commodity market closing today 4 june 2015

commodity market closing today 4 june 2015

mcx gold future of Aug. expiry closed at 26842 flat positive. on 5th june previous gold contract is going to expire. gold today given above 27k opening but as comex gold comes down , in domestic market also we seen profit booking though rupee is running at 20 months low. here expect flat to negative view below 26900 and gold might test previous lows of 26600 on continue selling and pressure from international market prices.
mcx silver future today closed at 37165 at day lows. in intraday almost 1000 rupee range was seen and this precious metal closed near day low with bearish outlook for tomorrow. on downside 36500 to 36800 is strong support as well as target zone for intraday.
mcx aluminium future closed at 110.65 with flat loss. weak rupee all day supported base metal pack but fed decision and looming Greece default kept selling pressure in market and in investors mind. here expect downside trend if bad happen to Greece tomorrow. if Greece default happen then get ready for massive sell off in commodities like metals. expect downside target around 109 in intraday.
mcx copper is closed at 381 at day low level. here also if copper future prices sustain below 381 then expect downside up to 360 to 345 in medium terms. 395 is strong positional resistance for this base metal.
mcx lead future today closed at 123.65 in with small gains. for tomorrow 122 is strong support and 126 is strong resistance. my view for this metal is still bullish and above 122 risky traders must keep long view with strict stop losses in place.
mcx nickel future today closed at 832 with gains. here above 828 for intraday stay long and also Ukraine tension can set this base metal on fire. same strong buying as well as trapped short covering rally was seen 3 to 6 month back on same issue. on upside 845 will be intraday target level for nickel.
mcx zinc future last closed at 137.3 with gain. here also above 134-135 level short term outlook will remain bullish for upside targets of 142 and above. for intraday watch 135 levels for reversal buy trade with stop loss.
mcx crude oil future today closed at 3728 with loss. here expect correction to continue up to 3550-3620 levels. below 3550 expect short to medium term downtrend. opec decision might affect current trend . for intraday keep short view with stop loss above 3780.
mcx natural gas future closed at 167.9 with loss. in intraday natural gas future hit high around 172 while intraday low was at 165. total 7 rupee range was seen today closed with loss. this energy commodity is heading towards 161 and this level can be intraday target for tomorrow.

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Pramod Baviskar

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