Daily Commodity Report

Transcription

1 Daily Commodity Report Daily Metals & Energy update Gold held below a three-week high after sinking oil prices and equities spurred the longest run of daily gains since October as investors awaited minutes of the Federal Reserve s last meeting for guidance on U.S. monetary policy. Spot Gold is currently trading at $1213. MCX Gold Feb is currently at `27262, it is trading down by `126 points for the day. Comex Silver is currently trading at $16.40 whereas MCX Silver Mar is currently trading at `37600,it is down by `314. The SPDR Gold Trust, the world s largest gold-backed exchange-traded fund, is holding tonnes as per latest available data on their website. Copper held near a four-year low while aluminum languished near the weakest in seven months on fears oil s slump signals a slowdown in economic growth and weaker commodities demand.oil in New York traded near $48 a barrel and the euro area is poised to post its first drop in consumer prices since 2009, fueling pessimism over the global economy. The Federal Reserve releases minutes of its last meeting of 2014 today and U.S. jobs data are due later this week. On the LME, nickel and zinc rose, while lead and tin hadn t traded. The yen dropped from the strongest in three weeks against the dollar as U.S. stock futures signaled gains after five days of losses, damping demand for safer assets. Japan s currency fell versus all of its 16 major peers having rallied against all of them so far in The dollar climbed to a nine-year high versus the euro before the Federal Reserve releases minutes of its December meeting amid signs policy makers are moving toward raising interest rates. Malaysia s ringgit slumped for a fourth day. Geofin Comtrade Ltd. 805, Dev Plaza, Opp. Irla Fire Brigade, S.V. Road, Andheri West, Mumbai Oil fell for a fifth day amid speculation that U.S. inventories will increase, exacerbating a global supply glut that s driven prices to the lowest levels in more than five years. Futures dropped as much as 1.1 percent in New York in the longest losing streak since August.Oil slumped by almost half last year, the most since the 2008 financial crisis, as the U.S. pumped the most crude in more than three decades. MCX Crude Oil Jan is currently trading at `3010, it is trading down down `58 for the day. Base metals are trading on a mixed note today. Important data to be released today:adp Non-Farm Employment Change, Trade Balance, Crude Oil Inventories.

2 MCX GOLD FEB ( `27250) The above hourly chart of Gold suggest that price is taking resistance near level. There is negative divergence of RSI with prices. If price succeed to breach the support level of level then it may fall till level. Trading Call: Sell below levels with a stop loss placed above levels for target of levels. MCX SILVER MAR ( `37576) The above hourly chart of Silver suggests that price is in bullish trend channel. If price breaches the support level of level then we may see fall till level. Trading Call: Sell below levels with a stop loss placed above levels for targets of levels.

3 MCX CRUDE OIL JAN ( `3010) The above hourly chart of Crude Oil suggest that price is in strong down trend. RSI is streay under oversold level. If price crosses 3050 level in intraday then immediate target would be 3115 level. Trading Call: Buy above 3050 levels with a stop loss placed below 3000 levels for targets of 3115 levels. MCX NATURAL GAS JAN ( `187) The above 4 hourly chart of Natural Gas suggest that price is taking support near 180 level. RSI is gaining momentum on upside which could be bullish for prices. Trading Call: Buy around levels with a stop loss placed below 180 levels for targets of 195 levels.

4 MCX COPPER FEB ( `390.80) The above 4 hourly chart of Copper suggests that price is taking support at 389 level. If price breaches the support level then it will fall till 383 level. RSI is in negative mode. Trading Call: Sell below 389 levels with a stop loss placed above levels for targets of 383 levels. MCX NICKEL JAN ( `971) The above hourly chart of Nickel suggest that price is taking resistance near zone. Nearest support for Nickel is at 966 level. RSI is in negative mode. Trading Call: Sell below 966 levels with a stop loss placed above 980 levels for targets of 950 levels.

5 MCX LEAD JAN ( `116.75) The above 4 Hourly chart of Lead suggest that price is trading in rangebound. Either side breakout of this range will add momentum in the trend direction. Trading Call: Sell below levels with a stop loss placed above levels for targets of levels. MCX ZINC JAN ( `136.35) The above 4hourly chart of Zinc suggest that price has breached trendline support level. RSI is in negative mode. In traday price may fall further till level. Trading Call: Sell around levels with a stop loss placed above 139 levels for targets of levels.

6 MCX ALUMINIUM JAN ( `114.20) The above 4 hourly chart of Aluminium suggest that price is in stronger down trend. RSI below the oversold level suggests that selling pressure on prices. Trading Call: Sell around levels with a stop loss placed above levels for targets of 111 levels. ECONOMIC DATA FOR THE DAY COUNTRY TIME INDICATOR SURVEY PRIOR USD 6:45pm ADP Non-Farm Employment Change 227K 208K USD 7:00pm Trade Balance -42.3B -43.4B USD 9:00pm Crude Oil Inventories 0.9M -1.8M

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.