PRECIOUS METALS:
Yellow metal ended the session at Rs 29931 per 10 grams on 10 March 2016 against Rs 29598 per 10 grams on 9 March 2016. The prices of
Gold are facing resistances at Rs 30100 per 10 grams. The prices tested a high of Rs 29961 and a low of Rs 29065 per 10 gr ams. Open
Interest was 9155 on 10 March 2016 against 8256 on 9 March 2016. The prices are expected to face supports of Rs 29000 per 10 grams.
Gold prices have been 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 30000 that is acting as a resistance zone for the metal in March.
ENERGY:
Sideways momentum in Crude Oil prices were seen in the day
trades ending Thursday. The commodity saw range bound moves and prices
were between a puny range of Rs 2600 and 2480 per barrel. Crude Oil tested a high of Rs 2583 per barrel and a low of Rs 2508 per barrel.
Supports for Crude Oil are at Rs 2450 per barrel. Resistance for Crude Oil is at Rs 2600 per barrel. Open interest declined to 20090 lots on
10 March 2016 against 21296 lots on 9 March 2016. Volumes for Crude Oil were at 234717 on 10 March 2016. The trajectory of Crude Oil
has shifted towards bullish pattern and gains above Rs 2600 are expected to take Crude Oil towards Rs 2655 per barrel .
BASE METALS:
Copper declined marginally and moved near to Rs 330 per kg. The prices have now formed a effective barrier northwards near Rs 338-340
levels. The metal closed at Rs 332.90 per kg on 10 March 2016 against 334.60 per kg on 9 March 2016. After the declines below Rs 335
prices can further move toward Rs 330 per kg on the downside. The prices tested levels of Rs 335.60 per kg as highs and Rs 330.75 per kg
as a low. Volumes gained during the session. Copper volumes gained to 37681 lots on 10 March 2016 against 37466 lots on 9 March 2016.
Open interest declined to 12632 on 10 March 2016 against 13175 on 9 March 2016.
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