MCX Crude Oil rises on short covering, Gold sideways, Copper up

mcx tipsCrude Oil was seen trading on a positive note on short covering for December delivery and it is expected to witness further short covering during intra-day trade. However, short covering may be short lived and the commodity may witness selling pressure at higher levels. Crude oil futures for December delivery on India’s Multi Commodity Exchange (MCX) was seen trading with a gain of 0.50% at Rs.5811 per barrel as of 16.15 IST on Friday.

India crude oil futures recorded an up-tick on Friday due to short covering while gold and copper futures was also move up slightly despite weak global cues. Crude oil futures for December delivery on India’s Multi Commodity Exchange (MCX) was seen trading with a gain of 0.50% at Rs.5811 per barrel as of 16.15 IST on Friday.

MCX Crude Oil

Crude Oil was seen trading on a positive note for December delivery and it is expected to witness further short covering during intra-day trade. However, short covering may be short lived and the commodity may witness selling pressure at higher levels.

Intra-day support for the commodity is seen at 5750 level and fresh selling is expected only below the same while resistance is seen at 5865 and 5915 levels. Market is likely to test a good selling pressure around 5965 level and it may be a good entry level for short sellers.

MCX Copper

Copper prices edged up and was seen trading slightly up for February contract. The base metal is likely to trade with a positive bias in the rest of the session. Support is seen at 450.5 and 447 levels while resistance is seen at 453 level. Traders are advised to take long position around 451 with the stop loss of 447 for the target of 455.

MCX copper for February delivery was seen trading with a gain of 0.41% at Rs.451 per kilogram as of 16.24 IST on Friday.

MCX Gold

The trend in MCX gold futures for February delivery looks sideways for the day and intra-day traders are advised to book profit in a narrow range

Intra-day support for the commodity is seen at 29100 and below that it may test level of 28900 while resistance is seen at 29400 and 29550 levels, said Amrita Mashar, Research Analyst at Commodity Online.

Intra-day traders may take sell position near 29200 with the stop loss of 29400 for the target near 29050 and 28950.

MCX gold for February delivery was seen trading with a loss of 0.06% at Rs.29263 per 10 grams as of 16.29 IST on Friday.

Gold Updates

Russian bank VTB has started gold and silver export to India to expand its business in the Asia-Pacific region.

VTB has become the first Russian bank to start direct exports of precious metals to clients in India, delivering its first batches of gold and silver bullion to clients, the bank said in its press release.

VTB plans to enter emerging precious metals markets in Asia, and to work with local government-certified importers, banks and end consumers, it said. The company successfully delivered its first bullion to New Delhi, Hyderabad, Jaipur and Agra over the past a few weeks.

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[Source: Commodity Online]

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