Daily Mcx Commodity Report

Market Wrap

·         Natural gas futures rose to a 21-month high

·         Crude advanced for a second day

·         Gold futures topped $1,400 an ounce

·         Copper slumped into a bear market in London

·         Silver futures for May delivery retreated 1.2 percent

Natural gas futures rose to a 21-month high in New York, capping the ninth weekly gain in a record streak, on speculation that forecasts of unusually cold weather next week will buoy U.S. heating-fuel demand. Crude advanced for a second day, paring its third weekly drop, on speculation that declines were excessive and as the euro increased against the dollar. Gold futures topped $1,400 an ounce on signs that jewelers and other users of the metal are taking advantage of the biggest slump in prices in three decades. Copper slumped into a bear market in London and New York, capping the biggest weekly drop in 16 months, on concern that slowing economies from China to the U.S. will reduce demand as supply of the metal expands.

GOLD (APR) 

Trend       • Consolidate

Strategy      • Sell on high

Resistance  • R2 – 27250;  R1 – 26250
support       • S1 – 25750; S2 – 25480

SILVER (MAY)
Trend          • Bearish

Strategy      • Sell on high   

Resistance  • R2 – 45750; R1 – 44870                
support       • S1 – 42350; S2 –41200

LEAD (APR)

Trend          • Consolidate

Strategy      • Sell on high   

Resistance  • R2 – 113.5; R1 – 110.8             
support       • S1 – 107.5 ;S2 –105.3

ZINC (APR)

Trend          • Consolidate

Strategy      • Sell on high   

Resistance  • R2 – 103.3; R1 – 101.8            
support       • S1 – 98.3;   S2 – 95.5

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