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MCX COMMODITY REPORT DATE- April 28, 2016
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DAILY COMMODITY REPORT COMMODITY NEWS
Gold prices dipped by Rs 250 to close at Rs 30,100 per 10 grams at the bullion market today as the auspicious Akshaya Tritiya festival failed to enthuse the spirit of buyers. Moreover, a weak global trend weighed on the precious metal. Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced off take by industrial units and coin makers. Gold jumped 1 percent on Friday after U.S. non-farm payrolls data for April came in weaker than expected, boosting expectations the Federal Reserve will delay further interest rate increases. Canadian officials showed some optimism on Sunday they were beginning to get on top of the country's most destructive wildfire in recent memory, as favorable weather helped firefighters and winds took the flames southeast, away from oil sands boomtown Fort McMurray. China should urgently deal with its steel overcapacity problem, the European Union's ambassador to China said on Monday, as the world struggles with weak demand of the material, much of which comes from China.
Seven countries or blocs, including the United States and the EU, called last month for action to address global steel overcapacity, but have failed to agree common measures with China.
EU Ambassador to China Hans Dietmar Schweisgut told reporters at a briefing that China's measures to address steel overcapacity were "not going quite far enough".
MARKET OUTLOOK (TUESDAY, MAY 10) China is to release data on consumer and producer price inflation. New York Fed President William Dudley, the official viewed as most closely aligned with Fed Chair Janet Yellen, is due to participate in a panel discussion about the international monetary system, in Zurich. The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies
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{DAILY COMMODITY REPORT (MAY 10, 2016)}
MCX CRUDE OIL “Crude Oil again tries hitting our highest level 3064” Energy Overview:
- Crude Oil prices couldn’t sustain at its intraday highs at 3064 levels
yesterday. The counter has immediate support between 2910—2890 levels. Weakness below these zones will open downside targets of 2853/2805 levels in crude oil. Momentum above 2975 will see prices bounce towards 3022 levels again.
Date MAY 10, 2016
Commodity CRUDE OIL
Expiry
Open
High
Low
Close
MAY 19,2016
3000
3046
2970
2972
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
3045
3002
2945
2905
2865
Recommendation: BUY ABOVE 2935, TARGET- 2965/2985 with the S/L2905.
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{DAILY COMMODITY REPORT (MAY 10, 2016)}
MCX GOLD “Gold fails to glitter on Akshaya Tritiya� Bullion Overview: - Gold witnessed a gap-down opening and the counter is trading around 30200 levels. The counter needs to sustain above 30300 levels to advance further towards 30500 levels. Failure to trade above this level will push prices lower towards 29860 levels again. A daily close below 30036 will extend the correction towards 29750 levels.
Date
Commodity
MAY 10, 2016
GOLD
Expiry June 3, 2016
Open 30215
High 30215
Low
Close
29932
29971
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
30348
30150
29960
29751
29560
Recommendation: BUY above 30150 levels with a stop loss placed 29940 levels for target of 30280/30410 levels. (OR) SELL BELOW 29820, target- 29710/29610, SL- 30005.
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{DAILY COMMODITY REPORT (MAY 10, 2016)}
COPPER “MCX Copper may down trend, support at 313-315 levels” Market Outlook: - Copper prices to find support in the range of 313 – 315 levels. Trading consistently below 313 levels would lead towards the strong support at 308 levels and then finally towards the major support at 302 levels.
Date
Commodity
MAY 10, 2016
COPPER
Expiry
Open
High
JUNE30, 2016
319.50
319.50
Low
Close
313.50
314.90
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
322
318.50
316.25
312
310.50
Recommendation: BUY above, 317 levels with a stop loss placed 314.75 levels for target 320/322 levels. (Or) sell below 313, target 310/308, SL- 316
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{DAILY COMMODITY REPORT (MAY 10, 2016)}
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{DAILY COMMODITY REPORT (MAY 10, 2016)}