Daily Commodity Report

Transcription

1 Daily Commodity Report Daily Metals & Energy update Gold rose on Tuesday as the dollar receded slightly and stocks fell globally, though expectations that the U.S. Federal Reserve will raise interest rates next week kept gains in check. Any further weakness in oil could trigger fears of deflation, a bearish factor for gold, which is often used as a hedge against oil-led inflation.signs that the U.S. labor market is recovering supported market views that the Fed will raise rates for the first time in nearly a decade at its policy meeting on Dec MCX Gold Feb is currently trading at ` It is trading up by `29 points for the day. MCX Silver Mar is currently trading at ` It is trading up by `2 points. The SPDR Gold Trust, the world s largest gold-backed exchange-traded fund, is holding tonnes as per latest available data on their website. China's imports of copper jumped 10 percent to 460,000 tonnes in November from a year earlier, as a deepening rout in prices spurred opportunistic buying even as demand growth in the world's No. 2 economy slows, customs data showed on Tuesday. Shipments of anode, refined copper, copper alloys and semi-finished copper products also rose by 10 percent from October, preliminary data released by China's General Administration of Customs showed. Reflecting the long-term slowdown in demand from the world's top industrial metals consumer. The currencies of major commodity producers such as Australia and Canada steadied on Wednesday, letting them nurse big losses suffered the past two days from a selloff in oil and bulk commodities. The U.S. dollar was last at C$1.3575, having risen on Tuesday to as high as C$1.3623, the weakest level for the Canadian dollar since mid Against the Norwegian crown, the greenback last stood at crowns, having scaled a 13-year peak of crowns on Tuesday. Geofin Comtrade Ltd. 805, Dev Plaza, Opp. Irla Fire Brigade, S.V. Road, Andheri West, Mumbai Saudi Arabia is shipping more crude oil to Asia over the last two months of the year as strong refining margins boost demand, trade sources said, helping the top oil exporter defend its market share amid fierce competition. Cheap Saudi oil - in comparison with prices for other Middle Eastern grades - has drawn several Asian refiners to request a few million barrels above contractual volumes as they ramp up crude run rates to capture robust margins. MCX Crude Oil Dec is trading at `2564. It is trading up by `36. Base metals are trading on a neutral note today. Economic data for the day:- Wholesale Inventories m/m, Crude Oil Inventories

2 MCX GOLD FEB ( `25420) The above is hourly chart of Gold. It suggests that prices are likely to resume uptrend. If it crosses levels, then it will try to move on up to levels. On downside, immediate support is located at levels. Trading Call: Buy around levels with a stop loss placed below levels for target of levels. MCX SILVER MAR ( `34580) The above is hourly chart of Silver. It suggests that prices are trading in sideways zone. It is expected to pickup momentum on the upside. Any move above will set target of levels. On downside, immediate support is located at levels. Trading Call: Buy above levels with a stop loss placed below levels for targets of levels.

3 . 9 DEC 2015 MCX CRUDE OIL DEC ( `2805) The above is hourly chart of Crude Oil. It suggest that prices are likely to recover its losses. On upside, break above 2590 will set target of 2700 levels. On downside, 2515 will act as crucial support in today's session. Trading Call: Buy around 2590 levels with a stop loss placed below 2515 levels for targets of 2700 levels. MCX NATURAL GAS DEC ( `150) Above is hourly chart of Natural gas. It suggest that prices are making lower lows. It is expected to retest yesterday's losses. On upside, immediate resistance is located at levels. Bias is on the downside. Trading Call: Sell around levels with a stop loss placed above levels for targets of levels.

4 MCX COPPER FEB ( `309.85) The above is hourly chart of Copper. It suggest that prices are trading in sideways zone. However, some correction can be seen up to 306 level. On upside, immediate resistance is located at 313 levels. Trading Call: Sell around levels with a stop loss placed above 313 levels for targets of 306 levels. MCX NICKEL DEC ( `593.30) The above hourly chart of Nickel suggests that prices are trading in sideways zone. However, pries are capped under crucial resistance of 588 levels. Further resistance is located at 601 levels. It is expected to retest yesterday's low of 573 levels. Trading Call: Sell around 5888 levels with a stop loss placed above 601 levels for targets of 573 levels.

5 MCX LEAD DEC ( `110.05) The above hourly chart of Lead suggests that prices are likely to turn on the downside. If it breaks support of then it will decline till in today's session. On upside, immediate resistance is located at 114 levels. Trading Call: Sell below levels with a stop loss placed above 114 levels for targets of levels. MCX ZINC DEC ( `104.05) The above is hourly chart of Zinc which suggest that pries are trading in sideways zone. It is expected to fall again till levels. On upside, immediate resistance can be seen at 103 levels. Trading Call: Sell around levels with a stop loss placed above 103 levels for targets of levels.

6 0.3 9 DEC 2015 MCX ALUMINIUM DEC ( `97.25) The above hourly chart of Aluminum suggests that prices are trading in uptrend channel. It is holding above trend line support levels. It is expected to rise upside till levels. On downside, support is located at 98 levels. Trading Call: Buy around levels with a stop loss placed below 98 levels for targets of levels. ECONOMIC DATA FOR THE DAY COUNTRY TIME INDICATOR SURVEY PRIOR USD 8:30 PM Wholesale Inventories m/m 0.50% USD 9:00 PM Crude Oil Inventories 1.2M

7 Research Department - Institutional Desk Vaibhav P Chudasama CMT Contact: Geofin Comtrade Ltd. 805 Dev Plaza Opp. Irla Fire Brigade, S.V. Road, Andheri West, Mumbai Disclaimer: The information contained here was gathered from sources deemed reliable; however, no claim is made as to accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time, nor should any examples presented be deemed as such. There is a risk of loss in commodity trading and commodity options and you should carefully consider your financial position before making a trade. This is not, nor is it intended, to be a complete study of chart patterns or technical analysis and should not be deemed as such. Geofin Comtrade Ltd. does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgements at this date and are subject to change without notice. For use at the sole discretion of the investor without any liability on Geofin Comtrade Ltd.