Rupees falling session continue on Friday too, today it touches a low of 57.06/07 against US dollar. Rupees are very near to its historic low since July 2012 old 57.32. However it is a matter to be worried for Indian economy. Due to certain falling in rupees and weak global export, import of crude oil and coal are going to be expensive.
At MCX market, commodities are trading on green side but movement in low in bullion. On other hand base metal show some correction a good trading had seen in afternoon trading in nickel and copper while lead, zinc show a little gain.
If we are talking about energies natural gas, mentha oil and crude oil are all watching in green side and expected to trade in bullish side with a low demand. Today mentha oil crosses the level of 1000 and touching a high of 1005 with a low of 985.80. More correction is being seen in mentha oil at global and domestic market.
Gold future edge up higher at MCX and very closes to 2 month high whereas due to increase in import rate and monsoon gold physical buying in reduced at Domestic market. On intraday trade it touches a high of 28017 with a low of 27808 for August delivery.
Today trading call
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Sell gold August below 27950 27920, 27850, 27800………sl 28150
Sell silver July below 44450 tgt 44400, 44300, 44200………….sl 44700
Buy natural gas June above 219.50 tgt 220, , 221 …223…………sl 215
Buy lead june above 125.50 tgt 125.80, 126.10, 126.50………..sl 124.50
As fall in rupees metal are trading low and bearish movement must be seen in tomorrow trading. Gold and silver are expected to fall whereas base metal; are trading with a mixed low movement. In energies especially in crude negative trend are looking with near to 5330 in upcoming week.
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