28/08/13 MCX intraday tips || commodity updates and today HNI call || rupees effect on Indian economy and commodity market
Posted on:28th August 2013
Weak rupees help precious metal prices on upper note, today gold prices crosses the level of 34500 and make a historic high of all time by touch an intraday high of 34622, bullion positive session is on high level at Mcx. Follow yellow metal silver silver prices again come the level of 60000 per kg.silver prices is September delivery gain by more than 2% and touch an intraday morning high of 59580 per kg.
On Wednesday morning all commodity are open in bullish note, after rupees record low of 68.83 at Inter bank foreign exchange. Crude oil prices jump yesterday with a huge gain in Domestic result increase in Petrol and Diesel prices at Indian market. Crude oil for September delivery on Wednesday morning open at 7377 and by rose more than 3% touch a record high of 7784 per barrel. Continue falling in rupees and increment in Dollar Demand in overseas market causes increment in all commodity prices and slowdown Indian economic condition.
If we talk about base metal at Multi commodity exchange , all top metal like copper, nickel , lead all are getting a positive momentum in Indian Commodity market. Today copper prices crosses the landmark of 500 first time in a year and made a high of 512.65 while nickel prices cross the level of 1000 and touch a high of 1004.80.
but small correction in Indian rupees value result some drop in positive side, all commodity yet trading in positive side but small fall had seen at MCX.
BUY GOLD OCT ABOVE 34000 TGT 34100, 34200, 34500 STOPLOSS 35600
BUY SILVER SEP ABOVE 58300 TGT 58500, 58700, 59000 STOPLOSS 57800
BUY CRUDE OIL SEP ABOVE 7520 TGT 7550, 7580, 7610 STOPLOSS 7420
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