Decline in crude oil has been observed today. Crude oil has dropped nearly 1 per cent in the domestic market. On MCX, crude oil prices have come down to Rs 4,800. Natural gas also declined. Natural gas, with a decline of 0.3 per cent on MCX is trading at Rs 185.50.
Gold and silver still continues to fall. The international market is declining slightly lower than the domestic market. Movement of the rupee against the dollar has changed today. Since the beginning rupee has weakened again. With a decline of 0.1 per cent on MCX gold is trading at Rs 31,040. While silver dropped 0.2 per cent to Rs 59,500 with doing business.Declining demand in China has seen pressure on base metals. After the initial weakness in base metals on MCX has witnessed mixed trade. 0.1 per cent on MCX Copper is trading at Rs 429.50 with marginal gains. Nickel Zinc 0.1 per cent and 0.4 per cent has come. Although aluminum has dropped 0.2 per cent and 0.3 per cent lead.
Soybeans have also declined. NCDEX soybean prices have lost nearly 1.5 per cent. Traded in the international market is also on the decline. More in soybean yields and rising pressure on prices in the domestic market supply is being witnessed. The NCDEX November soybean futures is trading below Rs 3,300.
MCX Commodities investment advice
MCX Copper (Nov Futures): Buy - 433, stoploss - 439 and the target - 420
MCX Lead (December futures): Sell - 112, stoploss - 115 and the target - 107
Natural Gas MCX (November futures): Sell - 212, stoploss - 231 and the target - 170
NCDEX soybean (November Futures): Buy - 3260, stoploss - 3220 and target - 3340
