Let’s talk earlier today, after several days of decline in agri commodity, buying has returned from lower levels in edible oils and gram. Prices are also getting support due to increase in demand in unlocked. Nafed also has short stock of pulses.
Soybean sowing is slow despite good rains. There is a shortage of seeds at government seed centers in Madhya Pradesh. Seed prices have doubled in the open market. Sowing has not started in 60 percent of the areas so far.
On the other hand, Monsoon has gained momentum and so far 36% more rainfall than normal has been recorded. But even now the monsoon has not fully reached Rajasthan, Punjab, Haryana and West Uttar Pradesh. On the other hand, Madhya Pradesh has received good rains. Monsoon is also expected to reach Delhi by 27. Monsoon is expected to strengthen between June 28-30. Monsoon will cover the whole of India by 8th July.
Buying in gold has returned from the low of 5 weeks. Its price has crossed Rs 47000 on MCX. Comex Gold is up almost 1%. Buying in silver has also returned from lower levels.
Mixed trading is being seen in base metals. The news of selling copper, zinc and aluminum from China’s reserves put pressure on the three metals. But nickel is a good buy. Nickel price on MCX is around one percent strong.
Crude is starting to boil. Brent’s price remains close to $74. Crude oil is getting support due to better demand and ineffective Iran nuclear deal.
Investment Advice by Prathamesh Mallya of Angel Broking
SELL CRUDE OIL JULY 5320 SL 5380 TGT 5230
SELL GOLD AUGUST 47130 SL 47370 TGT 46770
SELL SILVER JULY 67900 SL 68750 TGT 66600
SELL COPPER JUNE 693 SL 696 TGT 688
SELL MCXBULLDEX JUN 14550 SL 14660 TGT 14440
Vandana Bharti’s investment advice from SMC Comtrade
Buy TMC July @ 7500, tgt 7725, sl 7400
Buy Chana July @ 5150, tgt 5300, sl 5085
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