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Govt to take decision on export quantity of cotton this week.

The government is expected to take decision on exportable quantity of cotton this week. The move follows recent lifting of the export ban on the cotton which was imposed earlier this year to restrict spiraling prices in the domestic markets. The Central government is also mulling to abolish the export tax from October 1.

The decision on how much quantity of cotton to be allowed to be exported will be decided after the textiles ministry reviews the level of cotton production for the current year on September 01. Few industry experts are saying that the cap on the exportable quantity may be fixed at 5 million bales (1 bale = 170 kg).

Exports up to the restricted limit may not be charged any export tax while anything above that will be subject to prohibitive tax regime, as indicated by the Commerce secretary Rahul Khullar.

Gold, silver futures settle higher on MCX.

Mumbai - Gold, silver futures settled with nominal changes on Multi Commodity Exchange on buying support here on Saturday. In the overseas market gold settled down profit taking. In the overseas market gold settled traded down USD 2.40 at 1227.70/oz.

On MCX, gold August futures traded up Rs.11 and silver September futures up Rs.22/kg.

MCX's most active gold August contract opened down Rs.4 at Rs.18,715/10gm and moved between Rs.18,712-18,730/gm. The contract settled up Rs.11 at Rs.18,730/10gm. August contract volumes recorded 964 lots.

MCX gold mini, the most active September contract opened down Rs.6 at Rs.18,678/10gm and settled up Rs.6 at Rs.18,690/10gm. It fluctuated between Rs.18,677-18,693/10gm. Total volumes in September contract clocked 1635 lots.

Gold and silver daily review (August 21, 2010)

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MARKET ROUNDUP


US Gold rose on Thursday to its highest price since July 1, rallying for a sixth day as disappointing U.S. jobless claims data rekindled economic fears, sent stock markets lower and prompted investors to buy gold as a safe haven.


IN FOCUS


- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings rose to 1,299.468 tonnes by Aug. 19 from 1,295.516 tonnes on August 18.


- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9151.03 tonnes as of August 19, unchanged from the previous business day.


- The world's top pure silver mine, San Bartolome, has resumed production in Bolivia, owner Coeur d'Alene said on Tuesday, a day after demonstrators ended protests that brought mines in the Andean country to a halt.


- Newcrest Mining, Australia's top gold producer reported a record full-year underlying profit on Monday, topping forecasts, and flagged a near doubling in capital spending to develop Australia's largest underground mine.


FUNDAMENTAL OUTLOOK


Precious metals prices edged down on COMEX today. We may witness some profit booking in the counter today. But overall outlook for precious metals remains bullish on the back of sparking worries of deepening slowdown in the global recovery is likely to support buying in gold as a safe-haven.

Gold prices rose to a seven-week high.

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Gold prices rose to a seven-week high on Thursday on getting disappointing data that US new claims for unemployment benefits unexpectedly hit a nine-month high last week, raising the safe heaven demand. The yellow metal’s technical outlook too looks good, supported by the economic worries. Some weakness in dollar against euro too supported the prices in late hours.

Gold futures for December delivery rose $4.40 to $1,235.80 on the Comex metals division of the New York Mercantile Exchange. Spot gold last traded at $1,233.30 an ounce, against $1,227.55 late in New York on Wednesday.

Spot gold prices closed at 1229/oz on Wednesday.


Spot Gold prices continued to gain and closed at $1229/oz on Wednesday. The yellow metal prices touched a high of $1232/oz yesterday. However, on the MCX platform, gains in gold prices were restricted to around 0.1%, with the August October contract closing at Rs 18,673, up by Rs 30. Gold prices on the Indian bourses were capped mainly on the back of appreciation in the India Rupee. Spot Rupee closed at 46.56 against the dollar on Wednesday as against the previous close of 46.64.


Gold prices will continue to trade with a positive bias today as uncertain financial markets would continue to drive demand for the yellow metal. Moreover, increasing investment demand from the global investors coupled with expectations of increase in physical buying in India will also boost prices. India is the world’s largest consumer of the yellow metal. The upcoming festival season in India leads to higher demand for gold from the Indian investors.

On intraday basis, Spot Gold prices have immediate support at $1220/$1211 whereas resistance is seen at $1235/$1242. Spot Silver prices shall find support at $18.34/$18.10 whereas resistance is seen at $18.55/$18.77 levels.

Gold and Silver daily Review.

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MARKET ROUNDUP

US gold futures ended higher on Tuesday as the euro climbed against the U.S. currency, making the dollar-denominated metal cheaper for holders of other currencies.

IN FOCUS

- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings rose to 1,294.604 tonnes by Aug. 17 from 1,286.699 tonnes on Aug. 12.

- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9151.03 tonnes as of August 17, unchanged from the previous business day.

- The world's top pure silver mine, San Bartolome, has resumed production in Bolivia, owner Coeur d'Alene said on Tuesday, a day after demonstrators ended protests that brought mines in the Andean country to a halt.

- Newcrest Mining, Australia's top gold producer reported a record full-year underlying profit on Monday, topping forecasts, and flagged a near doubling in capital spending to develop Australia's largest underground mine.

FUNDAMENTAL OUTLOOK

Precious metals prices are trading marginally down on COMEX today. We expect gold to remain range bound on the back of absence of major trigger today. Gold is expected to trade in the range of $1220-1230/ounce today. These levels are good levels to go long in gold for medium term.

Government allows sugar export on re-import basis.

In a move that will help sugar companies, the government has agreed for export of around 2-3 lakh tonne of the commodity that is presently stuck at various ports. However, sugar companies will have to import an equal amount of the sweetener within the next four months.


The reason behind large amount of sugar stuck at the ports is the sharp change in sugar prices and outlook over last two quarters. At the start of the current calendar year, sugar prices in India as well as international markets were ruling at record high levels. However, as the news of higher-than-expected production in India started coming into markets, sugar prices began to crash heavily.


Many sugar companies had imported duty-free raw sugar expecting higher prices and lower supplies domestically. However, with substantial upside surprise in local production and crashing of prices across the board, it became unviable to process the imported sugar.The industry has been requesting the government that since global prices were still higher compared to India and there was already over supply in local markets, they should be allowed to export the sweetener for now and the same can be imported at a later stage. Global prices are likely to move down in the next season on Brazil’s expected bumper crop this year.


While the government had been initially resisting the demand as it would be an unpopular decision to allow sugar exports at a time when domestic food-inflation is ruling in double-digits, it has now finally agreed for the move. However, sugar companies have been given only four months against their demand of 6-8 months for imports.

Gold and silver daily Review.

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MARKET ROUNDUP

U.S. Gold prices hit a one-month high Friday in a flight to quality, as weak jobs data prompted investors to buy gold as an alternative asset.

IN FOCUS

- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings stood at 1286.70 tonnes by Aug. 13, unchanged from the previous business day.

- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9151.03 tonnes as of August 13, unchanged from the previous business day.

- Newcrest Mining, Australia's top gold producer reported a record full-year underlying profit on Monday, topping forecasts, and flagged a near doubling in capital spending to develop Australia's largest underground mine.

- Zhongjin Gold said on Monday it planned a private placement of up to 150 million A shares to raise about 4.1 billion yuan ($603.6 million) to buy assets from its parent, state-owned China National Gold Group.

FUNDAMENTAL OUTLOOK

Precious metals prices edged up on COMEX today. We expect gold to extend its upward rally on the back of weakness in dollar against basket of currencies and pessimism about U.S. economy is likely to trigger safe-haven buying in precious metals during the day. Buying at dips is recommended.

Crude prices end lower for the fourth straight day.

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Crude prices declined for the fourth straight day on Friday,similar to the stocks. The crude suffered the biggest percentage loss in six weeks, on concern that the slowing economic recovery would grind down the oil demand. Though the US retail sales rebounded in July but that was less than expected and also the business inventories, showed an increase. The crude prices got a good start on news that euro zone gross domestic product grew at its fastest pace in more than three years in the second quarter but in latter trades the pessimism of US economy led the prices down.




Meanwhile,OPEC in its monthly report said that oil demand will continue to grow slowly in 2011, when world economic expansion is projected to be slightly lower than this year. It raised its 2010 forecast for global oil demand, by 100,000 bpd, to 85.50 million bpd.
Benchmark crude for September delivery settled down 35 cents, or 0.46 percent, at $75.39 a barrel on the New York Mercantile Exchange. In London September Brent crude ended down for the fourth day in a row, it fell 41 cents to settle at $75.11 a barrel on the ICE.

Gold and Silver daily Review.

MARKET ROUNDUP
Precious metals prices edged higher with gold rallied 1.5 percent to its biggest one-day rally in more than two months yesterday, as higherthan- expected U.S. jobless claims prompted a surge of buying in perceived safe-haven assets.


IN FOCUS
- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings rose to 1286.70 tonnes by Aug. 12 up by 0.912 tonnes on Aug. 11.
- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9151.03 tonnes as of August 12, unchanged from the previous business day.
- India's gold collections in exchange traded funds (ETF) raised more than 82 percent on year in July as investors plucked bargains in anticipation of higher prices going ahead.


FUNDAMENTAL OUTLOOK
Precious metals prices are flat on COMEX today. We have core CPI data to be released from U.S. later in the evening today. Any negative outcome may further pressurise the Dollar that may increase the demand for precious metals as a safe-haven asset. Buying at dips is recommended today.

Crude prices decline on reports of fall in Chinese imports.

Crude prices once again declined on Tuesday, though it trimmed losses near the close after the Federal Reserve said it will stick to its low-interest policy for an extended period and will be buying government debt on a small scale in a move to support the faltering economic recovery. The crude prices were also weighed down by the report of decline in China’s July crude imports and the strengthening of dollar.


China's crude oil imports fell 3.2 percent in July from a year ago, the first decline in 16 months as refiners drew on hefty storage after earlier record purchases.


Crude for September delivery settled down $1.23, or 1.5 percent, at $80.25 a barrel,after trading in a range of $79.20 to $81.62 on the New York Mercantile Exchange.In London Brent crude was down $1.25 cents at $79.74 a barrel on the ICE.

Gold and silver daily review.

MARKET ROUNDUP

Precious metals prices ended lower yesterday, snapping an eighth-session winning streak, pressured by a stronger dollar ahead of a closely watched policy statement by the Federal Reserve.

IN FOCUS

- The world's largest gold-backed exchange traded fund, SPDR Gold Trust said its holdings fell to 1282.75 tonnes by August 9, down by 18.079 tonnes from the previous business day.

- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9151.03 tonnes as of August 9, down by 34.26 tonnes from the previous business day.

- Yukon Nevada Gold Corp reached steady state production. The Plant operated during July and produced gold pro-rated at 100,000 ounces per year on an annualized basis

Gold marches up on US payroll data.

US gold futures marched higher for the eighth consecutive day on Friday and kept sizeable weekly gains as investors bought the yellow metal after payrolls numbers showed a deletion of 131,000 jobs in July, more than expected and prior data. The dollar came under pressure after job reports which also boosted gold’s alternative investment demand.

Gold futures for December delivery, the most actively traded contract on Comex, gained $6, or 0.5%, to $1,205.30/oz.

Gold gained 1.8% on the week, its first positive week after three straight losing periods and only the second weekly gain in seven. Gold lost more than 5% in July, its worst month since December.

The dollar weakened further after disappointing payrolls data which showed more job losses in July.

Spot gold edges high, holds near 2-week high.

London - Spot gold edged higher towards the $1,200 a troy ounce mark in Europe Thursday, holding firm after a week of steady gains.

The euro's strength against the dollar fed support to gold, though caution ahead of U.S. non-farm payroll figures Friday kept volumes low and volatility subdued, and traders said the metal will likely be range-bound until the jobs data is released.

At 0953 GMT, spot gold was trading at $1,195.90 a troy ounce, up 0.17% on the day. The EUR/USD was at $1.3201, up from $1.3154 at 0000 GMT.

Gold broke above $1,200/oz Wednesday for the first time in nearly two weeks. Its recovery accelerated on China's announcement that it will further liberalize its gold market, which raised hopes Chinese consumption will grow even faster.

Copper remain steady globally.

They're now at levels that may be beyond what actual use of the metal would support. Inventories of copper stored in LME warehouses fell 875 metric tons Thursday, leaving them at 413,075.

Copper retreated as investors fretted about demand for the industrial metal after an unexpected rise in U.S. jobless claims and amid jitters about China's banking and property sectors.

In recent weeks, as fears about global economic health have eased, copper prices have climbed sharply.

They're now at levels that may be beyond what actual use of the metal would support. Inventories of copper stored in LME warehouses fell 875 metric tons Thursday, leaving them at 413,075.

Dollar strengthen; negative correlation between gold.

It is difficult to form short-term views on commodities, given the currency noise. However, the possible drivers which may push currencies in either direction (i.e. a very accommodative monetary policy in the US and the sovereign debt problems in Europe) seem to indicate that gold could benefit from either directional move in the USD/EUR relationship.

Over a multi-month period, this should be an important driver of intra-day and intra-week price movements. However, we also view currency movements as largely short-term drivers that create noise around the fundamentals. Yesterday, we said that the broader markets traded consistent with the view that the Fed would keep monetary policy very accommodative and continue its bond purchases. If so, the dollar could weaken.

However, note that Standard Bank's G10 FX strategist still sees the dollar as stronger against the euro towards year-end because of the pervasive fundamental problems in Europe.

Gold and Silver daily review.

MARKET ROUNDUP

U.S. gold futures ended slightly higher on Tuesday as weak economic data and a softer equities market prompted investors to put money into the precious metal.

IN FOCUS

- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust said its holdings stood at 1,300.829 tonnes by August 3, unchanged from the previous business day.

- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9185.29 tonnes as of August 3, unchanged from the previous business day.

- Canadian gold miner Red Back Mining Inc posted an increase in its quarterly gold production, and said mining volumes and grade from an underground operation at its Chirano mine will continue to boost production in the second half of the year.

Commodity market trades flat.

At the Multi Commodity Exchange (MCX), COMDEX opened on a negative note after a rise of 1.33% on Monday. It is currently trading higher by 1.18 points, or 0.04%, at 2,793.16 at 10.07 a.m. after opening at 2,791.75.

Other index like MCX METAL is trading downward by 1.35 points, or 0.04%, at 3,368.23 after opening at 3,368.99. MCXAGRI is trading down by 3.69 points, or 0.16%, at 2,289.17 after opening at 2,291.26. Meanwhile MCXENERGY is trading up 6.27 points, or 0.23%, at 2,749.41 after opening at 2,748.91.

Gainers at the MCX are COTTON CAKE AKOLA - August contract, (3.01%) with open interest of 5, Cardamom - July contract, (1.64%) with open interest of 108, Wheat - September contract, (1.38%) with open interest of 13, COPPER1KG - August contract, (0.74%) with open interest of 22,010, and Wheat - August contract, (0.68%) with open interest of 450.

Copper prices get good rise across the globe.

Copper prices have got a spurt across the global markets on investors hope that global economic recovery if not gaining much momentum, is sustaining the levels with slight improvement and may raise demand outlook in coming days. The red metal had its best month in a year in July, rising 12 percent, on expectations the Chinese government will ease tightening measures as the economy slows.

The contract for September delivery gained as much as 1.4 percent to $3.3585 a pound, the highest since May 3 on the Comex metals division of New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange climbed for a fourth day, by as much as 1.6 percent to $7,415.25 a metric ton, the highest price since April 30.

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