Despite a severe shortage in US stocks of Crude Oil, the price does not get much support. Brent Crude’s price is under $50. While WTI Crude is trading around $45. According to yesterday US energy department report, US Crude stocks have fallen 44 million barrels.
Actually Dollar is at 2 months high against Yen, such that Crude Oil prices under pressure.
US Dollar is showing consistent strength due to estimated growth of interest rates, because of this Gold and Silver also under pressure. At COMAX Gold remains near last 5.5-year level.
US weekly unemployment figure will come today. At LME Copper and Aluminium has been recovered from last 6 year lower level.
Monsoon has been active in Western Madhya Pradesh, Central Maharashtra and Vidarbha area, heavy rainfall noticed during last 24 hours in this areas. Pulses, Soybean and Cotton cultivated in this whole region.
MCX Gold October future is trading at Rs 246650 with a decline of 0.11%, Silver September future is trading at Rs 33460. MCX Crude Oil August future surged 0.14% near Rs 2892 and Natural gas August future decline 1.66% is trading at Rs 177.60.
At MCX all Base Metals August futures on Green, Nickle at highest with a gain of 0.94%. Copper 0.39% and Zinc gain 0.33%. In Lead 0.23% and in Aluminium 0.20% gain have seen.
At NCDEX Castor seed, August Future is trading at Rs 3957 with a decline of 0.5% and Sugar October Future is trading near Rs 2303 with a gain of 0.23%.
Our Blog sure MCX and NCDEX Agri Commodity Trading Tips, which commodities to buy in August:
NCDEX Sugar October Future Buy above 2305 target 2338 stop loss 2280.
NCDEX Castor Seed October Future Sell below 4121.66 target 4103 stop loss 4136.
Buy MCX Gold October Future Buy above 24714 target 24801.33 stop loss 24673.
MCX Lead August future Buy above 109.80 target 110.40 stop loss 108.