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MCX COMMODITY REPORT DATE- April 28, 2016
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Oil prices were under heavy selling pressure on Thursday, pulling back from the prior session’s seven month highs, as a broadly stronger U.S. dollar and an unexpected rise in U.S. crude inventories triggered selling. U.S. crude was down $1.00, or 2.08%, to $47.19 a barrel by 9:55GMT, or 5:55AM ET, while Brent dropped $1.17, or 2.39%, at $47.76. The U.S. Energy Information Administration said in its weekly report that crude oil inventories unexpectedly rose by 1.31 million barrels last week to 541.3 million. Market analysts' expected a crude-stock decline of 2.833 million barrels Gold futures sank to a three-week low on Thursday, after the minutes of the Federal Reserve's latest policy meeting suggested a rate hike could come in June. The precious metal is sensitive to moves in U.S. rates, as a rise would lift the opportunity cost of holding non-yielding assets such as bullion. Gold was down $19.20, or 1.5%, to $1,255.25 a troy ounce during morning hours in New York. Elsewhere on the Comex, silver futures for July delivery dropped 46.2 cents, or 2.7%, to $16.67 a troy ounce, a level not seen since April 19, while copper futures declined 2.5 cents, or 1.2%, to hit a three-month low of $2.054 a pound. A stronger dollar reduces demand for raw materials as an alternative investment and makes dollar-priced commodities more expensive for holders of other currencies. Odds for a June rate hike by the Federal Reserve surged following the release of hawkish Fed minutes, which indicated that most of the central bank’s members are ready to raise rates if economic data points to stronger second-quarter growth as well as firming inflation and employment.
MARKET OUTLOOK (Friday , MAY 20)
Tokyo is to host the G7 meeting. The U.S. is to round up the week with industry data on existing home sales. Baker Hughes will release weekly data on the U.S. oil rig count.
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{DAILY COMMODITY REPORT (MAY 20, 2016)}
MCX CRUDE OIL Crude Oil bounced below and takes reversal more likely to go higher Energy Overview: - Crude Oil prices continue to rally. Failure to break down below 3150 post inventory data will be a sign of strength and the counter will rally towards resistance between 3185—3250 zones in that case. A decisive break down below 3140 will trigger a correction towards 3090 levels.
Date MAY 20, 2016
Commodity CRUDE OIL
Expiry
Open
High
Low
Close
MAY 19,2016
3245
3245
3157
3172
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
3280
3245
3204
3175
3130
Recommendation: BUY ABOVE 3250, TARGET- 3280/333155 with the S/L3218. (Or) SELL below 3210, target- 3156/3130, SL- 3235
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{DAILY COMMODITY REPORT (MAY 20, 2016)}
MCX GOLD DzGold touch our support and more likely to go higherdz Bullion Overview: - Gold prices are consolidating around 30000 levels. Sustenance below 29900 will push prices lower towards 29755/29650 levels. The counter needs to show momentum above 30000 levels to bounce towards 30250 levels again. The correction will resume once prices breakdown below 29400 levels.
Date
Commodity
MAY 20, 2016
GOLD
Expiry June 3, 2016
Open
High
Low
Close
29917
29917
29623
29665
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
30150
29950
29780
29540
29323
Recommendation: BUY above 29850 levels with a stop loss placed 29750 levels for target of 30010/30150 levels. (OR) SELL below 30077, target- 29850/29740, SL- 30180.
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{DAILY COMMODITY REPORT (MAY 20, 2016)}
COPPER DzMCX Copper breakout our supportdz Market Outlook:- Copper
prices will correct further only if the counter sustains below 305. Failure to do so will trigger a pullback rally during the 2nd half of today’s session. Areas between 310—311 though will act as resistance on the upside side. A daily close below 305 will open downside targets of 301/298.50 levels for the counter.
Date
Commodity
MAY 20, 2016
COPPER
Expiry
Open
High
Low
Close
JUNE30, 2016
310.35
310.35
307.55
307.60
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
317
313
309
305
303
Recommendation: BUY above, 312 levels with a stop loss placed 309.50 levels for target 316/320 levels. (Or) sell below 307.50, target 305/303, SL- 310
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{DAILY COMMODITY REPORT (MAY 20, 2016)}
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{DAILY COMMODITY REPORT (MAY 20, 2016)}