Sell MCX Gold at Rs 31690, target Rs 31600: Dani Comm

Dani Commodities has come out with its report on commodities. According to the research firm, one can sell MCX Gold at Rs 31690 with a stop-loss of Rs 31740 for the target of Rs 31600.

Iron ore prices in international markets have seen a tremendous improvement of 40 percent since September. The prices of 62% fines were at three and half years low of $ 86.7 per tonne in September from where they are now quoting at $ 121 per tonne on Chinese ports. Participants were betting for higher inventories and lower demand that declined the commodity sharply.

However when the prices fell to $ 86.7 per tonne, viability of producing Iron ore was reduced considerably in China. This forced producers to cut their production as most of them in China became unprofitable. However, the recent increase has made producers reassess their plan once again. BHP Billiton that cut back its operations in Harbour terminal has once again started to maintain the production citing rise in prices.

MCX GOLD
International: Major Support at USD1700. Bullish above USD1700.
Domestic: Sell at 31690, Stop loss 31740, Target 31600.

MCX SILVER
International: Major Support at USD29. Bullish above USD32.
Domestic: Sell at 61200, Stop loss 61450, Target 60900.

MCX COPPER
Domestic: Buy at 421.50, Stop loss 420.10, Target 424.

MCX LEAD
Domestic: Buy at 120.10, Stop loss 119.60, Target 120.80.

MCX ZINC
Domestic: Buy at 105.30 sl 104.80 tgt 106.

MCX ALUMINIUM
Domestic: Buy above 107.20, Stop loss 106.70, Target 107.80.

MCX NICKEL
Domestic: Buy at 886, Stop loss 879, Target 894.

MCX CRUDE OIL
International: Major Support for WTI at USD84 Bullish above USD 91
Domestic: Buy above 4873 sl 4850 tgt 4910.

MCX NATURAL GAS
Domestic: sell below 210 sl 212 tgt 207.

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