14/09/2017
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Crude hits monthly high on drop in gasoline stockpiles: Crude oil futures continued its northward journey to hit monthly highs on Wednesday after government data showed a massive drop in gasoline stockpiles. Demand for crude oil is likely to rise in the coming weeks, as refineries are looking to cover-up the shortfall caused by Hurricanes Harvey and Irma. Meanwhile, Crude inventories rose 5.9 million barrels, compared with analysts’ expectations for an increase of 3 million barrels. However, gasoline stocks fell 8.4 million barrels, the largest draw on record. Oil prices were also lifted with world’s energy watchdog saying that global oil supplies fell in August for the first time in four months. Global output was down by 720,000 barrels a day last month from July, to 97.7 million barrels a day.
Copper futures end lower on Wednesday: Comex copper futures ended lower on Wednesday, while London copper prices too fell to three-week lows driven by profit-taking, rising stocks in London Metal Exchange warehouses, nervousness about demand in China and a higher dollar.
Gold futures end lower on Wednesday: Gold futures ended lower on Wednesday pressured by a sharp rise in the dollar as investors continued to flee safe-haven assets amid a decline in geopolitical uncertainty. Yellow metal prices further declined as data showed US inflation remains tame. According to a report released by the Labor Department, producer prices in the US rose by slightly less than expected in the month of August. The Labor Department said its producer price index for final demand edged up by 0.2 percent in August after slipping by 0.1 percent in July. The increase in producer prices was partly due to a jump in energy prices, which surged up by 3.3 percent in August after falling by 0.3 percent in the previous month. Prices for gasoline spiked by 2.9 percent.
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14/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29950, 30050. SUPPORT: - 29750, 29600. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Gold extended losses yesterday as a drop from one year highs continued on technical selling and profit booking pressure. A rather choppy undertone was seen in global stocks yesterday. In the US, President Donald Trump signed a US$ 15.25 billion relief package to victims of the Hurricane Harvey, which includes raising the government debt ceiling, according to the White House. This kept the broad US markets supported. COMEX Gold is currently trading at $1326.70 per ounce, down marginally on the day. MCX Gold futures closed down 0.20% at Rs 29885 per 10 grams as a break under the key Rs 30K levels continued.
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SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 41200, 41400. SUPPORT: - 40800, 40600. 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 41110 per 30 kilogram. On the higher side Rs 41434 per 30 kilogram as resistances were noted while lows were at Rs 40900 per 30 kilograms as support noted. The metals remain under a volatile zone.
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14/09/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 426.50,429. SUPPORT: -420.50, 418. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Copper futures extended losses yesterday as a rather choppy undertone in equities clubbed with worries about the US auto sector demand hurt the sentiments. COMEX Copper futures have been slipping after testing a three year high and currently trade at $2.98 per pound, down 0.10% on the day. The metal dropped nearly 1.25% yesterday. Prices have taken a backseat after the recent Chinese imports data raised plenty of concerns about the near term demand outlook from the economic giant. MCX Copper futures plummeted 1.50% to close at Rs 424.25 per kg. A sharp 10300 tonnes increase in LME Copper inventories yesterday is likely to weigh further on the market today.
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14/09/2017
CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3180, 3210. SUPPORT: - 3120, 3090. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK WTI Crude oil futures witnessed sharp gains yesterday, rallying after the US gasoline inventories fell the most on record as refineries continued to be hampered by damage from Hurricane Harvey, according to the Energy Information Administration (EIA). However, prices eased from one week highs of $49.40 per barrel and currently linger in red. MCX Crude oil futures closed up 2.20% at Rs 3160 per barrel.
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14/09/2017
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14/09/2017
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