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MCX COMMODITY REPORT DATE- April 28, 2016
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Crude prices fell on Friday as the dollar continued to rise, making fuel imports for countries with currencies other than the greenback more expensive, and as Russia warned that the global supply glut could last into next year. Gold imports dipped for the third consecutive month in April to 60.4 percent to USD 1.23 billion, which is expected to keep a lid on the country's current account deficit. The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge. Buyers of U.S. stocks seemed to lack conviction on Friday with Wall Street futures pointing to a lower open and while investors looked ahead to signs of consumer sentiment after the recent debacle in retail earnings. The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, jumped more than 0.65% to an intraday-high of 94.71. The index is still down more than 4% since early-December. OPEC said the global oil market is oversupplied and signaled the glut may increase this year, as surging output from its members makes up for losses from other countries whose production has been hit by a price fall. Supply from the Organization of the Petroleum Exporting Countries (OPEC) is climbing after sanctions on Iran were lifted and an initiative with Russia and other non-members to tackle a supply glut by freezing output failed last month. GOLD INVESTMENT prices held in a $10 range Friday morning in London, trading at $1271 per ounce as the New York opening approached and European stock markets erased earlier losses once again. Heading for a 1.3% week on week drop against the Dollar, gold bullion fared better against all other major currencies except the Swiss Franc. Losing 0.8% from last Friday's finish against the Euro, investment gold in wholesale bars traded unchanged vs. the Australian Dollar, and rose slightly vs. the Japanese Yen. Japanese shares, however, rose 1.9% for the week on the Nikkei index. New York's S&P index headed for a slight weekly drop, trading flat from the end of 2015. Gold bullion, in contrast, has gained 20% versus the US Dollar so far in 2016.
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{DAILY COMMODITY REPORT (MAY 16, 2016)}
MCX CRUDE OIL Crude Oil bounced high and more likely to go higher Energy Overview: - Crude Oil prices rallied post the favorable for crude yesterday. The counter is trading around its recent swing highs at 3110 levels currently. Failure to trade above this level will trigger a correction towards 3110—3130 zones. The correction will extend towards 2965 if prices show weakness below 3030 levels. Sustenance above 3120 levels will open upside targets of 3155/3170 levels for the counter.
Date MAY 16, 2016
Commodity CRUDE OIL
Expiry
Open
MAY 19,2016
3084
High 3110
Low
Close
3063
3097
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
3145
3115
3088
3055
3025
Recommendation: BUY ABOVE 3085, TARGET- 3145/3165 with the S/L3050. (Or) SELL below 3055, target- 3020/3010, SL- 3085
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{DAILY COMMODITY REPORT (MAY 16, 2016)}
MCX GOLD DzGold futures up Rs 167 on firm global cuesdz Bullion Overview: - Gold prices couldn’t sustain at its intraday highs at 30068 levels yesterday. If sustenance below 29750 will push the counter lower towards 29650/29580 levels. Failure to sustain below 29700 will help the counter rebound towards 30100/30180 levels again. The current correction will be done with once prices breakout above 30210 levels decisively.
Date
Commodity
MAY 16, 2016
GOLD
Expiry June 3, 2016
Open 29943
High 30068
Low
Close
29750
30034
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
30300
30150
29948.75
29750
29612
Recommendation: BUY above 30080 levels with a stop loss placed 29950 levels for target of 30280/30410 levels. (OR) SELL below 29840, target- 29710/29610, SL- 30005.
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{DAILY COMMODITY REPORT (MAY 16, 2016)}
COPPER DzMCX Copper tries to take pullbackdz Market Outlook: - The outlook for Copper will continue to be negative until prices registers a daily close around 309 levels. A break below 307.75 will lead to a consolidation breakdown towards next major support around 305 areas. Momentum above 312 will trigger a pullback rally towards 315 levels.
Date
Commodity
MAY 16, 2016
COPPER
Expiry
Open
High
JUNE30, 2016
308.75
311.35
Low 308
Close 309.75
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
315
311.50
309.46
307.50
305
Recommendation: BUY above, 309.75 levels with a stop loss placed 307 levels for target 311.50/315 levels. (Or) sell below 307.50, target 305/303, SL- 310
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{DAILY COMMODITY REPORT (MAY 16, 2016)}
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{DAILY COMMODITY REPORT (MAY 16, 2016)}