Bullion: Gold futures on the MCX were trading lower tracking the fall in international contracts. The downtrend in the metal was limited as the rupee weakened against the dollar. Gold futures on COMEX were trading slightly lower today due to the firm dollar against the euro and on profit booking. Indian gold prices received some support on news that the government might hike import duty on the precious metal to curb imports.
Energy: Crude oil futures contracts were trading marginally higher on the MCX due to the weak rupee against the dollar, despite the slight fall in prices on New York Mercantile Exchange in overnight trade. Crude oil prices had already factored in the optimism on US deal for averting fiscal cliff and were due for a correction. Weak construction spending data for November in the US provided the trigger for correction in energy contract Wednesday
Metals: Base metals may be volatile in coming weeks, as investors react to further headlines regarding ongoing U.S. budget negotiations. On MCX, early most base metal contracts were up about 1%, and were expected to rise further on bullish demand projections for metals from the US and China. On LME, metal prices surged in early trade, with zinc hitting an 11-month high and lead soaring to a 16-month high. In China, world's largest consumer of base metals, manufacturing activity has been robust for the third consecutive month in December. With the country's manufacturing sector picking up, demand for metals is expected to follow suit.
MCX Gold February Contract is looking positive for the day. Market may find support near 30940 & 30830; intraday resistance can be seen near 31070 & 31180. Day traders are advised to buy intraday on dips. (Buy around 30940 with SL 30830, for the target of 31070 & 31180.)
MCX Silver March Contract is looking positive for the day. Market may find support near 58600 & 58100; intraday resistance can be seen near 59100 & 59600. Day traders are advised to buy intraday on dips. (Buy around 58600 with SL 58100, for the target of 59100 & 59600.)
MCX Natural Gas January contract is looking negative the day. Market may find support near 173 & 170 intraday resistance can be seen near 178 & 181. Day traders are advised to sell intraday on rise. (Sell around 178 with SL 181 for the target of 173 & 170.)
MCX Crude oil January contract is looking positive for the day. Market may find support near 5050 & 5000; intraday resistance can be seen near 5110 & 5160. Day traders are advised to buy intraday on dips. (Buy around 5050 with SL 5000, for the target of 5110 & 5160.)
MCX Copper February contract is looking slightly positive for the day. Market may find support near 448 & 445; intraday resistance can be seen near 452 & 456. Day traders are advised to buy intraday on dips. (Buy around 448 with SL 445, for the target of 452 & 456.)
MCX Lead January contract is looking slightly positive for the day. Market may find support near 128.90, 127.70, intraday resistance can be seen near 130.90 & 132.10 Day traders are advised to buy intraday on dips. (Buy around 128.90 with SL 127.70 for the target of 130.90 & 132.10)
MCX Nickel January contract is looking slightly positive for the day. Market may find support near 951, 942, intraday resistance can be seen near 964 & 975. Day traders are advised to buy intraday on dips. (Buy around 951 with SL 942 for the target of 964 & 975.)
MCX Aluminium January contract is looking slightly positive for the day. Market may find support near 113.90, 112.80, intraday resistance can be seen near 115.60 & 116.80 Day traders are advised to buy intraday on dips. (Buy around 113.90 with SL 112.80 for the target of 115.60 & 116.80)
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