SAI PROFICIENT RESEARCH MCX COMMODITY REPORT DATE- April 20, 2016
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DAILY COMMODITY REPORT MARKET OUTLOOK (WEDNESDAY, APRIL 20,2016)
The U.K. is to publish its monthly employment report. Canada is to release data on wholesale sales. The U.S. is to report on existing home sales. The EIA is to publish its weekly report on crude stockpiles. COMMODITY NEWS
Oil rises as Kuwaiti oil workers strike cuts output for third day: - Oil prices rose on Tuesday as an oil workers strike in Kuwait nearly halved crude production from the OPEC member, overshadowing bearish sentiment following Sunday's failure by oil producers to agree to freeze output levels.
Gold loses sparkle on muted demand, silver gets into shape Gold prices softened by Rs 50 to Rs 29,500 per 10 grams at the bullion market today due to slack demand even as the precious metal firmed up overseas.
Silver surges to 10-month high- Silver jumped 3 percent to its highest in more than 10 months on Tuesday on a softer dollar and robust buying in China, helping to lift gold by 1 percent. After quiet trading early in Asia, spot silver surged 3 percent to $16.73 an ounce, its highest since June 2015. It pared some gains to trade up 2.5 percent at $16.628 by 0740 GMT.
Copper futures shed 0.27% as global trend weakens.
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{DAILY COMMODITY REPORT (April 20, 2016)}
MCX CRUDE OIL ““U.S. futures point to higher open on oil rebound”” Energy overview: Oil prices moved back higher on Tuesday, as an oil worker strike in Kuwait cut the country’s crude production nearly in half. Crude had tumbled the previous day after a meeting of the world’s major oil producers in Doha, Qatar on Sunday ended without an agreement on curbing production intended to prop up prices.
Date April 20, 2016
Commodity CRUDE OIL
Expiry MAY 19,2016
Open
High
Low
Close
2780
2796
2768
2780
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
2868
2846
2805
2780
2743
Recommendation: BUY above 2830, TARGET- 2865/2885 with the S/L- 2805.
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{DAILY COMMODITY REPORT (April 20, 2016)}
MCX GOLD “Gold higher on increased safe haven demand” Bullion Overview: Gold prices rose on Tuesday, buoyed up by increased investor demand for safe haven assets as oil prices tumbled after a weekend meeting of major producers ended without an agreement on curtailing production.
Date
Commodity
April 20, 2016
GOLD
Expiry
Open
High
Low
Close
June 3, 2016
29050
29288
29050
29290
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
29750
29595
29280
28984
28750
Recommendation: BUY above 29310levels with a stop loss placed below 289800 levels for target of 29588 /29755 levels.
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{DAILY COMMODITY REPORT (April 20, 2016)}
COPPER “Copper again tries to our position 319� Market outlook: Copper futures fell 0.27% to Rs 316.30 per kg today as speculators trimmed positions amid a weak trend in global markets. The metal for delivery in far-month June was trading 85 paisa, or 0.26% down, at Rs 321.25, in a business volume of 16 lots.
Date
Commodity
April 20, 2016
COPPER
Expiry
Open
High
Low
Close
April 29, 2016
317.70
320
315.05
317.75
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
324.25
322.45
319
316
314
Recommendation: BUY above, 319.25 levels with a stop loss placed below 315.25 levels for target 323.50/326 levels. (OR) SELL below 318, target315/313 with the stop loss- 321.
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{DAILY COMMODITY REPORT (April 20, 2016)}
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{DAILY COMMODITY REPORT (April 20, 2016)}