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Spot Gold prices traded on a volatile note Today



MARKET RECAP
Spot Gold prices traded on a volatile note on Tuesday but closed in the green towards the end of the trading session. The yellow metal prices rebounded after touching an intra-day low of $1226/oz as risk aversion in the financial markets increased demand for gold as a safe-haven investment. SPDR, the world’s largest ETF backed by Gold reported that its gold holdings reached new record high of 1320.436 metric tons as on June 29th. Last week it had reported holdings of 1316.177 metric tons as on June 24th.

OUTLOOK
Gold prices will continue to gain as investors remain susceptible over the global economic situation. The Eurozone concerns coupled with poor economic data from the US is haunting investor sentiments towards riskier assets. This will make the Gold prices attractive as the yellow metal is treated as a safest investment in turbulent times.

On intraday basis, Spot Gold prices have immediate support at $1237/$1229 whereas resistance is seen at $1247/$1255. Spot Silver prices shall find support at $18.29/$18.12 whereas resistance is seen at $18.69/$18.92 levels.

GOLD AND SILVER DAILY REVIEW




MARKET ROUNDUP
U.S. gold futures ended nearly 1.5 percent lower on Monday on technical selling after an initial rally failed to push gold to an all-time high on economic jitters.

IN FOCUS
- The world's largest Gold-backed exchangetraded fund, SPDR Gold Trust said its holdings remain to a record high at 1,316.177 tonnes as of June 28 unchanged from the previous business day.

- The world's largest Silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9176.84 tonnes as of 28th June, unchanged from the previous business day.

- India, the world's top gold buyer saw a sharp cut in imports in June, signalling recent record high prices are dissuading fundamental demand even as the world's largest exchange-traded fund reports record holdings. India's gold imports in June are likely to fall for the third straight month from a year ago, the head of Bombay Bullion Association said on Monday as prices stay firm.

FUNDAMENTAL OUTLOOK

Precious Metals futures are likely to trade sideways to up today as the overseas trend is seen as bullish with global investors seeking the safe haven metal due to uncertainty in the global economy.

Gold, Silver futures extend Profits by Global Supports.

Mumbai - Gold, silver futures extended gains on Multi Commodity Exchange on buying support and positive global trend on Monday. Gold futures settled higher and silver futures settled lower in the previous session. In the international market gold traded up USD2.76 at USD1257.80/oz.

On MCX, gold August futures traded up Rs.80/10gm and silver July futures up Rs.136/kg.

MCX's most active gold August contract opened Rs.18 higher at Rs.18,832/10gm and moved between Rs.18,832-Rs.18,910/10gm. At 4.49 pm IST, the contract traded Rs.80 higher at Rs.18,894/10gm. August contract volumes clocked 14757 lots.

MCX gold mini, the most active July contract opened down Rs.21 at Rs.18,705/10gm. It fluctuated between Rs.18,705-18,810/10gm. At 4.49 pm IST, July contract traded up Rs.65 at Rs.18,791/10gm. Total volumes in July contract clocked 8649 lots.

GOLD FUTURES TRADE UP, SILVER DOWN ON MCX




Mumbai - Gold futures traded higher on Multi Commodity Exchange on buying support; while silver futures traded down on Saturday. Precious metals traded higher in the global market in the previous session. In the international market gold traded up USD12.86 at USD1254.50/oz. 
On MCX, gold August futures traded up Rs.20/10gm and silver July futures down Rs.10/kg.
MCX's most active gold August contract opened Rs.27 higher at Rs.18,519/10gm and moved between Rs.18,805-Rs.18,820/10gm. At 11.11 am IST, the contract traded Rs.20 higher at Rs.18,812/10gm. August contract volumes clocked 424 lots. 
MCX Gold mini, the most active July contract opened up Rs.8 at Rs.18,703/10gm. It fluctuated between Rs.18,703-18,722/10gm. At 11.12 am IST, July contract traded up Rs.24 at Rs.18,717/10gm. Total volumes in July contract clocked 767 lots. 

Benchmark silver July contract opened Rs.72 higher at Rs.29,860/kg. The contract fluctuated between Rs.29,754-Rs.29,874/kg. At 10.15 am IST, silver July contract traded down Rs.10 at Rs.29,778/kg. Total volumes clocked 1037 lots.
MCX silver mini June futures opened up Rs.5 at Rs.29,786/kg and moved between Rs.29,751-Rs.29,839/kg. At 11.15 am mini silver June futures traded down Rs.4 at Rs.29,777/kg. Total volumes recorded 1379 lots.

INDIA GOLD FUTURES UP; OFF-HIGHS

Singapore - India August MCX Gold futures tad up at INR18,796/10 grams on firm overseas gold markets; contract off high of INR18,870 on INR strength. “Gold is still looking bullish and prices are expected to touch INR19,000 level during the session”; tips contract in INR18,700-INR19,040 range for day. Further cues likely from U.S. 1Q third estimate for gross domestic product data due later tod.

Gold downs slightly with suppport of new catalyst


London - Spot gold is trading marginally lower Thursday morning, with analysts predicting further consolidation as the market awaits a catalyst to driver the market back into its record-breaking range.
Prices slid to an eight-day nadir Wednesday, after fresh data showing U.S. new home sales at record lows triggered a rapid selloff. Traders said it was also likely funds were booking profits on long positions after gold failed to hold above $1,250 a troy ounce.

At 0945 GMT, Spot Gold was trading at $1,232.90 a troy ounce, down 0.3% from Wednesday's close. 
The other Precious metals were also trading lower. Spot silver was at $18.41/oz, down 0.2%. Spot platinum was at $1,546.50/oz, down 1.2%, and spot palladium was at $466.53/oz, down 0.8%. 

With both the dollar and the euro stronger today Gold is under pressure. However the European sovereign debt situation keeps deteriorating slowly and thus the underlying fundamentals keep strengthening.We believe that the bulk of the sell off after Monday's high is over and that investors are using the current weakness to position themselves for the next move higher.

Gold firms more on FOMC rates statement


London
- Spot Gold is trading marginally higher Wednesday morning, with market participants awaiting the Federal Reserve's rate announcement they said should set the tone for the days ahead.


While traders and analysts aren't expecting any surprises from the U.S. Federal Reserve Open Market Committee meeting result, due around 1815 GMT, Commerzbank analyst Daniel Briesemann said the market would be "looking very closely at the strength of the wording."


The Federal Reserve began its two-day policy meeting Tuesday. The central bank is widely expected to announce that interest rates will remain low for an extended period.
 

Metals lower on Weaker EURO as Yuan downs ;


London - Base metals on the London Metal Exchange are mostly lower Tuesday as the euro weakened and the boost from China's new yuan policy fades.
The market returned its focus to weakening growth outlooks in the euro zone and the U.S., while losses in equity markets sapped sentiment. Better-than-expected German business confidence data failed to give much support to flagging appetite for risk.
At 1033 GMT, three-month Copper was at $6,530 a metric ton, down 1.1% on the day.
Inventories edged slightly lower for all the metals, save for the 10,000-ton drop in aluminum stocks. 

GOLD AND SILVER DAILY REVIEW (JUNE 21, 2010)


MARKET ROUNDUP
Precious metals prices edged higher with Gold rallied to a record high above $1,260 an ounce as momentum triggered by buying of the metal as a haven from sovereign and financial risk pushed prices through technical resistance.
- The world's largest Gold-backed exchangetraded fund, SPDR Gold Trust said its holdings stood at 1,307.963 tonnes as of June 18 unchanged from the previous business day.
- The world's largest Silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9,208.83 tonnes as of 18th June, unchanged from the previous business day. 
- The markets are exaggerating the euro zone's risks, but the European Central Bank needs to do more to show its commitment to financial stability, Fitch's head of sovereign ratings said on Saturday.
- China said it would gradually make the yuan more flexible in a gesture that may deflect foreign criticism at next week's G20 summit but will not quickly yield a big move by its currency. 

GOLD HITS RECORDS ABOVE $1,258/OUNCE


LONDON-The price of Gold surged to an all-time high point above 1,258 dollars an ounce on Friday, on the back of the weaker US currency and downbeat US economic data, traders said.In afternoon trading on the London Bullion Market, gold hit a record 1,258.38 dollars an ounce.

US Gold futures for August delivery also hit a record USD 1,260.90 an ounce. Gains in gold also took silver to a four-week peak at USD 18.91 an ounce. It was later at USD 18.87 an ounce against USD 18.67.The dollar has been due a fall, what with its strength versus the euro and sterling lately, and a falling dollar pushes gold higher as it makes it cheaper for investors outside the US to buy gold, increasing demand.

RIL HARMONIZE WITH ANIL; TO FOCUS ON POWER

New Delhi: Reliance Industries, the country’s largest conglomerate in terms of value, will enter the power and communication sectors with huge investments, besides pumping in money to expand its existing operations in various sectors ranging from petrochemicals to retailing, its chairman and managing director Mukesh Ambani said Friday.Speaking at the company’s annual shareholders' meeting, an emphatic chairman Mukesh said Reliance pariwar (family) is on its way to becoming “one of the most valuable corporations in the world.

On expansion mode

-He added that RIL’s production base is expanding day by day and the company plans to double it in three years.

-RIL production from KG-D6 block exceeds 60 million standard cubic meters per day and over 30,000 barrels per day, Ambani said.

GOLD RESUMING NEGATIVE RELATION WITH EURO

London - Gold's negative correlation with the euro is starting to resume, says a trader, and this could help provide a further lift to prices. Euro-zone concerns persist, and this is keeping the euro under pressure, leaving gold an attractive alternative, especially while other currencies provide little comfort, he notes. Notes the market is locked in a tight range, with activity generally "stagnant." Spot gold trades at $1,232.25 a troy ounce, steady from Wednesday's close.

GOLD AND SILVER DAILY REVIEW



U.S. gold futures finished stronger on Tuesday, as a rating downgrade of Greece late in the previous session drew some investors to the yellow metal as a safe-haven play and bullish technical signals extended those gains.

IN FOCUS
- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings stood at 306.137 tonnes as of June 15, unchanged from the previous business day.

- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9,208.83 tonnes as of 15th June, unchanged from the previous business day.

- Gold and gold receivables held by eurozone central banks fell by 1 million euros to 286.691 billion euros in the week ending June 11, the European Central Bank said on Tuesday.

- Gold miners in the first quarter kept cutting back on hedging against possible declines in the gold price, but they did so at a much slower pace than in the fourth quarter of 2009, when Barrick Gold Corp eliminated its entire hedge book.

Precious metals are trading firm on COMEX today. Today we have CPI data to be released by the euro zone, this may lend some support to the prices. But we expect profit taking to continue in this counter thus, Selling on rise is the strategy for the day.

COMMODITIES MARKET STATUS


 
Gold Prices firmed up on Friday on getting some technical support and concerns over the economic recovery after a disappointing retail sales data, also the volatility in the US stocks on Friday led to some safe-haven demand in gold.Gold futures for August delivery settled up $8 at $1,230.20 an ounce on the Comex division of New York Mercantile Exchange. Spot gold was at $1,227.55 an ounce against $1,215.80 late in New York on Thursday. 

 
Copper futures closed lower on Friday, easing back from one-week highs after a report of unexpected drop in US retail sales, making the investors cautious economic recovery was losing momentum. Copper for July delivery closed up 6.05 cents or 2.1 percent to $2.9230 per lb after trading in a range from $2.8680 to $2.9450 on the Comex division of New York Mercantile Exchange. LME copper for three-month delivery last traded at $6,485 per tonne from a close at $6,410 on Thursday. 

Crude prices ended lower on Friday, snapping a three-day winning streak on the back of disappointing retail sales data, though there was a report of improved consumer sentiments but that was overshadowed by the retail sales report and weaker-than-expected industrial output from China.
Benchmark crude for July delivery settled at $73.78 a barrel, down $1.70 or 2.25 percent, after trading in a range of $73.26 to $75.64 on the New York Mercantile Exchange. In London July Brent crude ended down 94 cents or 1.25 percent at $74.35 after trading in a range of $73.60 to $75.72 on the ICE.

A STEP RISE IN BASE METAL PRICES

On Thursday (10 June 2010), the base metal prices rose on the non-ferrous metal market due to good industrial demand amidst a rising trend in London Metal Exchange.

Nickel rose by Rs 20 per kg to 1,075. Tin and copper scrap heavy both rose by Rs 5 per kg to Rs 935 and Rs 351 respectively. Copper cable scrap, copper armature, copper utensils scrap, copper wire bar and copper sheet cutting all increased by Rs 4 per kg each to Rs 347, Rs 333, Rs 382 and Rs 345 respectively. Brass utensils scrap edged up by Rs 3 per kg to Rs 251. Brass sheet cutting and zinc inched up by Re 1 each to Rs 258 and Rs 108 respectively.

CRUDE OIL GOES UP WHILE GOLD FUTURES DOWN TODAY


MarketWatch
: NEW YORK - Crude oil futures stayed higher and gold futures fell early on Thursday after the government said U.S. jobless claims fell by 3,000 to 456,000 in the latest week. Separately, European Central Bank President Jean-Claude Trichet said the bank expects moderate and uneven growth across the euro zone and that its bond-buying efforts to boost liquidity were temporary. Crude oil for July delivery recently gained 66 cents, or 0.9%, to $75.04 a barrel. Gold for August delivery fell $2.60, or 0.2%, to $1,227.30 an ounce.

SPOT GOLD GOT STEADY BELOW HIGH RECORDS.


London - Spot gold is steady in Europe Wednesday, just below the previous day's record high on strong investment demand.A struggling euro and shaky European equity markets are sustaining appetite for gold, a traditional safe haven in times of uncertainty.

At 0953 GMT, spot gold was trading at $1,236.80 a troy ounce, up 0.1% on the day. The EUR/USD was at $1.1962, down a tad from $1.1964 at 0000 GMT.Gold is trading quietly in a range between $1,230-$1,240/oz, said Afshin Nabavi, head of trading at Swiss precious metals trading house MKS Finance.  

International Gold hits its record high above USD1,250/Oz

London - Spot Gold Tuesday hit a new record high above $1,250 a troy ounce as investors seek the metal to hedge worries about the wider economy in Europe and everywhere.

The metal is also at a new high in euro terms, above EUR1,050/oz.

Spot gold's previous high was at $1,249.40/oz in May.

At 0929 GMT spot gold was trading at $1,248/oz, up 0.6% from Monday's close, having risen to $1,251.52/oz.

MARKET OUTLOOK

Commodities Market : Crude oil fell to a seven-week low as the euro dropped against the dollar on concern that Greece’s bailout may have to be extended to other indebted nations. Copper crumbled on continued pressure from demand concerns in top consumer China. Gold futures rebounded from the biggest decline in two weeks as investors bought the precious metal as a haven against financial turmoil in Europe.

Sensex recovers in the last session : Reacting to weak cues from the global markets, the Sensex opened on a pessimistic note at 17,103.95 with a negative gap of 33.19 points. Thereafter, the gauge extended its weakness and touched the intraday low of 16,858.23 n worries about sovereign debt issues in Europe. However, in the early afternoon session, the markets recovered from the day’s low, tracking a ebound in the Chinese markets and US index futures.

Gold rises,recovers on safe haven bids.

Gold rose on Friday, rebounding from early losses after weaker-than-expected U.S. employment data pushed the stock market and many commodities sharply lower, raising the safe-havens bid for bullion.Spot Gold rose to $1,217.45 an ounce against $1,206.05 an ounce late in New York on Thursday.A slew of news in Europe, from confusion over the health of Hungary's finances to unsubstantiated talk of concern over Society General's derivatives business, contributed to fears that drove investors to seek safety in Gold.

Precious metals going down; Weighing profits.

Mumbai - Gold, Silver futures traded lower on Multi Commodity Exchange on profit taking from higher level and weak global cues on Thursday. Precious metals settled higher in the previous session. Gold prices quoted down in the overseas market. In the international market gold traded down USD1.10 at USD1224.91/oz.

On MCX, gold August futures traded down Rs.109/10gm and silver July futures down Rs.51/kg.
MCX's most active gold August contract opened Rs.16 lower at Rs.18,621/10gm and moved between Rs.18,551-Rs.18,621/10gm. At 10.51 am IST, the contract traded Rs.109 lower at Rs.18,565/10gm. August contract volumes clocked 3520 lots.

GOLD RECORDS A HIKE OF RS 19,050

New Delhi: Gold Prices zoomed to an all-time high of Rs 19,050 per ten grams in the national capital today on skyrocketing global rates amid the ongoing marriage season in India.

In international markets, gold prices surged for the seventh straight day as the European debt crisis increased demand for the precious metal as a safe haven. Bullion in the Asian region gained as much as 0.5 per cent to USD 1,222.47 an ounce, its highest level since May 19, as the euro extended its 2.4 per cent decline against the US dollar last week.

The Indian rupee depreciated by 21 paise to 46.57 a dollar in early trade at the Interbank Foreign Exchange today on capital outflows by foreign funds and the dollar's gain overseas.
The precious metal's rise in future trading was another supporting factor boosting the sentiment in the physical market.

Gold has gained 8.3 per cent over the past two months in global markets and reached a record USD 1,249.40 an ounce on May 14 on concerns that European measures to cut deficits and contain sovereign debt risks will curb growth in the region and weaken the euro.

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