The Indian governments declare authorizing oil marketing companies to hike diesel price at time to time. Oil and gas minister Veerappa Moily said the oil company has permissible to raise diesel price by a minute quantum occasionally till such time that they are clever to cover Rs 9.60 per litre loss they gain on the fuel. Refusing to offer details of diesel price increase, Moily said the move up may take put as early as tonight.
In Commodity market Gold Silver on MCX (Multi Commodity Exchange) red down, gold trading prices now 168 Rs down at 30716 Rs Feb contract on MCX. Silver 506 Rs down with trading prices 59237 on Mar contract.
MCX Gold Feb sell below 30700 targets 30680/30650 stop loss 30750
MCX Silver Mar sell below 59200 targets 59150/59100/59050 stop loss 59300
MCX Crude oil prices decline 31 Rs with 5120 on Jan contract. Crude oil intraday more decline that is selling pressure.
MCX Crude oil Jan sell 5120 targets 5110/5100 stop loss 5135
Crude oil now decline but 2030 major growth with demand growth at average of just 0.8 % this year According to BP energy outlook 2013.
Cotton still increasing in the domestic market, Cotton demand high and Production Company increasing cotton in this year.
MCX Cotton Jan Buy above 16380 targets 16390/16400/16420 stop loss 16350