I give
below a summarized view of leading broking houses. To begin with Gold prices
are expected to see $1230 (INR.26800) and selling can be expected at this
point. Prices on down side can test $1210 (INR.26500)these price can form a
range in which the gold could remain. Price mentioned here is the support and
resistance levels. The overall sentiment remains negative for Gold..
November Copper prices will
see support at Rs.414.50 The price of Copper is likely to move sideways to
higher towards Rs.418.0. If buying interest continues further upside is
possible. Otherwise price will again come down. On lower side Copper has support at Rs.412.0
Crude oil prices have strong
support at Rs.5525 and as far as prices are holding this support, prices can
trade sideways to higher and fresh upswing can be seen if it goes above Rs.5650. For
intraday traders prices can have intraday resistance at Rs.5590. A break down
below Rs.5525 can extend towards Rs.4450 in coming days.
SPOT USDINR prices are
expected to open higher above 60.90 and prices are expected to have support at
60.90 where buying should be observed Prices on higher side can test 61.10. Prices
are unlikely to fall below 60.80 The overall trading remains positive.
According to Agriculture Ministers
statement Kharif food grain output is expected to fall by 7 per cent to 120.27
million tons (mt) this year. This if confirmed, the biggest drop since the
severe drought some five years ago. An extended dry spell in the first six
weeks of monsoon season, with subsequent floods in some places, has damaged
crops. However, analysts said an adequate grain stock would keep the
inflationary price trend at bay. Agriculture minister Radha Mohan Singh also
said the estimate may be revised upwards later. “Planting of crops is as per
average of last five years, and is now 3% lower than previous year. We estimate
Kharif production to be approximately 120 mt," Singh said. "This is
not final data, though. Production figures always increase by the fourth
estimate," he said. In 2013-14, the country's Kharif output rose to a
record 129.24 mt. Singh said he expected the Rabi (winter crop) production to
increase with un sown Kharif area of over three million hectare to go under
oilseeds this season. Rice production is estimated to fall to 88.02 mt, from
91.69 mt in the previous year, although the crop was planted on 36.67 million
hectares, about the same as 36.79 million hectares a year ago.
Agriculture secretary Ashish Bahuguna said the delayed onset of monsoon led to
late sowing of plants and was bound to have an impact on the crops
productivity. The dry spell along with floods in several parts of the country
has also impacted productivity, he added.
