09 March MCX Commodity Market report by Money Maker Research

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Money Market research

Mcx Gold ended the session at Rs 29809 per 10 grams on 8 March 2016 against Rs 29766 per 10 grams on 7 March. The prices of Gold are facing resistances at Rs 30200 per 10 grams. The prices tested a low of Rs 29650 and a high of Rs 30161 per 10 grams. Open Interest was 9111 on against 8920 on 7 March 2016. The prices are expected to face supports of Rs 29550 per 10 grams. Gold prices have bee n in a sharp surge from the end of December when price levels were hovering near Rs 25000 per 10 grams. The prices are now in the range of Rs 29000 and 30200 that is acting as a resistance zone for the metal in March.

Crude Oil prices ended with heavy losses and ended at Rs 2475 per barrel on 8 March against Rs 2547 per barrel on 7 March. The trajectory for this commodity has been on the upside but after the correction last evening it seems that the volatility will be very high. Short term supports are intact at Rs 2450 per barrel. Open interest declined to 18644 lots on 8 March against 21641 lots on 7 March. Crude Oil tested a high of Rs 2595 per barrel and a low of Rs 2466 per barrel.

Copper declined sharply and moved below Rs 335 per kg. The prices are now under a free run towards Rs 345 if profit booking doesn’t chip in. The metal closed at Rs 333.85 per kg on 8 March against Rs 339.20 per kg on 7 March. After the declines below Rs 340 prices can further move toward Rs 328 per kg on the downside. The prices tested levels of Rs 342.10 per kg as highs and Rs 331.80 per kg as a lo w. Volumes gained during the session. Copper volumes gained to 48414 lots on 8 March 2016 against 26586 lots on 7 March 2016. Open interest declined to 12296 on 8 March against 13972 on 7 March.


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