07/09/2017
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07/09/2017
Crude oil futures extend gaining streak: Crude oil futures extended their gaining streak on Wednesday, amid expectations for demand for crude oil from refineries in Texas, as they get back normal operations after Hurricane Harvey. Meanwhile, the development of Storm Irma, which made landfall in the Caribbean earlier on Wednesday, continued to garner investor attention, as the Category 5 storm could knock out other refineries and add to concerns over fuel shortages. Prices also got some support with report that Russia and Saudi Arabia would be open to extending their output cut agreement.
Copper futures edge higher on pickup in demand: Copper futures edged higher on MCX as speculators raised their bets, amid pickup in demand at the domestic markets form consuming industries. Moreover, positive cues from global market too fuelled the uptrend.
Gold futures end lower on Wednesday: Gold futures ended lower on Wednesday as concerns over a potential US government shutdown eased and the dollar strengthened against a basket of major currencies.
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07/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 30200, 30300. SUPPORT: - 29950, 29850. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Gold extended losses after slipping from a 12 month high as a rebound in US equities capped the buying in bullion futures. A modest pickup in buying was seen in US stocks after the intense selling in the previous session as recovery in service sector activity helped. The metal is currently trading at $1240 per ounce, almost unchanged on the day. MCX Gold futures closed at Rs 30080 per 10 grams, down 0.47% on the day as a drop from highs near Rs 30300 continued. A sideways session is likely to be seen today as further losses in local futures are possible only after a break under Rs 30K levels. The counter tested a low of Rs 30035 per 10 grams yesterday
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07/09/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 41400, 41550. SUPPORT: - 41100, 41000. 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 41323 per 30 kilogram. On the higher side Rs 41620 per 30 kilogram as resistances were noted while lows were at Rs 41204 per 30 kilograms as support noted. The metals remain under a volatile zone.
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07/09/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 449.50,453. SUPPORT: -445.50, 443. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The resurgence in nickel and copper prices to their highest levels in years has become the latest boon for Australia's resources sector, boosting profit margins for miners and prompting others to consider dusting off old mines and forgotten exploration projects.Nickel, which has for so long had been the exception to the broader post-downturn recovery in metals prices, this week touched its highest level in two years while the copper price has climbed to heights not seen since 2014. On MCX copper prices were traded 447.75, and during season it was made high of Rs 448.75 per KG and made a low of Rs 444.50 per kg, which would work as resistance and support respectively for a day.
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07/09/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3180, 3210. SUPPORT: - 3120, 2990. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Weekly US retail gasoline prices rose an average of 12% nationwide due to Hurricane Harvey, the US Energy Information Administration (EIA) reported on Wednesday. US retail gasoline prices on Monday 4 September averaged $2.68/gal, up 28 cents from a week ago. Hurricane Harvey made landfall near Corpus Christi, Texas, on 25 August and churned up the Texas Gulf Coast to Houston and Port Arthur/Beaumont. Several USG refineries affected by Hurricane Harvey have restarted, with some at reduced rates. However, several refineries remain down. Supply disruptions and refinery outages caused by Hurricane Harvey continue to affect gasoline supply and prices, particularly along the US East Coast and the Gulf Coast, where gasoline prices are 39 cents/gal and 35 cents/gal higher, respectively, than they were a week ago, the EIA said. MCX Crude oil futures also rose near Rs 3150 per barrel and currently trade at Rs 3146 per barrel on the day.
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07/09/2017
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