Today’s Commodity Market Tips- Ride-the-base-metal-rally-on-stock-options-experts

Commodity stocks such as VedantaBSE -1.27 %, HindalcoBSE 0.76 %, Hindustan Zinc and Nalco could witness potential 8-15 per cent upside from current levels in the next three to five weeks as the base metal they produce are on the cusp of making fresh highs, having broken out from long standing trading ranges and on a relatively weak dollar.

metal strategy
For example, the generic zinc futures contract traded on MCX intraday Thursday was just 5 per cent shy of its 11-year high. Similarly, aluminium futures had broken out of the Rs 90-130 range of the past seven years on Thursday.

The dollar index, which measures the US dollar against other leading currencies, has fallen almost 11 per cent at 92.55 intraday Thursday from its 52-week high on January 2, 2017.

MCX base metals take cues from those traded on LME as well as the Chicago Mercantile Exchange. The stocks would replicate the movement of the commodities traded on MCX.

However, since the Nifty has rallied 25 per cent from its lows of December 26 to 9,904 on August 17, derivatives experts, like Ashish Chaturmohta of Sanctum Wealth Management, suggest trading bets could be initiated through stock options, rather than through stock futures, as a moderate risk-high reward strategy.

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Commodity News and Trends on Gold Market

Gold edged up early Thursday, extending gains from the previous session, as the dollar remained subdued after minutes from the Federal Reserve’s July meeting hinted at a delay in further rate hikes.

Spot gold was up 0.4 percent at $1,287.21 per ounce by 0110 GMT, after gaining nearly 1 percent the previous day.

Gold, silver trade

U.S. gold futures for December delivery rose 0.8 percent to $1,293.30 per ounce.

The U.S. dollar was on the defensive on Thursday after the minutes from the Federal Reserve’s last policy meeting showed policymakers were increasingly wary of recent softness in inflation and could delay a rate hike.

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Commodity Outlook on Lead Market

Lead:-

Lead performing well on the buyer side and gave a good profit booking to buyers from last three days. Analyzing the daily chart we feel a cool up in the prices of lead as it closed near the opening of the week. Since the commodity closed with dominant sellers, so a rising up can be seen in coming week where support falls at 145 and resistance at 151.

lead4

 

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Commodity Market Trading-Gold slides on weak global cues, waning demand

Gold prices eased by Rs 70 to Rs 29,350 per ten gram at the bullion market today owing to slackened demand from local jewellers and a weak trend overseas.

However, silver edged up by Rs 45 to Rs 38,370 per kg on scattered deals from industrial units and coin makers.

gold-slides-on-weak-global-cues-waning-demand

Traders said apart from a weak trend overseas, easing demand from local jewellers and retailers, mainly led to decline in gold prices.

Globally, gold fell by 0.09 per cent to USD 1,257.30 an ounce in New York in yesterday’s trade.

Market remained closed yesterday on account of ‘Raksha Bandhan’.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 70 each to Rs 29,350 and Rs 29,200 per ten gram, respectively.

Sovereign, however, remained flat at Rs 24,500 per piece of eight gram.

On the other hand, silver ready inched up by Rs 45 to Rs 38,370 per kg, while weekly-based delivery eased by Rs 50 to Rs 37,210 per kg on lack of buying support from speculators.

Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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MCX,Commodity Market-Base metals: Nickel, copper down on weak demand

Nickel futures down on profit-booking

Nickel futures traded 0.42 per cent down at Rs 656.20 per kg today as participants cut down their holdings to book profits at current levels.

Besides, sluggish demand from alloy-makers in the domestic spot market too weighed on metal prices.

base-metals-nickel-copper-down-on-weak-demand

At the Multi Commodity Exchange, nickel for delivery this month contracts shed Rs 2.80, or 0.42 per cent, to Rs 656.20 per kg in a business turnover of 208 lots.

Also, metal for delivery in the September fell by Rs 2.70, or 0.41 per cent to trade at Rs 661 per kg in five lots.

Market analysts said the fall in nickel prices was mostly due to profit-booking by participants at existing levels amid low demand at the domestic market from alloy-makers.

Copper futures marginally down on weak demand

Copper prices moved down by 0.30 per cent to Rs 405.50 per kg in futures trade today as speculators cut down their bets amid muted demand at spot markets.

Copper for delivery in August shed Rs 1.20, or 0.30 per cent, to Rs 405.50 per kg in a business turnover of 247 lots at the Multi Commodity Exchange.

Likewise, the metal for delivery in November traded lower by Rs 1.05 or 0.25 per cent to Rs 412.10 per kg in 14 lots.

Analysts said offloading of positions by speculators amid a low demand at domestic spot markets mainly led to fall in copper prices at futures trade here.

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Commodity MCX Market-Base metals: Nickel, copper, lead fall on low demand

Nickel futures traded 0.56 per cent down at Rs 654.20 per kg today as speculators reduced their exposure, in keeping with a weak trend at the domestic spot market due to low demand.

Besides, profit-booking weighed on sentiment.

base-metals-nickel-copper-lead-fall-on-low-demand

At Multi Commodity Exchange, nickel for delivery this month shed Rs 3.70, or 0.56 per cent, to Rs 654.20 per kg in a business turnover of 1,192 lots.

The metal for delivery in September too fell by Rs 3.10, or 0.47 per cent, to trade at Rs 659 per kg in 21 lots.

Market analysts said the fall in nickel prices was mostly in tune with a weak trend in base metals at the domestic markets due to sluggish demand.

Copper
Copper prices moved down by 0.34 per cent to Rs 406.80 per kg in futures trade today as speculators cut down their bets amid subdued demand at the spot market.

Copper for delivery in August shed Rs 1.40, or 0.34 per cent, to Rs 406.50 per kg, in a business turnover of 10 lots at Multi Commodity Exchange.

Likewise, the metal for delivery in November traded lower by Rs 1.20, or 0.29 per cent, to Rs 413.15 per kg in 10 lots.

Analysts said copper prices fell in line with a weak trend in industrial metals following sluggish demand from consuming industries at the domestic spot market.

Lead
Lead prices eased by 0.30 per cent to Rs 148.75 per kg in futures trade today as participants cut down their bets amid muted demand at the domestic spot market.

Besides, profit-booking weighed on the prices.

At Multi Commodity Exchange, lead for delivery in August was trading down 45 paise, or 0.30 per cent, at Rs 148.75 per kg in a business turnover of 443 lots.

The metal for delivery September also fell by 50 paise, or 0.30 per cent, to trade at Rs 149.45 per kg with a business volume of 38 lots.

Marketmen said that apart from muted demand from battery- makers at domestic markets, profit-booking by participants kept pressure on lead futures here.

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Commodity Outlook on Zinc Market

Zinc :

Zinc prices declined by 0.53 per cent to 178.45 per kg in futures market today as speculators cut down positions, taking negative cues from spot market on tepid demand from consuming industries. At the Multi Commodity Exchange, zinc for delivery in July slipped by 95 paisa, or 0.53 per cent, to Rs 178.45 per kg in a business turnover of 2,164 lots. Likewise, the metal for delivery in August was trading lower by a similar margin at Rs 178.65 per kg in 292 lots. Market analysts attributed the weakness in zinc futures to offloading of positions by participants amid sluggish demand from consuming industries in the physical market.

zinc 5

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