Sell MCX Silver at Rs 62350; SL Rs 62570: Dani Commodities

Dani Commodities has come out with its report on commodities. According to the research firm, one can sell MCX Silver at Rs 62350 with a stop loss of Rs 62570 for the target of Rs 61900.

As per the latest release from Indian Textile Ministry, India's cotton production was 6 million tons of the world crop size of 27.28 million tons which was 21.99 percent in 2011-12. In cotton season 2012-13 India's production is projected as 5.64 million tons of world crop size of 26.08 million tons which is 21.62 percent, the difference being marginal. India's cotton balance sheet shows an exportable surplus of 0.74 million tons.

India's cotton prices are currently USD 5 cents/ lb below the COTLOOK index. Cotton markets are functioning in an orderly manner and no policy interventions other than minimum support price operations in some cotton growing States are envisaged.

Cotton exports have been placed on open general licencing category subject to registration by DGFT effective October 1, 2012. The limit of registration of a registration certificate was raised from 10,000 bales to 30,000 bales in November, 2012. There is adequate cotton available in the country for domestic consumption.

MCX GOLD
International: Major Support at USD1700. Bearish Below USD1700.
Domestic: Sell at 31200, Stop loss 31260, Target 31090.

MCX SILVER
International: Major Support at USD29. Bearish Below USD32.
Domestic: Sell at 62350, Stop loss 62570, Target 61900.

MCX COPPER
Domestic: Sell at 445, Stop loss 447, Target 442.

MCX LEAD
Domestic: Sell at 124.30, Stop loss 124.80, Target 123

MCX ZINC
Domestic: Sell at 111.60, Stop loss 112.20, Target 110.80.

MCX ALUMINIUM
Domestic: Sell at 114.60, Stop loss 115.20, Target 113.80.

MCX NICKEL
Domestic: Sell at 958, Stop loss 964, Target 949.

MCX CRUDE OIL
International: Major Support for WTI at USD84 Bullish above USD 91
Domestic: Sell at 4687 Stop loss 4709 Target 4650.

MCX NATURAL GAS
Domestic: Sell belo 184, Stop loss 185.50, Target 181

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