Buy MCX Gold above Rs 30170; SL Rs 30110: Dani Commodities

Non Ferrous Space Losses Sheen Again On Thursday:

Non Ferrous metals moves have become more and more skewed towards global problems. Session after session it is the news from world markets that affect the trading of industrial metals. Till Thursday morning Chinese stimulus news was governing the moves but by the time the metals ended it was again back to square one as US showed declines in housing construction.

The US Commerce Department said that new housing construction dropped by 1.1% to 746000 in July, compared to a revised 754000 units in June. Initial jobless claims increased to 366000 compared to a previous week revised figure of 364000.

In Europe, annual inflation remained stable at 2.4% in July. In Germany, federal statistical office said that the employment in Germany increased further in second quarter. The number of persons in employment, whose place of employment is in Germany, increased 1.3% on an annual basis to 41.587 million in the second quarter.

Among major metals, Copper once again remained mum in terms of trading volumes. LME three month forward prices closed at $ 7395 per tonne, up by $ 4.5 per tonne. MCX Copper August expiry remained in the range of Rs 413-415 per kg and closed at Rs 414.9 per kg. The contract is supported at Rs 410 per kg while Resistance is at Rs 416 per kg. World Copper market recorded a deficit of 129000 tonnes in January-June 2012, compared to a surplus of 433000 tonnes in full year ending 2011, WBMS report showed on Thursday.

MCX GOLD
International: Major Support at USD1550. Bullish till USD1625.
Domestic: Buy above 30170, Stop loss 30110, Target 30230.

MCX SILVER
International: Major Support at USD26. Bullish above USD28.
Domestic: Sell at 53700, Stop loss 53900, Target 53500.

MCX COPPER
Domestic: Sell at 415.50, Stop loss 417, Target 413.50

MCX LEAD
Domestic: Buy at 103.50, Stop loss 103, Target 104.

MCX ZINC
Domestic: Buy at 100, Stop loss 100.50, Target 99.50.

MCX ALUMINIUM
Domestic: Sell at 101.65, Stop loss 101.95, Target 101.30.

MCX NICKEL
Domestic: Sell at 868.50, Stop loss 874, Target 862.

MCX CRUDE OIL
International: Major Support for WTI at USD83 Bullish above USD 91
Domestic: Sell below 5280, Stop loss 5310, Target 5250.

MCX NATURAL GAS
Domestic: Sell at 152.50, Stop loss 154.50, Target 150.50.

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