26/08/13 MCX updates for Monday|| commodity trend in upcoming week|| commodity future prediction
On Friday a high jump had seen on commodity market, silver prices boom on market and crosses the level of 53000 and touch a high of 53750 and looking to near 55000 in coming day. On other hand gold prices also make good improvement for future delivery and knock the door of 32000 ,on global market Friday gold prices jump by 1.5% and very near to $1400 an ounce.yesterday a sharp mild correction had seen on Indian rupees against US dollar which closes at 63.20 at Interbank foreign exchange. Rupees vs dollar level support global metal prices at LME. Drop in sales of New homes at US will renewed hope that Federal reserve maintain its bond buying economic stimulus.
If we talk about energies in coming week , if crude oil prices crosses the level of 6900 then surely a mark of 7000 will shown at MCX. Due to declined in Dollar against Indian Currency crude oil fall on Saturday trade while Brent crude rose 27 cent to $110.17 a barrel. Natural gas and mentha oil also trade in negative side on Saturday trade , however, some correction in shown on Friday trade, natural gas for future delivery in upcoming week look above 225 while mentha oil 880 per kg.
In base metal august contract is going to close on Friday , so some correction in this week might be seen for future delivery at MCX. In upcoming week if copper prices break the level of 477 then buy above with a target of 480, 485 however if in downside copper comes near 472 then sell with a target of 466, 460. similar nickel looks positive on intraday trading on Monday above 932 buy nickel for long term and wait for 1000 in upcoming series. Lead and zinc are low volatile in coming session but if dollar touch 64 then go high at Mcx for future delivery.
BUY GOLD OCT ABOVE 31900 TGT 32300, 32500 SL 31700