MCX Zinc June drops to 79.85
13 June 2008 10:31:31
MCX Zinc June dropped to as low as 79.85 and closed at 80.25 with 2% loss from previous closing. Market registered days high near 82.55
Zinc will rise from 2010 as supply declines, Goldman Sachs Group Inc. analysts said. Prices will average $2,315 a metric ton in 2010 and $2,535 in 2011, from a revised $2,139 this year, London-based Peter Mallin-Jones wrote in a report dated yesterday.
LME Inventory decreased by 200 MT to 144550 MT.
MCX Zinc June - Technical Outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 79.2 level. if broken can see further fall to 78.2 and 76.5 , If market holds above 80.9 further rally can be seen towards 81.9 and 83.6
Recommendations- MCX Zinc June: Sell at 81.50 Target 78 and 75 SL 82.45
MCXARUN
9994500540
Friday, June 13, 2008
nickel intraday
Nickel advances to a three-week high
13 June 2008 10:30:38
Nickel advanced for a second day to a three-week high and is heading for the biggest weekly gain since September, after BHP Billiton Ltd. said it will shut down facilities that produce about 2 percent of world supply.
The earlier-than-planned rebuild of the Kalgoorlie smelter furnace will reduce nickel sales by 28,000 metric tons, and the Kwinana refinery will be closed during the overhaul, the Melbourne-based company said yesterday. BHP is the world's third-largest producer of the metal used in stainless steel.
Nickel has climbed 15 percent since falling close to a two-year low on May 30, while stockpiles of the metal have fallen 10 percent since April 22 when they reached the highest since 1999, according to LME data.
Demand growth for stainless steel from China, the world's largest nickel consumer, is slowing from a year ago as projects for the summer's Olympic Games are completed and the leasing and sale of offices in major cities slows, Jinchuan Group Ltd. Said June 3.
Global demand for stainless steel will rise 12 percent this year to 1.56 million tons, after zero growth in 2007, while supply will increase 9 percent to 1.55 million tons, Merrill Lynch & Co said. May 30.
LME Inventory decreased by 18 MT to 47220MT.
MCX Nickel June - Technical Outlook:
The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.
Technical have turned neutral to bullish and market is expected to remain positive above 1076 level. if sustain above this level can see a rally towards 1095 and 1132 , If market sustains below 1039 can see a further fall towards 1020 and 983
Recommendations: MCX Nickel June: Buy at 1030 Target 1070 and 1095 SL 1015
MCXARUN
9994500540
13 June 2008 10:30:38
Nickel advanced for a second day to a three-week high and is heading for the biggest weekly gain since September, after BHP Billiton Ltd. said it will shut down facilities that produce about 2 percent of world supply.
The earlier-than-planned rebuild of the Kalgoorlie smelter furnace will reduce nickel sales by 28,000 metric tons, and the Kwinana refinery will be closed during the overhaul, the Melbourne-based company said yesterday. BHP is the world's third-largest producer of the metal used in stainless steel.
Nickel has climbed 15 percent since falling close to a two-year low on May 30, while stockpiles of the metal have fallen 10 percent since April 22 when they reached the highest since 1999, according to LME data.
Demand growth for stainless steel from China, the world's largest nickel consumer, is slowing from a year ago as projects for the summer's Olympic Games are completed and the leasing and sale of offices in major cities slows, Jinchuan Group Ltd. Said June 3.
Global demand for stainless steel will rise 12 percent this year to 1.56 million tons, after zero growth in 2007, while supply will increase 9 percent to 1.55 million tons, Merrill Lynch & Co said. May 30.
LME Inventory decreased by 18 MT to 47220MT.
MCX Nickel June - Technical Outlook:
The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.
Technical have turned neutral to bullish and market is expected to remain positive above 1076 level. if sustain above this level can see a rally towards 1095 and 1132 , If market sustains below 1039 can see a further fall towards 1020 and 983
Recommendations: MCX Nickel June: Buy at 1030 Target 1070 and 1095 SL 1015
MCXARUN
9994500540
copper intraday
Copper fell to the lowest in more than two months
13 June 2008 10:29:57
Copper fell to the lowest in more than two months as the dollar strengthened, curbing demand from investors who buy commodities as a hedge against inflation.
The U.S. Dollar Index jumped as much as 1.1 percent today, rising to the highest level since February. The gauge, which includes the euro and yen among six major currencies, has rebounded 4.5 percent since touching a record low on March 17. Copper lost 7.6 percent in May as inflation concerns eased.
The dollar strengthened as U.S. retail sales advanced 1 percent in May, more than economists forecast, raising speculation that the Federal Reserve will increase borrowing costs as early as August.
U.S. retail sales also rose 0.4 percent in April, higher than first estimated, the Commerce Department said today. The median forecast of economists surveyed by Bloomberg News was for a 0.5 percent increase in May.
Trading in interest-rate futures shows an 18 percent chance the Fed will raise its target bank-lending rate to 2.25 percent in its next policy meeting later this month, up from no chance a week ago. Futures also show a 55 percent chance the Fed will take that step in August, up from a 6.7 percent last week.
The metal also fell today on concern that slumping global economic growth will cut demand for the metal used in pipes and wires, Selkin said. The price has dropped 17 percent since reaching a record $4.2605 a pound on May 5 on speculation that consumption would decline.
China, the world's largest copper user, reduced imports 9.8 percent to about 198,900 metric tons in May from about 220,600 tons a year earlier, the Beijing-based customs office said yesterday. Imports fell 19 percent from April, the agency said.
LME inventory decreased by 650 MT to 120625 MT.
MCX Copper June - Technical Outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 332.42 levels. If broken can see further fall to 329.83 and 327.27, If market holds above 334.98 further rally can be seen towards 337.57 and 340.13
Recommendations-MCX Copper June: Sell at 336.50 Target 333 and 331 SL 339.80
MCXARUN
9994500540
13 June 2008 10:29:57
Copper fell to the lowest in more than two months as the dollar strengthened, curbing demand from investors who buy commodities as a hedge against inflation.
The U.S. Dollar Index jumped as much as 1.1 percent today, rising to the highest level since February. The gauge, which includes the euro and yen among six major currencies, has rebounded 4.5 percent since touching a record low on March 17. Copper lost 7.6 percent in May as inflation concerns eased.
The dollar strengthened as U.S. retail sales advanced 1 percent in May, more than economists forecast, raising speculation that the Federal Reserve will increase borrowing costs as early as August.
U.S. retail sales also rose 0.4 percent in April, higher than first estimated, the Commerce Department said today. The median forecast of economists surveyed by Bloomberg News was for a 0.5 percent increase in May.
Trading in interest-rate futures shows an 18 percent chance the Fed will raise its target bank-lending rate to 2.25 percent in its next policy meeting later this month, up from no chance a week ago. Futures also show a 55 percent chance the Fed will take that step in August, up from a 6.7 percent last week.
The metal also fell today on concern that slumping global economic growth will cut demand for the metal used in pipes and wires, Selkin said. The price has dropped 17 percent since reaching a record $4.2605 a pound on May 5 on speculation that consumption would decline.
China, the world's largest copper user, reduced imports 9.8 percent to about 198,900 metric tons in May from about 220,600 tons a year earlier, the Beijing-based customs office said yesterday. Imports fell 19 percent from April, the agency said.
LME inventory decreased by 650 MT to 120625 MT.
MCX Copper June - Technical Outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 332.42 levels. If broken can see further fall to 329.83 and 327.27, If market holds above 334.98 further rally can be seen towards 337.57 and 340.13
Recommendations-MCX Copper June: Sell at 336.50 Target 333 and 331 SL 339.80
MCXARUN
9994500540
safe trade calls
GOLD
book profit on sell below 12090-12050, for the day sell only 11950-920 S/L 11980 and T/p 11850/close below 11920 test 11800-700 atleast in coming days OR buy only abv 12275 S/L 12245 and T/p 12325/12375-400 (any time close above 12400/12630/12875/13050/13330/ 13510 bullish while close below 11920/ 11775/11375/11200 bearish for medium term)
SILVER
book profit on sell ard 23860-70/23500-475, for the day sell below 23150-125 S/L 23225 and T/p 23000-25/ 22875/ close below 22875 test 22300-22000 in coming days OR sell ard 23760-780 S/L 23800 and T/p 23650-575/23500, only sustain abv 23900 uptrend again (any time close below 23000-22875/22300/ 21575-500/20400/19250/18775 bearish rally while close above 24750/25500/ 26300/27700 bullish for medium term)
CRUDE
for the day buy only abv 5875 S/L 5845 and T/p 5910-5930/5955/close abv 5955 test 6050-6110 atleast in coming days OR sell only below 5765-50 S/L 5785 and T/p 5725-5690 where good support seen, anytime close below 5620 test 5480 atleast/towards 5400 in coming days (now crude need to close above 5960 for bullish rally while close below 5620/5400/5210/5120/5050/4740/ 4450 bearish for medium term)
COPPER
we book profit on sell below 336/334.5, fresh sell below 332 S/L 333.5 and T/p 330.5/326.5/close below 330.5 & 326.5 test 322/315 atleast in coming days OR buy only abv 338.5 S/L 337.4 and T/p 341.5-342.25/344-346.25/347.5/350.5/ 352.5/abv uprally (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)
MCXARUN
9994500540
book profit on sell below 12090-12050, for the day sell only 11950-920 S/L 11980 and T/p 11850/close below 11920 test 11800-700 atleast in coming days OR buy only abv 12275 S/L 12245 and T/p 12325/12375-400 (any time close above 12400/12630/12875/13050/13330/ 13510 bullish while close below 11920/ 11775/11375/11200 bearish for medium term)
SILVER
book profit on sell ard 23860-70/23500-475, for the day sell below 23150-125 S/L 23225 and T/p 23000-25/ 22875/ close below 22875 test 22300-22000 in coming days OR sell ard 23760-780 S/L 23800 and T/p 23650-575/23500, only sustain abv 23900 uptrend again (any time close below 23000-22875/22300/ 21575-500/20400/19250/18775 bearish rally while close above 24750/25500/ 26300/27700 bullish for medium term)
CRUDE
for the day buy only abv 5875 S/L 5845 and T/p 5910-5930/5955/close abv 5955 test 6050-6110 atleast in coming days OR sell only below 5765-50 S/L 5785 and T/p 5725-5690 where good support seen, anytime close below 5620 test 5480 atleast/towards 5400 in coming days (now crude need to close above 5960 for bullish rally while close below 5620/5400/5210/5120/5050/4740/ 4450 bearish for medium term)
COPPER
we book profit on sell below 336/334.5, fresh sell below 332 S/L 333.5 and T/p 330.5/326.5/close below 330.5 & 326.5 test 322/315 atleast in coming days OR buy only abv 338.5 S/L 337.4 and T/p 341.5-342.25/344-346.25/347.5/350.5/ 352.5/abv uprally (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)
MCXARUN
9994500540
long view calls
SPOT GOLD INTERNATIONAL
LIKELY TO TEST $ 830 - 815 UPTO $ 800 WITH ANY BREAK & SUSTAIN CLOSE BELOW $ 856 & 845, WHILE CLOSE ABOVE $ 909 & 936 TOWARDS 950-55 AND CLOSE ABOVE 955 RALLY TOWARDS TEST $ 980 - $ 1000 ATLEAST IN COMING DAYS
SPOT SILVER INTERNATIONAL
LIKELY TO TEST $ 15.50-15.40/15.15 UPTO $ 14.90 WITH ANY BREAK & CLOSE BELOW $ 16.20 & 15.95, WHILE CLOSE ABOVE $ 17.70 / 18.30 & 18.75 UPRALLY TEST $ 19.25-30 UPTO $ 19.90 IN COMING DAYS
MCXARUN
9994500540
LIKELY TO TEST $ 830 - 815 UPTO $ 800 WITH ANY BREAK & SUSTAIN CLOSE BELOW $ 856 & 845, WHILE CLOSE ABOVE $ 909 & 936 TOWARDS 950-55 AND CLOSE ABOVE 955 RALLY TOWARDS TEST $ 980 - $ 1000 ATLEAST IN COMING DAYS
SPOT SILVER INTERNATIONAL
LIKELY TO TEST $ 15.50-15.40/15.15 UPTO $ 14.90 WITH ANY BREAK & CLOSE BELOW $ 16.20 & 15.95, WHILE CLOSE ABOVE $ 17.70 / 18.30 & 18.75 UPRALLY TEST $ 19.25-30 UPTO $ 19.90 IN COMING DAYS
MCXARUN
9994500540
GENERAL MARKET CONDITIONS
The US dollar is at an infection point and is nearing the key medium term supports. Euro/Usd it is 1.5360, gbp/usd it is 1.9320, usd/jpy 108.70. The same is with all the metals. They have all neared the same yesterday but managed to hold on to the same. Markets will now start taking position for the Fed meeting on 24-25th June. There will be position squaring and rebuilding which will add to volatility. The G8 meeting today and tomorrow will not have an impact on the metals markets and currency markets.
Technically today’s close and Mondays close are very significant which can set the tone for the rest of the month. Markets are slowly pricing in an October interest rate hike. This is one of the prime reasons for the gains in the US dollar. If expectations of an interest rate hike by the Fed in October diminishes over the next few weeks then the US dollar will weaken.
COPPER -- JULY FUTURE -- INTRA DAY PIVOT: $363.0
As long as copper holds the $347-$350 zone it will target $363 and $372.
NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $131.60
Investors continue to buy crude oil on dips. Intra day as long as crude oil holds $130.0 it will target $140+.
important news
MCXARUN
9994500540
Technically today’s close and Mondays close are very significant which can set the tone for the rest of the month. Markets are slowly pricing in an October interest rate hike. This is one of the prime reasons for the gains in the US dollar. If expectations of an interest rate hike by the Fed in October diminishes over the next few weeks then the US dollar will weaken.
COPPER -- JULY FUTURE -- INTRA DAY PIVOT: $363.0
As long as copper holds the $347-$350 zone it will target $363 and $372.
NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $131.60
Investors continue to buy crude oil on dips. Intra day as long as crude oil holds $130.0 it will target $140+.
important news
MCXARUN
9994500540
important news
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9994500540
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9994500540
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