11/10/2017
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Crude oil futures surge as Saudi Arabia vows to reduce monthly crude exports: Crude oil futures surged on Tuesday after Saudi Arabia vowed to reduce monthly crude exports amid expectations that market rebalancing is underway. Saudi Arabia pledged to cut its November crude oil exports by 7% or 560,000 barrels a day, compared with the same period last year in order to strengthen the market rebalancing process. OPEC Secretary General Barkindo said that 'We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle.
Comex copper futures end higher on Tuesday: Comex copper futures ended higher on Tuesday, while London copper prices reached their highest level in four weeks as speculators kept buying in response to expectations of potential shortages in China. China announced plans in July and August to curb waste imports, including scrap metal, but it was unclear how severe the restrictions would be on copper. Copper on LME improved further after news that Congo’s mines minister has ordered a joint venture of Chinese investors to stop exporting raw copper and cobalt before processing because of their low value on international markets.
Gold futures end higher on Tuesday: Gold futures ended higher on Tuesday supported by a softer dollar and geopolitical tensions in Spain and North Korea, though gains were capped by expectations of another US interest rate increase. Traders were keeping a close eye on Europe, where a region of Spain threatens to break away from the nation. Also there is speculation that the European Central Bank may consider reducing its asset purchase program.
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11/10/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29900, 30000. SUPPORT: - 29700, 29600. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Gold futures hit a one and half week high, approaching near $1300 per ounce before pulling back on record high US equities and sound global economic data. Gold has rebounded from a two month low but an extremely buoyant undertone in equities is capping upside for the metal. The metal pulled back further in Asia today and currently trades at $1290 per ounce, down 0.23% on the day. MCX Gold futures closed at Rs 29817 per 10 grams, up 0.29% on the day.
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11/10/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40300, 40500. SUPPORT: - 39900, 39700. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were flat on Tuesday. And at end of the day the prices were settled at 40327 per 30 kilogram. On the higher side Rs 40440 per 30 kilogram as resistances were noted while lows were at Rs 39980 per 30 kilograms as support noted. The metals remain under a volatile zone.
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11/10/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 445,447.50. SUPPORT: -440, 437.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK MEX Copper prices tested their highest levels in four weeks around $3.05 per pound on Tuesday as speculators kept buying in response to expectations of potential shortages in China. China announced plans in July and August to curb waste imports, including scrap metal, but it was unclear how severe the restrictions would be on copper. Helping copper was a news report that Congo's mines minister has ordered a joint venture of Chinese investors to stop exporting raw copper and cobalt before processing because of their low value on international markets. MCX Copper added 0.83% to close at Rs 443 per kg. The break above Rs 440 could sustain following the strong global economic momentum.
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11/10/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3370, 3400. SUPPORT: - 3310, 3270. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK WTI Crude oil futures added nearly 3% to hit around $51 per barrel as the DOW hit a record high and media reports stated that Saudi Arabia would cut its oil exports in November by 560,000 barrels a day. Worries about the output in the Gulf of Mexico also stayed in place. The counter edged up in Asia today, currently trading at $51.06 per barrel, up 0.26% on the day. MCX Crude oil futures jumped 2.24% to close at Rs 3329 per barrel.
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11/10/2017
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