05/10/2017
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Crude futures decline further despite dip in inventory: Crude oil futures continued their bearish trend on Wednesday despite the report U.S. crude oil stockpiles fell for the second straight week. Traders were concerned with sharp uptick in exports which could dampen Opec's efforts to reduce supply. Meanwhile The Energy Information Administration (EIA) reported that US crude inventories dropped by 6 million barrels last week. However, total motor gasoline inventories increased 1.6 million barrels last week, and are in the upper half of the average range, while distillate stockpiles fell by 2.6 barrels, topping expectations of a decline of 1.8m barrels. Also weighing on crude oil prices was the prospect of an uptick in global supply as Libya restarted its largest oil field after gunmen forced a shutdown of the field over the weekend.
Copper futures trade down on MCX: Copper futures traded down on MCX as speculators cut down bets amid weak trend in industrial metals following sluggish demand from consuming industries at the domestic spot markets. Though, some losses were capped on firming trend at the overseas market.
Gold futures end higher on Wednesday: Gold futures ended higher on Wednesday as the US dollar came off its lows on strong data from the US service sector index. According to a report released by payroll processor ADP, Employment in the US private sector climbed by slightly more than anticipated in the month of September. ADP said private sector employment rose by 135,000 jobs in September after surging up by a revised 228,000 jobs in August. Meanwhile, the Institute for Supply Management revealed a report that the activity in the US service sector grew at a notably faster rate in the month of September. The ISM said its nonmanufacturing index jumped to 59.8 in September from 55.3 in August, with a reading above 50 indicating growth in the service sector.
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05/10/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29500, 29600. SUPPORT: - 29250, 29150. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Gold futures stayed supported today as a recovery from recent lows stayed in place for the metal. Equities slipped slightly in Asia and other commodities like Copper and Crude oil also remained lax. However, Gold managed to hold on following a slightly weak undertone in the US dollar index. COMEX Gold is currently trading at $1279.90 per ounce, up 0.42% on the day. MCX Gold futures are trading at Rs 29402 per 10 grams, up 0.16% on the day.
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SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 39200, 39400. SUPPORT: - 38800, 38600. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were down on Wednesday. And at end of the day the prices were settled at 39086 per 30 kilogram. On the higher side Rs 39626 per 30 kilogram as resistances were noted while lows were at Rs 39000 per 30 kilograms as support noted. The metals remain under a volatile zone.
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COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 430,432.50. SUPPORT: -425, 422.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK Activities in China's steel sector slowed in September after stronger-than-expected performance in the previous months, an industry report showed. The purchasing managers' index (PMI) for the steel industry came in at 53.7 last month, down from 57.2 in August, according to the report by the Steel Logistics Professional Committee under the China Federation of Logistics and Purchasing.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3290, 3320. SUPPORT: - 3230, 3200. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The international crude oil price of Indian Basket as computed today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 55.02 per barrel (bbl) on 3.10.2017. This was lower than the price of US$ 55.36 per bbl on previous publishing day of 2.10.2017.On MCX price of crude oil was trading 3266, it made high of Rs 3304, and low of Rs 3248.
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05/10/2017
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