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Guar yesterday we have seen that market has moved 1.26% on concerns about the monsoon, good demand for guar gum and poor supplies. Patchy rains may hamper guar sowing. Lower rains in the major cultivating regions are supporting buying. In the Jodhpur spot market, guar gained 27 rupees to end at 2,416 rupees per 100 kg. Market has opened at 2520 & made a low of 2502 versus the day high of 2583. The total volume for the day was at 473530 lots and the open interest was at 186540.Now support for the guar is seen at 2520 and below could see a test of 2470. Resistance is now likely to be seen at 2601, a move above could see prices testing 2632.

Trading Ideas:

Nickel yesterday ended lower tracking weakness in LME prices despite rise in other base metal counters. Nickel has touched a low of Rs 887.2 a kg after opening at Rs.896.7, and last traded at Rs 894.For today market is looking for the support at 886.2, a break below could see a test of 878.3 and where as resistance is now likely to be seen at 902.9, a move above could see prices testing 911.7.

Trading Ideas:

Nickel trading range is 878.3-911.7.

Nickel yesterday ended lower tracking weakness in LME prices

Nickel is getting support at 888.20 and resistance is at 899.60

Zinc ended positive benefited from arbitrage buying from China.

Copper ended positive on strength in equities markets, but investor interest was subdued as wide

Crude gained as Wall Street lent support with some robust quarterly reports that raised hopes for oil demand going forward. Meanwhile, the International Energy Agency said China has become the world's biggest energy user, surpassing the US last year. China consumed 2.25 billion tons of oil equivalent last year, about 4% more than the US. Now support for the crude is seen at 3533 and below could see a test of 3498. Resistance is now likely to be seen at 3630, a move above could see prices testing 3692.

Trading Ideas:

Crude trading range is 3530-3740.

Crude gained as Wall Street lent support with some robust quarterly reports

Silver fell leading the precious metals lower on a lack of interest in refuge assets amid stabilizing markets elsewhere. Traders were also likely cashing out of silver to make a profit, as the metal remains within striking distance of recent highs. Silver opened at 28739, before achieving a high of 28829. The commodity was later impaired, triggering latent stops, to a low 28486 after stalking gold lower. The metal mobilized a close of 28573, taking a cue from recuperating base metals. Now support for the silver is seen at 28430 and below could see a test of 28286. Resistance is now likely to be seen at 28773, a move above could see prices testing 28972.

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