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MCX COMMODITY REPORT DATE- April 28, 2016
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COMMODITY NEWS
DAILY COMMODITY REPORT COMMODITY NEWS
As the G7 meeting came to an end, world leaders proclaimed their commitment to use all policy tools to boost demand and contribute to restoring global growth to its potential. G7 leaders also chimed in on Brexit, or Britain leaving the European Union, risks as the U.K. referendum on its membership nears, stating that it would reverse the trend towards greater global trade and investment, and the jobs they create, and is a further serious risk to growth .
Oil prices retreated on Friday, moving away from the $50 psychological level as traders feared that the higher prices could reactivate crude production, contributing to the supply glut. Investors looked ahead to the Baker Hughes’ data on U.S. oil rig count which remained unchanged last week after eight straight weeks of declines.
Federal Reserve (Fed) chair Janet Yellen was scheduled to make her first appearance since last week’s hawkish Fed meeting minutes rattled markets and forced a readjustment of rate hike expectations.
Fed fund futures discounted a 26% chance of an increase in June with 56% odds on the July meeting. Yellen could take the opportunity to provide hints on her perspective for the future timing of monetary policy adjustments. Typically dovish, market experts wait to see if the Fed chief will echo the recently more hawkish tone expressed by some fellow officials.
Silver is likely to witness an intraday pullback rally towards 39300 levels. Fresh selling can be seen at higher levels. The current correction can extend towards next support between 38370—38000 zones. The counter needs to close above 39700 levels to witness a stronger pullback towards 40550 levels.
Federal Reserve (Fed) chair Janet Yellen will make her first public appearance since the hawkish tone in the minutes from the U.S. central bank’s last policy move forced
markets to recalibrate expectations for the continuation of monetary policy tightening.
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{DAILY COMMODITY REPORT (MAY 30, 2016)}
MCX CRUDE OIL Oil settles below $50 as stronger dollar Energy Overview: - Crude Oil prices have retraced from its swing highs at 3377 levels. Sustenance below support at 3300 will be negative for the counter. Prices can correct towards 3235/3200 levels in that case. Intraday pullback rallies will face resistance between 3325—3345 zones. We expect the counter to trade with a negative bias today.
Date MAY 30, 2016
Commodity CRUDE OIL
Expiry
Open
High
Low
Close
JUN 20, 2016
3310
330
3273
3310
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
3376
3322
3303
3284
3254
Recommendation: BUY ABOVE
3358, TARGET- 3380/3420 with the S/L3335. (Or) SELL below 3305 target- 3285/3260, SL- 3330
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{DAILY COMMODITY REPORT (MAY 30, 2016)}
MCX GOLD DzGold futures decline 0.15% on global cuesdz Bullion Overview: - MCX Gold prices continue to move lower. The counter has hit a swing low of 28536 levels. Failure to trade above 28920 on pullback rallies will be a sign of weakness. This would mean that the correction is likely to extend towards next support zones between 28450—28270 zones. Momentum above 28920 will help prices bounce towards 29050/29270 levels.
Date MAY 30, 2016
Commodity
Expiry
Open
High
Low
Close
GOLD
June 3, 2016
28691
28837
28536
28603
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
29082
28768
28644
28480
28179
Recommendation: BUY above 28520 levels with a stop loss placed 28370 levels for target of 28680/28820 levels. (OR) SELL below 28700, target- 28550/28420, SL- 28820.
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{DAILY COMMODITY REPORT (MAY 30, 2016)}
COPPER DzMCX Copper breakout our supportdz Market Outlook: - Copper prices couldn’t sustain at its intraday highs at 317.10 levels yesterday. The counter can bounce higher towards 317.10—318 zones until prices trade above 312.50. Weakness below this support will push prices lower towards 310.50/309 zones.
Date
Commodity
MAY 30, 2016
COPPER
Expiry
Open
High
Low
Close
JUNE30, 2016
314.20
316.50
313.55
314.30
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
318.55
316.05
314.66
312.65
310.10
Recommendation: BUY above, 314 levels with a stop loss 312.50levels for target 316/319 levels. (Hold if 305.50)(Or) sell below 310, target 307/304, SL- 313.
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{DAILY COMMODITY REPORT (MAY 30, 2016)}
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{DAILY COMMODITY REPORT (MAY 30, 2016)}