Daily Commodity Report

Transcription

1 Daily Commodity Report Daily Metals & Energy update Gold and silver languished near their lowest level in six years on Tuesday, while platinum dipped to a seven-year low on a strong dollar and growing expectations that the Federal Reserve would increase U.S. interest rates next month. Outflows from exchange-traded funds backed by the metals, all non-interest-paying assets, as investors position for a rate hike are also hurting prices.the dollar hit an eightmonth high on Monday on hopes of a rate hike. MCX Gold Dec is currently trading at ` It is trading up by `40 points for the day. MCX Silver Dec is currently trading at ` It is trading up by `102 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. Commodities hit 13-year lows on Monday as metals markets crashed but a steady close in oil and higher grains markets helped a key sector benchmark settle off the day's trough. Copper and nickel prices fell to multi-year lows, forcing the Thomson Reuters/Core Commodity CRB Index to its lowest levels since November 2002.The 19-commodity index, however, managed to settle just slightly lower after tracking oil's steady finish, which came on the back of a pledge by Saudi Arabia to work toward crude price stability. The dollar hovered near an 8-month peak against a basket of currencies on Tuesday, underpinned by expectations the U.S. Federal Reserve is on course to raise interest rates in December. Caution should be used when piling further into the dollar as the Fed may take a measured approach to hiking rates, seeking not to rattle risk asset markets. In a letter to U.S. consumer advocate Ralph Nader, Fed Chair Janet Yellen on Monday reiterated that the central bank should only gradually raise interest rates. Saudi Arabia's cabinet said on Monday it was ready to cooperate with OPEC and non-opec countries to achieve market stability, days before OPEC meets to review its year-long policy of not supporting prices. Oil prices jumped $1 a barrel after the comments, even though they repeated what Saudi Oil Minister Ali Naimi said in a speech last week. The Organization of the Petroleum Exporting Countries meets on Dec. 4. MCX Crude Oil Dec is trading at `2820. It is trading down by `7. Geofin Comtrade Ltd. 805, Dev Plaza, Opp. Irla Fire Brigade, S.V. Road, Andheri West, Mumbai Base metals are trading on a positive note today. Economic data for the day:-german Ifo Business Climate, Prelim GDP q/q, CB Consumer Confidence,

2 MCX GOLD DEC ( `25195) The above is hourly chart of Gold. It suggests that prices are likely to bottom out in short term. It is expected to recover back till 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 DEC ( `33760) The above is hourly chart of Silver. It suggests that prices are trading in sideways zone. Any pullback till would be buying opportunity for traders. In today's session there is potential for pullback till levels. On downside, it has immediate support at levels. Trading Call: Buy around levels with a stop loss placed below levels for targets of levels.

3 . 24 NOV 2015 MCX CRUDE OIL DEC ( `2816) The above is hourly chart of Crude Oil. Prices are capped under crucial resistance of 2860 levels. Any failure to move above this level will drag prices down again till 2700 levels. Hence, prices are likely to remain on negative mode as long as they are capped under 2860 levels. Trading Call: Sell below 2800 levels with a stop loss placed above 2860 levels for targets of 2700 levels. MCX NATURAL GAS NOV ( `143.40) Above is hourly chart of Natural gas. It suggest that prices are making lower highs and lows. It has immediate resistance at levels. In today's session it is expected to fall till levels. Bias is likely to remain on downside. Trading Call: Sell around levels with a stop loss placed above levels for targets of levels.

4 MCX COPPER NOV ( `297.50) The above is hourly chart of Copper. It suggest that prices are likely to give some pullback till and further till 303 levels. On downside, recent low of will act as crucial support levels. Trading Call: Buy around levels with a stop loss placed below levels for targets of levels. MCX NICKEL NOV ( `554) The above hourly chart of Nickel suggests that prices are expected to recover back till 572 levels. Momentum indicator RSI is recovering on the upside. In near term, 541 level will act as crucial support levels. Trading Call: Buy above 554 levels with a stop loss placed below 541 levels for targets of 572 levels.

5 MCX LEAD NOV ( `104.65) The above hourly chart of Lead suggests prices are expected to recover back on the upside up to levels. On downside, immediate support is located at levels. Hence, in today's session bias could be seen for the upside. Trading Call: Buy around below levels with a stop loss placed below levels for targets of levels. MCX ZINC NOV ( `101.80) The above is hourly chart of Zinc which suggest that prices are showing some bullish strength on intraday parameter. It is expected to gain upside till levels. On flipside, immediate support is located at levels. Hence, bias is on the upside. Trading Call: Buy above levels with a stop loss placed below levels for targets of levels.

6 NOV 2015 MCX ALUMINIUM NOV ( `95.85) The above hourly chart of Aluminum suggests that prices are expected to recover back on the upside at least till levels. Momentum indicator RSI is also supporting for bullish trend. On downside, immediate support is located at levels. Trading Call: Buy around levels with a stop loss placed below levels for targets of levels. ECONOMIC DATA FOR THE DAY COUNTRY TIME INDICATOR SURVEY PRIOR 2:30 PM USD German Ifo Business Climate 272K 276K 7:00 PM USD Prelim GDP q/q :30 PM USD CB Consumer Confidence 23B 49B

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.