zinc intraday

Zinc resistance could be 85
02 July 2008 10:54:27

Zinc yesterday we have seen that market has moved 0%. Market has opened at 84 & made a low of 83.1 versus the day high of 85.15. The total volume for the day was at 7453 lots and the open interest was at 5319.Now support for the zinc is seen at 82.95 and below could see a test of 82.

Resistance is now likely to be seen at 85, a move above could see prices testing 86.1.

• TRADING RANGE IS 82.00-87.00.
• BUY ZINC @ 82-82.60 SL 81.40 TGT 83.40-84.20-85.50. MCX
• A BREAK OF 85.70 WILL RALLY TILL 88.60-89 LEVEL SOON.


MCXARUN
9994500540

nickel intraday

Nickel market is looking for support at 936.5
02 July 2008 10:55:56

Yesterday the LME nickel stock was 156 against the previous of 54 Nickel has touched a low of Rs 943 a kg after opening at Rs .960, and last traded at Rs 949.

For today market is looking for the support at 936.5, a break below could see a test of 924 and where as resistance is now likely to be seen at 968, a move above could see prices testing 987.

• TRADING RANGE IS 924-987.
• SELL NICKEL @ 953-956 SL ABV 962.40 TGT 947-944.60-941.20-936. MCX
• ADD MORE BELOW 936 TGT 922-916-908. MCX
• IMP IS 936 BELOW THIS 922-916 IS SUP. MCX


MCXARUN
9994500540

copper intraday

Today expect copper support at 367.30
02 July 2008 10:52:38

Yesterday the LME copper was -250mt against the previous of -300mt. Copper has touched a low of Rs 365.2 a kg after opening at Rs 365.8, and last traded at Rs372.5.

For today market is looking for the support at 367.30, a break below could see a test of 362.20 and where as resistance is now likely to be seen at 375.5, a move above could see prices testing 378.6.

• TRADING RANGE IS 362.00-380.00.
• BUY COPPER @ 368-369 SL BELOW 366 TGT 370.40-371.60-373-375.40. MCX
• STRICK NEWS IS IMP SO BE ALERT AND TRADE
• COPPER IMP SUP IS AT 367.50.

MCXARUN
9994500540

crude intraday

Crude trading range: 5964-6304
02 July 2008 10:50:32

Crude oil rose for a second day in New York to near a record after the International Energy Agency said supplies may not keep up with demand. Now support for the crude is seen at 6056 and below could see a test of 5964. Resistance is now likely to be seen at 6226, a move above could see prices testing 6304.


• TRADING RANGE IS 5964-6304.
• SELL CRUDE BELOW 6120 SL 6156 TGT 6078- 6054-6030-6010.MCX
• ONLY BELOW 5970 TGT 5680. ELSE 6000-6180 IS THE TREND

MCXARUN
9994500540

silver intraday

Sell MCX Silver below 24380
02 July 2008 10:49:23



Silver opened in New York at its low of 1773/1777. The metal soared on the back of weaker equity markets and a faltering dollar. In addition, higher base metal prices pushed silver to its high of 1817/1821 where it closed for the day.

Now support for the silver is seen at 24969 and below could see a test of 24195. Resistance is now likely to be seen at 26164, a move above could see prices testing 26585.

•TRADING RANGE IS 24195-26585.
•BUY SILVER SEPT ABV 25820 SL 25680 TGT 25880-940-990-26050. MCX
•SELL SILVER BELOW 24380 SL 24570 TGT 24270-24180-24080. MCX
•BELOW 24000 IMP SUPPORT IS AT 23650-480. MCX

MCXARUN
9994500540

mcx gold intraday

Gold resistance likely at 13350
02 July 2008 10:47:14

Gold opened at 930.25/931.25 in New York. Prices responded strongly to record-breaking oil, and rallied most of the morning. The metal reached resistance around 944.00 where it range-traded for a while. However, a weakening dollar dragged gold marginally higher, peaking at 946.00/947.00 before falling slightly. Gold closed at 942.50/943.50. Now support for the gold MCX is seen at 12949 and below could see a test of 12692. Resistance is now likely to be seen at 13350, a move above could see prices testing 13494.

• SELL GOLD BELOW 13180 SL 13236 TGT 13157-13116-13060. MCX
• SELL BELOW 13000 TGT 12940-12860. MCX
• TRADING RANGE IS 12692-13494.

MCXARUN
9994500540

Gold moves up with rising oil values

New York gold prices were off to the (oil-led) races on this, the first day of July, with a near 2% gain, quoted at $942 per ounce amid rising oil values ($142.00 up $2.00) and a declining dollar (down .17 to 72.28 on the index).

Stock futures pointed to a weak opening today, and they indeed followed through on the signal, with the Dow dropping 126 points, as analysts pondered whether last Friday was a bottom, or the beginning of a hairy bear market. Auto sales came in quite weak, denting the Dow further, with Ford's sales slipping 28% and Toyota's (!) dropping over 21% as US buyers stayed away from dealer lots, hoping that, somehow, they can also stay away from the corner gas pump. SUVs anyone? Road trips this summer?

Gas stations in parts of the US are reportedly taking credit cards up-front and requiring all kinds of ID in order to prevent some from driving off with a $100 tankful of gas. Locking gas caps are making Pep Boys a fortune suddenly.

Silver added a more robust 4.3%, rising 76 cents to $18.16 while platinum gained $13 to $2064 and palladium rose $5to $465 per ounce. Also helping gold in this session, were reports that the ECB completed sales of 30 tonnes of bullion as of yesterday, and that it does not intend to sell any more ahead of September's conclusion of the current sales year window.

The ECB's imminent rate hike decision was playing into the euro's hand today, as the currency rose to 1.58 against the greenback.

MCXARUN
9994500540

GENERAL MARKET CONDITIONS

Another workforce reduction news from the US economy as Starbucks says that it will close 600 U.S. coffee shops and eliminate as many as 12,000 jobs. The reductions amount to 7 percent of its workforce worldwide. The cuts include full- and part-time employees and will come over the next nine months. Such news only gives further evidence of the embedded slowdown in US economy. The recovery will not be at the same pace as may of us expect. However the US dollar will not get the same thrashing as we had in the first quarter.

Eurozone, UK and other nations are getting affected due to the continued rise in prices of essentials. Central banks in these regions may raise interest rates in the short term to control inflation but will reverse the same as higher interest rates affects consumption and growth. In the medium term the US dollar is headed for a showdown against the major currencies. The prime reason being shift in central bank focus and their preference on growth versus inflation. The US dollar will emerge a winner in the long term (8-12 months) while in the short term (2-3 months) the US dollar may loose.

Geopolitical uncertainties have resurfaced with fears that Israel may attack Iran’s nuclear installations before US president George Bush leaves his office in January. Crude oil and gold are rising over these uncertainties. The current situation is similar to 2006. In 2006 gold rose to $732 and fell to $546. Thereafter in July, 2006 we had the Iran-Hezbollah tension and gold once again rose to $692 only to fall to $560. If history will repeat itself remains to be seen. The difference between 2006 and 2008 is that of slowdown in global growth and energy prices.

PLATINUM OCTOBER -- INTRA DAY PIVOT $2055.0

As long as $2038 holds, platinum will target $2200+. In the short term.

MCX CARBON CREDIT --NOVEMBER (price in Indian Rupees)

Carbon Credit target 1508 was nearly achieved. For the day as long as 1488-1492 holds it will target 1534 and 1552.

MCXARUN
9994500540