Thursday, April 7, 2011

Best Mcx Tips


Natural gas yesterday traded with the negative node and settled -2.11% down at 180.5 for a fifth day, dropping to the lowest level in three-weeks after the US EIA said natural gas inventories fell less-than-expected last week. It earlier fell to USD4.034 per mBtu, the lowest price since March 17. 

The contract traded at USD4.116 prior to the release of the EIA data. The U.S. EIA said in its weekly report that natural gas storage in the U.S. in the week ended April 1 fell by 45 bcf, after rising by 12 bcf in the preceding week. 

Market had expected U.S. natural gas storage to fall by 50 bcf. According to the data, total U.S. natural gas storage in the week ended April 1 stood at 1.579 trillion cubic feet. Stocks were 86 bcf less than last year at this time and 10 bcf above the five-year average of 1.569 trillion cubic feet for this time of year. Prices were also pressured as forecasts showed warmer-than-normal temperatures in the US next week, dampening demand expectations for the heating fuel. For today's session market is looking to take support at 178.2, a break below could see a test of 175.8 and where as resistance is now likely to be seen at 184, a move above could see prices testing 187.4.

Trading Ideas:
Natural Gas trading range is 175.8-187.4.
Natural gas ended down after the EIA said natural gas inventories fell less-than-expected last week.
Natural gas looks to test support at 178.20 and resistance is seen at 184.
EIA said that natural gas storage in U.S. fell by 45 billion cubic feet

Aluminium yesterday traded with the positive node and settled 0.04% up at 117.95 tracking LME aluminum prices which opened at USD 2,671/mt, and later strengthened supported by soaring crude oil prices and a weaker US dollar caused by the European Central Bank’s interest rate increase, with the highest level reported at USD 2,694.3/mt, again setting a new high. At the end of trading, the 7.4 magnitude aftershock in northeast Japan triggered panic sell-offs in the market, dragging down LME aluminum prices to close at USD 2,680/mt, up USD 7.5/mt or 0.28% compared with the previous trading day. 

Later, the US Labor Department announced that the initial jobless claims fell to 382k last week, down 10k from a week earlier. The better-than-expected employment data helped push up the US dollar index, but later a major aftershock measuring 7.4 magnitude hit northeast Japan on Thursday evening, triggering large-scale sell-offs in the market. For today's session market is looking to take support at 117.3, a break below could see a test of 116.6 and where as resistance is now likely to be seen at 118.7, a move above could see prices testing 119.4.

Trading Ideas:
Aluminium trading range is 116.6-119.4.
Aluminium demand is rising steadily and could wipe out global oversupply by the end of 2011.
Aluminium is taking resistance at 118.70 and support is seen at 117.30.
Aluminium daily stocks at Shanghai exchange came down by 372 tonnes.

Crude Palm oil yesterday traded with the negative node and settled -1.53% down at 514.2 taking weak cues from global market. Output in the second-largest producer after Indonesia probably rose 15%-22% in March. 

Traders also expect end-March stockpiles to reach 1.60 million-1.65 million tons, a level not seen since December. In yesterday's trading session Crude Palm oil has touched the low of 514.2 after opening at 519.1, and finally settled at 514.2. For today's session market is looking to take support at 512.4, a break below could see a test of 510.7 and where as resistance is now likely to be seen at 517.7, a move above could see prices testing 521.3.

Trading Ideas:
Crude Palm Oil trading range is 511-521.6.
Crude Palm oil yesterday traded with the negative node taking weak cues from global market
Resistance for crude palm oil is at 517.70 level
Support for crude palm oil is at 512.40 level.
Crude palm oil prices in spot market dropped 4.50 rupees and settled at 514.70 rupees.

1 comment:

  1. Got to learn detailed updates on performance of different commodities like copper, natural gas and more. Traders can keep a good track record of market updates with the help of such posts. Reports on market is offered by epic research to gain a quick overview.

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