MCX | NCDEX Market Updates

MCX Crude may trade sideways; MCX Natural Gas bullish

International Crude futures fell Tuesday, snapping a four-session rally as investors paused ahead of weekly oil-inventory data.

MCX Crude likely to trade sideways while MCX Natural gas may trade bullish for the day. MCX Crude June futures now has a crucial support at Rs 5300 and resistance at Rs 5350 and Natural Gas May futures has strong support at Rs 230 and resistance at Rs 235.

Crude June MCX: Buy above 5330 SL 5300 TGT 5370

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MCX Copper: Potential to trade higher till 415 and 418 levels

On the MCX base metals opened positive by 0.20% to 0.50% while on LME metals prices are trading marginally positive. LME metals traded near a two-week high on mine-supply concerns and amid comments from U.S. Federal Reserve officials supporting its stimulus program before Fed Chairman Ben S. Bernanke testifies in Congress today.

On the MCX, copper June future prices have support of 408 and 405 levels, upper side prices have potential to trade higher till 415 and 418 levels.

MCX Nickel prices have support of 825 and 810 level, while resistance levels are 841 and 849 levels.
Overall trend for metals prices looks positive; intraday traders may use buy at lower levels strategy for the day.
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NCDEX Turmeric, Coriander, Maize positive; further gains expected near ter

For intra-day, support for the commodity is seen at 5750 while 6350 is the resistance. Traders may buy around 5950 with the stop loss of 5750 for the target of 6350. NCDEX turmeric for June delivery was seen trading up by 0.73% at Rs.6040 per 100 kgs as of 11.29 AM IST on Thursday.

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