12/09/2017
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12/09/2017
Crude oil futures bounce back on Monday: Crude oil futures bounced back and moved higher on Monday, amid optimism over Hurricane Irma's less destructive path through Florida. Also, Saudi Arabia said it is open to another supply quota extension. Saudi Arabia said its oil minister held talks with counterparts over the possibility of extending the supply-cut agreement beyond March 2018. In May, Opec and non-Opec members agreed to extend production cuts of 1.8m barrels per day for a period of nine months until March 2018 but rising production from the U.S., Nigeria and Libya has undermined the oil cartel’s efforts to curb excess supply.
Copper futures end higher on Monday: Comex copper futures ended higher on Monday, while London copper prices too rose as traders look for bargains and after data showing China's producer price inflation accelerated more than expected to a four-month high in August, pointing to strong, sustained growth for both factory profits and the economy.
Gold futures edge lower on Monday: Gold futures ended lower on Monday as relief that North Korea did not conduct a missile test over the weekend helped to lift global stocks, the US dollar and bond yields. Investors had also been worried about economic and safety risks in the run-up to Hurricane Irma, which made landfall in Florida over the weekend. The hurricane has been downgraded to a tropical storm.
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12/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29950, 30050. SUPPORT: - 29750, 29650. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
MCX Gold is set to extend its losing spree. The metal slipped heavily yesterday as global prices tanked following a rebound in US equities. US stocks jumped following the modest pullback in last week. DOW jumped 1.2% to end firmly above the 22000 levels as traders looked at easing worries regarding North Korea and the US Hurricanes. COMEX Gold has slipped even more today as Asian equities edged up. The metal quotes at $1328.30 per ounce, down 0.62% on the day. MCX Gold ended down 1.10% at Rs 29930 per 10 grams yesterday and this break under Rs 30k levels should extend further today.
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12/09/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 41200, 41400. SUPPORT: - 40800, 40600. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were down on Monday. And at end of the day the prices were settled at 41164 per 30 kilogram. On the higher side Rs 41335 per 30 kilogram as resistances were noted while lows were at Rs 40893 per 30 kilograms as support noted. The metals remain under a volatile zone.
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12/09/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 435.50,438. SUPPORT: -430.50, 428. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Large oil speculators added to their bullish net positions in the WTI Crude Oil futures markets after a month of decline, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 382,113 contracts in the data reported through Tuesday September 5th. This was a weekly gain of 16,248 contracts.
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12/09/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3100, 3130. SUPPORT: - 3050, 3020. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK WTI crude oil futures slipped more than 3% on Friday, extending slide from a four week high on an extended sell off as Hurriances related worries took a toll on the market. MCX Crude oil futures dropped 3.25% to close around Rs 3040 per barrel. Hurricane Irma, one of the largest hurricanes ever recorded in the Atlantic, caused significant damage to the northeastern Caribbean and is currently projected to make landfall this weekend, according to the US Energy Information Administration (EIA). Current model forecasts project that Hurricane Irma will then pass along or just offshore the east coast of Florida, although the actual storm track could change from current projections. To help analysts assess potential energy-related storm effects, EIA maintains an energy disruptions map that displays energy infrastructure and real-time storm information.
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12/09/2017
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