However despite of INR weakness, Base Metals doesn’t get support. At MCX all metals traded under pressure. MCX Copper traded near Rs 415 with slight gain of 0.1%, Nickel traded at Rs 898.80 up 0.72%, Aluminium gained 0.16%, Lead up 0.34% and Zinc gained 0.79%.
After yesterday gain Crude oil came under pressure. At NYMAX Crude traded at 60.7$ slipped 0.5% while Brent crude price reached at 67.6$. Notably, despite of reduction in reserve Crude Oil is under pressure. It is due to gain in Dollar price. At MCX Crude Oil May future traded with 1.55% gain near Rs 3942.00 while Natural gas price fell 0.06%.
Before US non-farm payroll data Gold is trading under pressure today. At MCX Gold June Future traded with 0.21% gain, while Silver is trading dull, traded near 37905.
The decline in sugar has increased. Today, Sugar price has arrived at Rs 2350 in futures decline 1.5%. This year Sugar production is estimated to increase to go beyond 280 million tonnes, While not being able to to export. Despite of increase the import duty to 40% Sugar has no support.
MCX Nickel (May Future) Buy above 895 Target 918.26 stop loss 885.80.
MCX Crude Oil (May Future) Buy above 3917 Target 3995 stop loss 3889.
NCDEX Sugar (May Future) Sell below 2352 Target 2320 stop loss 2366.