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MCXCOMDEX Trades Higher

Fri, 29 May 2009 18:14:04 +0000

At the Multi Commodity Exchange (MCX), MCXCOMDEX is trading up by 10.89 points, or 0.49%, at 2,249.14 after opening at 2,239.39. (12.56 p.m.)

Other index like MCXMETAL is trading upward by 17.04 points, or 0.67%, at 2,569.11 after opening at 2,555.03. Meanwhile MCXENERGY is trading up 10.12 points, or 0.44%, at 2,293.74 after opening at 2,283.75. MCXAGRI is trading up 2.33 points, or 0.12%, at 1,969.85 after opening at 1,970.40.

At the National Commodity and Derivative Exchange (NCDEX), the FUTEXAGRI is trading up 1.30 points at 2,096.17, while NCDEXAGRI is trading down 7.91 points at 2,097.79.

Leaders at the MCX were Cardamom – August contract, (2.98%) with open interest of 4, Crude oil – October contract, (2.93%) with open interest of 5, Lead – July contract, (2.92%) with open interest of 20, Cardamom – June contract, (1.58%) with open interest of 272, and Lead – June contract, (1.56%) with open interest of 1,861.

Laggards at the MCX were Refined Soy Oil – June contract, (0.69%) with open interest of 4, Aluminium – July contract, (0.66%) with open interest of 5, Refined Soy Oil – July contract, (0.58%) with open interest of 20, Aluminium – June contract, (0.22%) with open interest of 272, and Mentha oil – May contract, (0.06%) with open interest of 1,861.

Top gainers at the NCDEX were Silver 5 Kgs – July contract, (4.30%), Sugar M-30 – July contract, (3.94%) with open interest of 29,360, Guar Gum – November contract, (3.92%), COPPER1KG – August contract, (3.24%) with open interest of 20,000, and Chilli – June contract, (3.18%) with open interest of 3,250.

Top losers at the NCDEX were Turmeric – August contract, (6.08%) with open interest of 2,210, Turmeric – July contract, (5.30%) with open interest of 21,860, Turmeric – June contract, (4.77%) with open interest of 22,340, Jeera (Cuminseed) – August contract, (3.26%) with open interest of 105, and Jeera (Cuminseed) – June contract, (3.17%) with open interest of 7,377.

Source:- iris

Rupee Appreciates vs USD

Fri, 29 May 2009 13:09:30 +0000

Rupee appreciates 1.13% vs USD at 47.29

The Reserve Bank of India’s reference rate for rupee appreciated 1.13% against US dollar to 47.29 on May 29, as compared with previous working day of 47.83 (May 28).

Meanwhile, the rupee depreciated 0.03% against Euro to 66.18 on May 29, as compared to 66.16 on May 28.

As illustrated in the table below, rupee appreciated 0.53% versus the Great Britain Pound at 75.86 as against 76.26 on the previous working day, while it appreciated 1.21% versus 100 Japanese Yen at 48.89, as against 49.49 on the previous working day.

Short Crude June Kedia

Fri, 29 May 2009 13:04:10 +0000

Crude oil rallied toward USD 65 a barrel after government data showed that domestic crude inventories dropped much more than expected last week as refineries ramped up operations and imports fell, said Ajay Kedia, managing director, Kedia Commodities.

Technically, Crude had taken the support at Rs 3,000 level on MCX and now momentum is very strong for resistance level till Rs 3,200 level soon. Presently, Crude oil June Contract is trading up 0.32% at Rs 3,097 a bbl. It opened at Rs 3,087 and touched the highest level of Rs 3,109 and low Rs 3,083, he added.

Now support for the crude is seen at Rs 3,026 and below could see a test of Rs 2,965. Resistance is now likely to be seen at Rs 3,123, a move above could see prices testing Rs 3,159. In today session, crude oil futures may hover in the range of Rs 2,960-3,190.

One can take short position in MCX Crude Oil June contract at Rs 3,090-3,100 with a stop loss of Rs 3,128 and target of Rs 3,078-3,062-3,040, he advised.