COMMODITY OUTLOOK FOR TODAY 18-FEB-2014

 Trading Call for the day:

 "Buy Copper in the range 447-447.50 with Stop Loss 445 Target 450. "

GOLD/SILVER

On yesterday’s trading session precious metals closed positive where Gold settled up 2.66% at 30157 as Gold premiums in India recovered 21 percent to $75 an ounce on London prices from a four-month low as the federal government kept import duty steady at a record 10 percent. Silver settled up 2.41% at 47735 tracking gains from Comex Silver which rallied by 1.9% to settled at $21.76 an ounce heading towards the longest winning streak since 1968 after a government report showed that China’s bank lending rose spurring demand for commodities. The two commodities are expected to trade within the range for the day. Support for Gold is at 29920 & resistance at 30220. Support for Silver is at 47000 & resistance at 47900.

 BASE METAL

On yesterday’s trading session all base metals closed positive as investors and speculators booked fresh positions in the industrial metal as upbeat Chinese credit growth data signalling an economic rebound in the world’s biggest metals consumer lifting the demand outlook for industrial metals. The base metals are expected to trade within the range.

CRUDE OIL

MCX Crude Oil settled up 0.53% at 6231 as support seen from Nymex Crude oil futures which held above $100 buoyed by a weaker dollar and as frigid weather across North America lifted heating demand. Crude Oil is trading near the resistance of 6260and only decisive break and sustaining above this level will bring any further up move. Intraday support for Crude Oil is at 6190 and resistance at 6280.

NATURAL GAS

MCX Natural Gas settled up 3.95% at 337.20 extended strong gains from last week on Monday, as cold weather hit the eastern U.S., boosting heating demand. The rally in this commodity seems to continue as it is trading and sustaining above the resistance of 339 and it is expected to rise till 355. Support for Natural Gas is at 339 and resistance at 355.
FOR COMMODITY  LEVELS CLICK HERE