Sell MCX Gold below Rs 31150; SL Rs 31230: Dani Commodities
Dani Commodities has come out with its report on commodities. According to the research firm, one can sell MCX Gold below Rs 31150 with a stop-loss of Rs 31230 for the target of Rs 31070.
October 15, 2012 / 15:09 IST
Dani Commodities has come out with its report on commodities. According to the research firm, one can sell MCX Gold below Rs 31150 with a stop-loss of Rs 31230 for the target of Rs 31070.
China CPI inflation up 1.9% in September, metals trade weak.China CPI inflation, grew 1.9 percent year on year in September, the National Bureau of Statistics (NBS) said. Food prices, which account for nearly one-third of the weighting in the calculation of China's CPI, rose 2.5 percent last month from one year earlier. This was down from the 3.4-percent year-on-year increase in August.However, China's producer price index (PPI), which measures inflation at the wholesale level, dropped 3.6 percent year on year in September, National Bureau of Statistics (NBS) revealed Monday. After the release of the data, major metals were trading weak on LME.London Metal Exchange Copper contract was down by $ 69 per tonne, at $ 8106 per tonne. China imports data release showed that Copper and Copper product imports were up by 11% on a monthly basis to 394837 tonnes. This rise hasn't brought confidence in Copper as traders believe that higher imports are only getting dumped in the warehouses.Shanghai weekly inventory of Copper increased by 18967 metric tonnes or 11.7% to 181514 metric tonnes on 12 October 2012. Indian Copper ended at Rs 434.9 per kg on Saturday. The prices are expected to remain in the range of Rs 437 and 430 per kg.MCX GOLDInternational: Major Support at USD1580. Bullish till USD1800.
Domestic: Sell below 31150, Stop loss 31230, Target 31070.MCX SILVERInternational: Major Support at USD29. Bullish above USD34.
Domestic: Sell below 60800, Stop loss 61050, Target 60400.MCX COPPERDomestic: Sell at 434, Stop loss 435.50, Target 432.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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