Mcx commodity report sai proficient

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MCX COMMODITY REPORT DATE- April 28, 2016

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COMMODITY NEWS

DAILY COMMODITY REPORT COMMODITY NEWS 

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China's inflation eased unexpectedly in May on food inflation and producer prices dropped at a slower pace, providing room for further stimulus to prop up growth, if needed. The National Bureau of Statistics reported that consumer prices gained 2 percent in May from last year, while it was forecast to remain unchanged at 2.3 percent seen in April.

Russian Finance Minister Anton Siluanov said on Thursday he did not yet see fundamental reasons why oil prices should rise, and that this view would be used for Russia's budget planning. (Reporting by Elena Fabrichnaya; Writing by Alexander Winning; Editing by Christian Lowe) Global stocks retreated on Thursday, dragged down by lower European and Japanese equity markets, as appetite for riskier assets faltered, underpinning demand for safe-haven German Bunds whose yields hit record lows.

Oil prices edged lower on Thursday as traders took profits after three sessions of gains, though prices remained close to their highest this year thanks to a fall in U.S. crude inventories and supply disruptions.

International Brent crude oil futures traded 13 cents a barrel lower at $52.38 a barrel at 0845 GMT, after setting a 2016 high of $52.86 a barrel earlier in the session. U.S. crude fell by 5 cents a barrel to $51.20 after also hitting a new 2016 high at $51.67.

Speaking in the Brussels Economic Forum, European Central Bank President Mario Draghi brought home disconnect between monetary and fiscal policy and insisted that governments needed to do more to support the euro zone economy.

Draghi promised that the ECB would not undershoot its inflation objection for longer than is avoidable, but urged others to ensure that output is returned to potential before subpar growth causes lasting damage.

Market Outlook (Friday, June 10)  Baker Hughes will release weekly data on the U.S. oil rig count.  German Bundes bank President Jens Weidmann is due to speak about monetary, financial, and fiscal stability at the Bundes bank Spring Conference, in Germany.  The U.S. is to round up the week with data on consumer sentiment.

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{DAILY COMMODITY REPORT (June 10, 2016)}

MCX CRUDE OIL DzCrude Oil bounced low and more likely to go lowerdz

Energy Overview:

- Crude oil futures edged lower Thursday morning amid

profit-taking after a huge rally to 10-month highs. Prices almost doubled from 13-year lows near $26 in January, but analysts say there is not much room for further gains barring significant news from the Middle East. A decisive break down below 3360 post the inventory data will trigger a sharp correction towards 3340/3280 levels in the counter. The counter is likely to witness fresh supply at higher levels around 3440 levels.

Resistance 2 Resistance 1 3477

3430

Pivot Point

Support 1

Support 2

3395

3350

3305

Recommendation:- BUY ABOVE

3420, TARGET- 3445/3465 with the S/L- 3385. (Or) SELL below 3340, target- 3280/3245, SL- 3345

(CRUDE OIL is looking Bullish for next day.)

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{DAILY COMMODITY REPORT (June 10, 2016)}

MCX GOLD DzGold pulls back from 3-week highs after U.S. jobless claimsdz

Bullion Overview: - Gold eased from three-week highs on Thursday as a recovery in the dollar prompted some buyers to cash in gains after the previous day's sharp rally, but remained supported by fading expectations for a Federal Reserve interest rate hike.

Prices can test 29680/26725 levels if the momentum sustains. Intraday dips from higher levels should find support between 29490—29450 zones. A decisive break down below these zones will trigger a correction towards 29300/29240 levels.

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

30050

29850

29680

29345

29110

Recommendation:- BUY above 29810 levels with a stop loss placed 29705 levels for target of 29960/30070 levels. (OR) SELL below 29550, target- 29450/29300, SL29680.

(GOLD is looking Bullish for next day.)

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{DAILY COMMODITY REPORT (June 10, 2016)}

COPPER DzCopper is declined and more likely to go lowerdz Market Outlook:- Copper has declined from 307.80 and its swing lows at 299 levels. Momentum above 305 will push prices higher towards resistance around 310 levels.

The counter needs to register a daily close above 308 for a reversal. A break below 297 will extend the correction towards 295/290 levels.

Resistance 2 311

Resistance 1 Pivot Point 306

302

Support 1

Support 2

299

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 10, 2016)}

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{DAILY COMMODITY REPORT (June 10, 2016)}