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Tuesday, January 4, 2011

Commodity Trading Tips

Currently commodities markets in India are trading with a mixed trend. At MCX future, 3 out of 4 indexes are showing an upward trend. At MCX futures, MCXCOMDEX is trading at 3,347.44, up by 0.68%, MCXENERGY is trading at 2,978.97, up by 1.29% and MCXMETAL is trading at 4,291.20, up by 0.57% while MCXAGRI is currently trading at 2,866.34, down by 0.27% (At 3:16 P.M today)

At NCDEX, the Dhaanya, an agri commodity benchmark index, is currently trading at 1,093.16, up by 0.36%. (At today)

On the domestic front, Cardamom is trading higher in future trading today as speculators enlarged their positions on the back of firming trend at the spot market on pick up in demand. At MCX future, Cardamom for January contract is trading at Rs 1,601.90, up by 0.70 per cent, Cardamom for February contract is trading at Rs 1,638.00, up by 1.31 per cent and Cardamom for March contract is trading at Rs 1,653.40, up by 1.85 per cent. (At today)

Mentha Oil prices decreased in future trading today as speculators preferred to lock in gains, driven by subdued demand in the spot market at higher level. At MCX future, Mentha Oil for January contract is trading at Rs 1,192.40, down by 1.40 per cent and Mentha Oil for February contract is trading at Rs 1,199.20 down by 1.32 per cent. (At today)

Supported by a firm trend at global markets on signs of US economic recovery, Copper prices increased in future trade today. At MCX future, Copper for February contract is trading at Rs 444.45, up by 1.11 per cent and Copper for April contract is trading at Rs 447.45, up by 1.11 per cent. (At today)

The top gainers at MCX future are Natural Gas for January contract (2.62%), Natural Gas for February contract (2.43%), Natural Gas for March contract (2.31%), Cardamom for April contract (1.96%) and Cardamom for March contract (1.78%) (At today)

Similarly the top losers at MCX future are Mentha Oil for January contract (-1.54%), Mentha Oil for February contract (-1.46%), Mentha Oil for March contract (-1.34%), Potato TRWR for March contract (-0.96%) and Potato for April contract (-0.38%). (At today)

The top gainers at NCDEX future are Coriander for March contract (3.7%), Coriander for February contract (3.6%), Coriander for January contract (3.3%), Chilli for April contract (3.1%) and Guar Gum for June contract (2.8%). (At today)

Similarly the top losers at NCDEX future are Guar Gum for May contract (-1.6%), Steel Long for April contract (-1.3%), Turmeric for May contract (-1.2%), Kapas for February contract (-1.1%) and Steel Long for January contract (-1.1%). (At today)

On the domestic arena, at MCX future, Crude Oil for January contract is trading at Rs 4,121.00 against Previous close price of Rs 4,087.00 (up by 0.83%). (At today)

Gold for February contract is trading at Rs 20,769.00 against Previous close price of Rs 20,750.00 (up by 0.09%). (At today)

Natural gas for January contract is trading at Rs 204.20 against Previous close price of Rs 198.80 (up by 2.72%). (At today)

Silver for March contract is trading at Rs 46,475.00 against Previous close price of Rs 46,264.00 (up by 0.46%) (At today)

On the domestic front, the Reserve Bank of India has allowed 7 more banks to import gold and silver. With this, the total number of banks that can ship precious metals in the country has increased to 30.

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