MCX Commodity Outlook For Today 7 June

MCX Bullion- Gold , Silver Base Metals-Copper, Nickel, Zinc, Lead, Aluminium Energy-Crude Outlook For Today:

MCX Gold Updates : Gold August Futures at Multi-Commodity Exchange (MCX) has fallen below Rs 30,000 in morning trade at Rs 29914 and appreciation in Indian Rupee has impacted the price of the yellow metal. Indian demand for Gold jewellery has weakened on end of wedding season . Gold august contract can trade in range of 29,950-30,200.

1> Buy MCX Gold August range 29700-29750 with Stop-loss below 29100 

MCX Silver Trend : Silver July contract can trade in range of 55,000-56,500. Gold along with silver may trade sideways with some profit booking seen at higher levels but overall silver is expected to outperform gold as the stimulus hopes for Euro and US supported its prices higher. On the MCX, the Silver July contract rose by more than 2.5 percent as appreciation in the Indian Rupee.
1> MCX Silver Jul’12 Rs/kg 55400/54800 56400/57000

Copper Updates : We expect base metals to trade with a positive  bias  today  on  account of upbeat global market sentiments. MCX, Copper June contract gained by 1.5 percent and closed at  Rs.411.90/kg after touching an intra-day high of Rs.413.20/kg on  Wednesday. Copper may trade in range of 407-416 while Lead may trade in range of 105.50-106.50 and zinc in range of 104-106 in near term.

Crude Outlook : Crude oil can also trade with firm bias in range of 4,680-4,750. Crude oil prices touched an intra-day high of $86.27/bbl and closed at  $52.02/bbl in yesterday’s trade.

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