05/09/2017
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Crude oil futures move higher in holiday thinned trade: Crude oil futures moved higher in holiday thinned trade as the floor trading was closed on account of Labor Day. Traders got some support with refinery activity slowly resuming on the Gulf Coast, although they were still trying to assess the long term damage of Hurricane Harvey on the U.S. petroleum industry. Investors also closely followed developments in the US-North Korea standoff.
Copper futures move up on pickup in demand: Copper futures moved up on pickup in demand amid a firming trend overseas, where it surged to highest levels since October 2014 with confidence in global economy supporting prices. On the domestic front rising demand from consuming industries has supported the red metal prices.
Gold futures strengthens on geo-political tensio:
Gold futures have strengthened as safe heaven demand increased across the globe after North Korea at the weekend claimed to have tested a hydrogen bomb, raising regional and global tension. Also, a closely watched snapshot of the US job market revealed tepid late-summer hiring and almost no paycheck growth.
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05/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 30350, 30450. SUPPORT: - 30150, 30000. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
MCX Gold futures spiked well above Rs 30000 per 10 grams as global Gold prices soared after media reports stated that North Korea successfully tested hydrogen bomb whose explosive power goes up to hundreds of kilotons. This boosted sentiments for Gold and COMEX Gold tested one year high near $1345 per ounce. MCX Gold futures closed at Rs 30095 per 10 grams, up 0.91% on the day after hitting a high near Rs 30270 levels. COMEX Gold has soared after successfully breaching the key $1300 per ounce level as weak US dollar, continued geopolitical worries and sound speculative demand boosted the yellow metal.
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05/09/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40750, 40900. SUPPORT: - 40500, 40250. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were gained on Monday. And at end of the day the prices were settled at 41421 per 30 kilogram. On the higher side Rs 41526 per 30 kilogram as resistances were noted while lows were at Rs 41172 per 30 kilograms as support noted. The metals remain under a volatile zone.
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05/09/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 452.50,455. SUPPORT: -447.50, 445. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK LME Copper prices settled at $ 6484 per tonne by the end of August 2017 against $ 4758 per tonne by the end of August 2016, up 36% on a yearly basis. On a monthly basis, LME Copper gained by 8.4% from $ 5978 per tonne in July. Indian Copper was higher by 7.57% to settle at Rs 416 per kg in August compared to Rs 386 per kg in the month of July 2017. The metal gained by 31% on a yearly basis. As per the provisional data from Ministry of Mines, total value of mineral production in India during June 2017 was Rs. 19363 crore. Indian Copper concentrate production in June 2017 was 12000 tonnes, up 18.2% from last year.
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CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3070, 3100. SUPPORT: - 3010, 2980. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Large oil speculators sharply trimmed their bullish net positions in the WTI Crude Oil futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 365,865 contracts in the data reported through Tuesday August 29th. This was a weekly decrease of -79,583 contracts.
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05/09/2017
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05/09/2017
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