Natural gas Price Lose, Nickel Price Gain at Multy Commodity Exchange

Infocommodity - Positive macro economic indication from both Europe and the US helped most of the commodities to bounce back and register gains at the multi Commodity Exchange (MCX) for the week of Oct 3October 8.

The European Central Bank (ECB) introduced the system of purchasing covered bonds in a bid to encourage bank lending. The ECB will also introduce yearlong loans so as to give the banks a steady supply of cash through January 2013. This is bullish for base metals and Energies.

Payroll and Employment data from the US showed that employers employed more people in September while increasing earnings and working hours. This is bullish for metals and Energies.

From Europe, watch out for the French and Italian industrial production due next week. Also look out for German trade data. The ECB president Trichet is also expected to speak next week.

From the US, watch for figures relating to trade balance and unemployment claims. Also look out for data on retail sales and consumer sentiment. The FOMC meeting is also scheduled next week

In Energy space, the US inventory data on Crude Oil and Natural Gas due on Thursday.

MCX Gold December: Rallies to 26260/26360 to hold for 25800/25500 now. However, a strong consolidation above 26400 could dent this bullish view.
S1 25500 S2 25000 R1 26400 R2 27140

MCX Silver December: Prices to trade in between 49000 51600 now, break of either level could decide the momentum.
S1 49000 S2 46800 R1 51600 R2 53000

MCX Copper November: A strong consolidation above 340 indicates buying momentum towards 360. However, a direct fall below 338 could dent this bullish view.
S1 338 S2 327 R1 348 R2 366

MCX Lead October: While above 96.70, prices to test 98/99.
S1 94 S2 90.80 R1 96.70 R2 100.60

MCX Zinc October: Strong consolidation around 91 indicates bullishness towards 95.
S1 90.60 S2 87 R1 96 R2 98

MCX Nickel October: While above 940, prices could test 980.
S1 920 S2 890 R1 965 R2 990

MCX Crude October: Pull backs to 3940 looks likely. However, failure to cross 4000 could again drag prices lower to 3740/3600.
S1 3700 S2 3600 R1 3950 R2 4060

MCX Natural Gas Oct: While below 183, prices could test 175.
S1 175 S2 171 R1 183 R2 188

Category: Gas, mck lead, mcx copper, mcx lead, mcx natural gas, mcx nickel, mcx zinc, natural gas price, Nickel, nickel price