Mcx Commodity Market news

Gold prices are trading higher today at $1172.1 per ounce while MCX gold prices is trading lower by 1 percent at Rs.27030 per 10 gms. Gold prices although rebounded from lowest level in two weeks is still near its lowest level in two weeks after the Federal Reserve hinted at a possible U.S. rate hike in December, thereby raising prospects of rate hike in December.
Copper

Copper prices declined by 0.6 percent as the Fed downplayed concerns of global growth and sounded optimistic regarding the recovery in the US economy, thereby raising prospects of an early rate hike in December. However, weakness in the DX along with plunge of 1.2 percent in LME stocks restricted sharp fall. MCX copper prices plunged by 0.6 percent to close at Rs.345.40/kg.
Crude Oil

Crude oil rallied by the end of Friday’s trading as the dollar weakened. The greenback extended its retreat due to another bunch of disappointing economic reports from the United States. Additionally, the number of US oil rigs continued to drop ninth consecutive week, falling by 16 this week as was reported by Baker Hughes.

The decline of the US currency did not help gold much. The metal dropped, though its fall was not very big. The metal has been in decline since October 15th, erasing about half of this month’s gains.

NEWS ABOUT EQUITY MARKET

Cipla, Novartis India, Tata Global Beverages and Tata Steel will announce their July-September 2015 quarterly earnings on Thursday, 5 November 2015.
Aurobindo Pharma, Bank of Baroda, BEML, Bharat Heavy Electricals, Eicher Motors, Godrej Industries, Glaxosmithkline Consumer Healthcare, Gujarat State Petronet, Max India, Motherson Sumi Systems, Info Edge (India), ONGC, Punjab National Bank, Steel Authority Of India (Sail), State Bank of India (SBI), Tata Chemicals, Tata Motors, Union Bank of India and Voltas will announce their July-September 2015 quarterly earnings on Friday, 6 November 2015.
The Nikkei India Manufacturing Purchasing Managers' Index (PMI) data for the month of October 2015 is due on Monday, 2 November 2015. The seasonally adjusted Nikkei India Manufacturing PMI slipped to a seven-month low of 51.2 in September 2015 compared with 52.3 in August 2015. 
The Nikkei India Service PMI data for the month of October 2015 is due on Wednesday, 4 November 2015. The seasonally adjusted Nikkei Services Business Activity Index fell to 51.5 in September 2015 from 52.6 in August 2015.

Best Trading Tips for Gold and Silver

Gold:

Gold prices have managed to rebound from its session lows at 26913 levels. Any major upside momentum though is likely only if prices sustain above resistance at 27120 levels. Failure to trade above this level will see prices slip towards 26900 levels again. A decisive break below 26900 will extend the correction towards 26750/26700 zones. Momentum above 27120 will take prices higher towards 27210/27300 levels.
Silver: The outlook on silver will be negative until prices stay below 37400 levels. Counter should test immediate support between 36700— 36600 zones. A break above 37400 will see prices head for a re-test of major resistance zones between 37650—37750 levels. A daily close below 36600 will see prices slip towards 36200/36000 levels.

US Supply Data Bearish for Crude Oil & Natural Gas

Oil-rig reductions suggest a decline of more than 250,000 bpd in U.S. crude production between the second and fourth quarters of this year, Futures for crude oil sank to the lowest level in more than a week as US inventories expanded more than was expected by market participants. The Energy Information Administration reported that stockpiles swelled by 7.6 million barrels last week from the week before to 468.6 million. It was the biggest gain since April. Experts had predicted much smaller increase by 2.2 million. November futures for delivery of WTI crude oil sank 3.02 percent to $45.23 per barrel as of 22:08 GMT on NYMEXtoday. Contract for Brent crude dropped 0.9 percent to $48.71 per barrel on ICE.

COMMODITY MARKET TECHNICAL REPORT 12 OCT 2015

Crude Oil

Crude oil prices sold-off post the inventory data yesterday. Failure to break below 3100 will see prices rebound towards 3200-3210 levels again. Fresh selling can be seen as prices approach these levels. The outlook will be that of sell on rise until prices stay below 3260 levels. A break below 3100 will open downside targets of 3050/3040 for crude.
Natural Gas. 
Natural Gas prices need to break above 165 levels for a positive reversal in the counter. A decisive break below 159 will open downside targets of 155 levels in natural gas. A breakout above 165 will see prices rebound towards 167.60 levels.

Natural Gas and Crude Oil Technical Report

Crude Oil
Crude oil prices continue to consolidate in a narrow range. Sustenance above 3035 will see prices rebound towards 3084/3100 levels. Fresh selling can be seen if prices approach higher levels. Failure to sustain above 3030 will see prices drift lower towards 2950 levels again.
Natural Gas Oct. Natural Gas prices closed down with a cut of 3.25% yesterday. Further weakness from current levels will see prices move lower and test 165 levels. A daily close below 165 will see prices correct further towards next support at 160 levels. Pullback rallies will face resistance between 169—170.50 levels.