After showing a huge slowdown in
market, Commodities have better position today for trader. This time is to be
happy for traders because today commodities are in big profit. MCX Gold and
Silver are showing good momentum. MCX Gold Is reaching at new record and currently
trading at 31782 Rupees per 10 grams with 314 points profit. And in spot market
price of gold has gone beyond Rs 31,850. Today Gold is 6 month high ahead of
ECB meeting. In future market, gold gains 1.02 per cent and currently trading
in Rs 31,790.00 with 322 points in 5 Oct 12 Contracts.
However gold seems
sluggish due to weakening of the euro against the dollar in today's business and
also the U.S. economic figures are even worse because of the pressure on gold on
Tuesday and in August the U.S. manufacturing figures are the lowest in 3 years.
According to Nirmal
Jain, chairman of India Infoline makes sense to invest in gold.
The MCX Silver is approaching record
levels of 7 months. MCX Silver is currently trading in Rs 63139 with profit of
1257 points. Currently Silver Futures are gained 2.16 percent and trading in Rs
63,217.00 with profit of 1,335 points. The USD Dollar rally was stopped because
silver is currently booming and the fluctuation in MCX Copper seems continue.
MCX Crude Oil in trading in profit
and in slow in Business because of week manufacturing process data. MCX Crude
Oil Future gains 1.11 percent in sep. contract and nickel sep gains 1.3 percent
while natural gas loses 0.19 percent in sep future but menthaoil gains 0.35
percent in sep. future contracts.
TIPS FOR TODAY:
BUY ZINC AUG ABOVE 105.5
TARGETS 106 , 106.5 , 107 STOPLOSS 104.6
BUY MENTHA OIL SEP ABOVE 1364 TARGETS
1367 , 1370 , 1374 STOPLOSS 1358
BUY SILVER DEC ABOVE 63100 TARGETS 63165 , 63250 , 63350 STOPLOSS 62973
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