Worldwide Gold - Silver prices have been trading in a very narrow range. MCX gold has slipped 0.30 per cent and is trading at Rs 29 574, while silver has declined more than half per cent. Gold ETF holdings of the domestic market have come down substantially, in June, investors withdrew a record Rs 230 crore declining the price of Gold ETFs around 2.5 per cent.
Crude oil has declined drastically today in domestic market for more than 1 per cent in the crude oil prices. Crude oil prices have slipped from Rs 4,800 to Rs 4,750 while the in the international market the prices have broken down 1-2 per cent. The strike ended in the Norwegian oil companies and have resulted in the decline in price of crude oil the most. The trade data released being today in China is will also impact in the price of Crude oil.
MCX base metals are also in pressure situations. Metals in the domestic market is trading with a red mark. Aluminum, copper, nickel and lead have been fallen up to 0.30 per cent. Even on LME, copper is trading in red.
Turmeric August futures hit upper circuit in NCDEX and have risen beyond the price of Rs 4,800.In past one month, a rise of 35 per cent in the price of turmeric have been recorded. In account of delayed monsoon, price of Soyabean continued uptrend.. However, domestic soybean planting has begun and the monsoon has reached almost all over the country.
Commodity tips for today:
Gold (MCX): Sell Rs -29 580, -29 680 stoploss of Rs Rs Rs -29 450 goals
Silver (MCX): Sell Rs -53 280, -53 400 stoploss of Rs Rs Rs -52 900 goals
Crude oil (MCX): Sell below Rs -4 730, -4 780 stoploss of Rs Rs Rs -4680 to 4620 targets
Copper (MCX): Sell below Rs -423, -425.50 stoploss of Rs Rs Rs goals -418
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