy loss as expected and as given earlier.in intraday mcx ng future made high at 228 while low was near 218 and closed at it.for tomorrow watch 215 as support if breaks then expect 208 and then 200 levels on downside.below 200 long term trend will disturb for ng prices.