DAILY COMMODITY MARKET STRATEGY-18 Jun 2015

Commodity Tips Expert: - commodity tips , mcx trading tips , bullion commodity tips
Bullion

Gold appeal tarnished for second straight day as prices failed to seek some more support from day traders on Wednesday. The prices ended the day at Rs 26,880 per 10 grams on 17 June 2015 against Rs 26,956 per 10 grams on 16 June 2015.

Resistance for Gold August future is towards Rs 27,100 and Rs 27,200. Supports in Gold towards Rs 26800 is active. Gold price tested a high of Rs 26,920 per 10 grams and a low of Rs 26,803 per 10 grams.

Base Metal

MCX Copper June expiry contract declined for third straight day on Wednesday. Prices moved below Rs 374 per kg breaking a series of support that were formidable in last one week. Copper ended the day at Rs 370.40 on 17 June 2015 against 371.45 per kg on 16 June 2015.

On Thursday trading gains are expected to get resisted at Rs 374 and 378 per kg. Meanwhile support for Copper June future is at Rs 367 and 365 per kg.

On Wednesday, the low for Copper was at Rs 369.25 per kg, and a high of Rs 373.8 per kg was noted. Open interest was at 18369 on 17 June 2015 against 17929 on 16 June 2015.

Energy

Crude oil prices again moved back in the session on Wednesday and ended at Rs 3,846 against Rs 3,903 a day before. Settling again in the range of Rs 3,900-3,600 Crude is showing lower momentum.

The gains above Re 3,900 can bring more benefits for Crude Oil June future but that has not been the case in more than a week, similar is situation for losses.

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Commodity Tips Expert: - commodity tips , mcx trading tips , bullion commodity tips

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