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MCX COMMODITY REPORT DATE- April 28, 2016
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COMMODITY NEWS
DAILY COMMODITY REPORT COMMODITY NEWS:
Crude slid to its lowest in a week in New York after U.S. oil explorers deployed more drilling rigs, signaling that companies may be able to revive output at current prices. Futures fell as much as 1.8 percent after dropping 4.2 percent the previous two sessions. Rigs targeting crude in the U.S. rose by three to 328 last week, a second weekly gain that’s the longest since August, Baker Hughes Inc. said Friday. Iran is seeking to boost output by 600,000 to 700,000 barrels a day over five years from fields west of the Karoun River along the Iraqi border, Oil Minister Bijan Namdar Zanganeh said. Gold futures continued to rise Monday morning as traders flocked to safe haven assets amid significant geopolitical tensions. A Muslim fundamentalist killed 50 people at a gay niteclub in Orlando over the weekend. There are also issues in Europe, where the UK is set to vote on whether to leave the EU in ten days. Gold for August was up $10 at $1286 an ounce, approaching its highest levels of 2016. Gold's rally has been fueled by speculation the Federal Reserve will delay raising interest rates after May's horrible jobs report. The chances of a move in US interest rates on Wednesday by the Federal Open Market Committee are exceedingly small, but traders are expecting clues about when the central bank will tighten. The July meeting is said to be in play, but September seems more likely given the recent string of downbeat economic data. Shrinking Chinese output may help balance oil markets and sustain a more than 75 percent rebound in crude from a 12-year low earlier in 2016. The rally has also made the Organization of Petroleum Exporting Countries more confident its twoyear Saudi Arabia-led strategy of trying to win market share from higher-cost producers is succeeding.
Market outlook:- (Tuesday, June 14)
The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies. The International Energy Agency will release its monthly report on global oil supply and demand. Australia is to publish private sector data on business confidence. The U.K. is to produce a report on consumer price inflation. The U.S. is to release figures on retail sales and import prices.
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{DAILY COMMODITY REPORT (June 14, 2016)}
CRUDE OIL “Oil Falls to One-Week Low as U.S. Drillers Ramp up Operations”
Energy Overview: - Crude oil prices have moved lower over the past 2 sessions of trade. Weakness below 3215 will push prices lower towards 3210/3185 levels again. Intraday pullback rallies will face resistance around 3270—3335 levels. The outlook for the counter will stay negative until prices trade below 3215.
Resistance 2 Resistance 1 3345
3305
Pivot Point
Support 1
Support 2
3258
3215
3175
Recommendation:- BUY ABOVE
3270, TARGET- 3315/3365 with the S/L- 3255. (Or) SELL below 3240, target- 3210/3175, SL- 3275
(CRUDE OIL is looking Bearish for next day.)
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{DAILY COMMODITY REPORT (June 14, 2016)}
MCX GOLD “Gold Rides Safe Haven Appeal Sharply Higher� Bullion Overview: - Aug. Gold prices moved higher to hit a swing high of 30448 levels. The momentum should take prices higher towards resistance zones between 30095/30180 zones. Immediate support on dips is seen around 29800 levels. A decisive break down below this support will trigger a correction towards 29640 levels.
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
30880
30580
30327
30180
29800
Recommendation:- BUY above 30550 levels with a stop loss placed 30315 levels for target of 30660/30770 levels. (OR) SELL below 30285, target- 29980/29700, SL- 30400
(GOLD is looking Bullish for next day.)
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{DAILY COMMODITY REPORT (June 14, 2016)}
COPPER “Copper is tries to take support” Market Outlook:- Copper prices broke down to hit a fresh swing low of 298.05 levels yesterday. Intraday rallies towards 301.50—303 zones can be sold into by traders. Sustenance below 298 will push prices lower towards next support levels around 291.80. The broader outlook for the counter will stay negative until prices trade below 308.
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
311
307
304.50
301
295
Recommendation: BUY above, 305 levels with a stop loss 302.50 levels for target 307/309 levels. (Or) sell below 197.50, target 195/193, SL- 301.
(COPPER is looking Bearish for next day.)
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{DAILY COMMODITY REPORT (June 14, 2016)}
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{DAILY COMMODITY REPORT (June 14, 2016)}