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Guar softened on forecast of normal monsoon and weak demand for churi and korma. The forecast of normal monsoon is weighing on prices. Demand from millers has also come down. In the Jodhpur spot market, guar fell 12 rupees to end at 2,369 rupees per 100 kg. Guar yesterday we have seen that market has moved -0.71%. Market has opened at 2409 & made a low of 2371 versus the day high of 2409. The total volume for the day was at 193020 lots and the open interest was at 125570.Now support for the guar is seen at 2372 and below could see a test of 2352. Resistance is now likely to be seen at 2410, a move above could see prices testing 2428.

Trading Ideas:

Nickel this year’s best performer dropped as the dollar strengthened and on concern that China, the biggest consumer, will seek to curb economic growth. Nickel has touched a low of Rs 989.1 a kg after opening at Rs.1039, and last traded at Rs 1024.1.For today market is looking for the support at 994.8, a break below could see a test of 965.5 and where as resistance is now likely to be seen at 1047.7, a move above could see prices testing 1071.3.

Trading Ideas:

Nickel trading range is 968.3-1074.1.

Nickel falls yesterday as per expectation as dollar strengthens

Zinc prices drifted due to weak trend overseas. Subdued demand at the physical market also put pressure on the metal prices. Zinc yesterday we have seen that market has moved -2.98%. Market has opened at 95.6 & made a low of 91.6 versus the day high of 95.7. The total volume for the day was at 32943 lots and the open interest was at 8491.Now support for the zinc is seen at 90.9 and below could see a test of 89.2. Resistance is now likely to be seen at 95, a move above could see prices testing 97.4.

Trading Ideas:

Zinc trading range is 90.2-98.4.

Zinc prices drifted tracking weak trend overseas

Copper prices dropped on concern that growth will slow in Europe and China, curbing demand for raw materials. Prices jumped yesterday after European policy makers and the International Monetary Fund unveiled a 750 billion-euro ($955 billion) loan package to stem budget gaps in Greece, Portugal and Spain.  Copper has touched a low of Rs 314.1 a kg after opening at Rs 320.4, and last traded at Rs318.45.For today market is looking for the support at 314.9, a break below could see a test of 311.4 and where as resistance is now likely to be seen at 321.2, a move above could see prices testing 324.

Trading Ideas:

Copper trading range is 312.3-324.9.

Crude oil rose after a report showed that Chinese refining climbed to a record in April as domestic demand climbed. The Organization of Petroleum Exporting Countries left its 2010 world oil demand forecast unchanged saying that demand would grow 0.9 million barrels/day or 1.1%. Now support for the crude is seen at 3415 and below could see a test of 3371. Resistance is now likely to be seen at 3507, a move above could see prices testing 3555.

Trading Ideas:

Crude trading range is 3367-3551.

Crude oil advances after report shows record volume of Chinese refining

OPEC leaves 2010 world oil demand forecast unchanged

Silver closed sharply higher, with speculative and investment buying picking up along with the safe-haven flows into gold. Holdings in the world's largest silver ETF, the iShares Silver Trust, are rising even though they remain below the record high. Holdings as of Monday stood at 9,087.72 metric tons after a jump from 8,912.94 a week ago. Now technically market is trading in the range as RSI for 18days is currently indicating 66.65, where as 50DMA is at 27566 and silver is trading above the same and getting support at 28714 and below could see a test of 27929 level, And resistance is now likely to be seen at 29939, a move above could see prices testing 30379.