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Menthol support at 770 |
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Mentha oil futures closed almost unchanged, with a marginal movement upside, as business activities during the intraday session was mostly uninspiring on the MCX Tuesday. Spot prices of mentha oil too lacked movement today. Support for menthol is at 733.45 below that could see a test of 725.90. Resistance is now seen at 748.15 above that could see a resistance of 755.
Trading Ideas:
TRADING RANGE IS 725.90-755.30.
MENTHOL SPOT IS AT 770/- MKT IS FLAT
BUT MARGIN REDUCE IN BUY SIDE CAN HELP TO JUMP.
BUY MENTHOL AUG ABV 745 SL 730 TGT 752.20-758.50-762.80-768. MCX
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| Technical Calls |
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Commodities recap - evening of 5th Sept, 2008 |
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Bullions remained subdued in morning session although they eased little and slides below $800, drop in crude pressurized gold. Precious metal stayed under pressure on the dollar's strength and weaker oil prices. |
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Flashback-Energy-5th Sept, 2008 |
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Crude Oil prices fell yesterday by more than $1, as concern over falling demand outweighed unexpected drop in crude oil inventories. |
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Status Report of Commodities for Sept 5, 2008 |
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Gold fell for the fourth straight day as the euro weakened against the dollar, eroding the appeal of the precious metal as an alternative investment. Silver was little changed. The euro fell as much as 1.2 percent against the dollar after the Europea |
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| FOREX Reports |
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Rupee closes in the red |
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Indian rupee ended trading Friday Rupee at 44.65/66 per dollar, from the previous close of 44.35/36, as losses in the local share market raised concerns about further foreign fund outflows.
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Rupee nosedives to 21 month low |
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Indian rupee nosedived to its lowest in 21 months on Friday as a stock market slide triggered concerns of further foreign fund outflows. |
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Japanese foreign reserves decline in August |
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Asia’s largest economy, Japan’s foreign exchange reserves declined for the first time in three months at the end of August, the Japanese Finance Ministry said.
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