09/10/2017
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09/10/2017
Crude oil futures slump on concern of as Tropical Storm Nate: Crude oil futures once again ended in red on Friday as investors braced for a potential disruption to some oil production in the Gulf of Mexico, with Tropical Storm Nate expected to arrive as a Hurricane on Sunday amid renewed oversupply concerns, as the wide gap between Crude and Brent prices is expected to incentivize US producers to ramp up production and exports. Ongoing geopolitical uncertainty in Iraq too weighed down the sentiments, as the fallout over an independence referendum in Iraq’s Kurdistan region threatens to disrupt supply.
Comex copper futures end lower on Friday: Comex copper futures ended lower on Friday. Meanwhile, London copper prices too fell, but registered its largest weekly gain since late August underpinned by expectations of strong demand from world’s top consumer China.
Gold futures end higher on Friday: Gold futures ended higher on Friday. Investors offered a mixed reaction to monthly US jobs data and looked to comments from Federal Reserve officials for clues on the central bank’s plan for interest rates. The US jobs count shrank by 33,000 jobs in September, due in part to Hurricane Harvey. It was the first contraction in seven years. The unemployment rate dipped to 4.2% as fewer people were looking for work.
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09/10/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29800, 29900. SUPPORT: - 29600, 29500. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
MCX Gold should be in a good mood today. The government suspended GST notification on gems and jewellery stating that PAN card will no longer be mandatory on the purchase of jewellery for over Rs 50,000. This is expected to lift the sentiments at the start of the week. Global cues are also supported as COMEX Gold extended recovery from two month low amid good bargain buying to close around $1280 per ounce levels. MCX Gold futures closed up 0.66% at Rs 29580 per 10 grams in last session.
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09/10/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40100, 40300. SUPPORT: - 39700, 39500. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were flat on Friday. And at end of the day the prices were settled at 39596 per 30 kilogram. On the higher side Rs 39828 per 30 kilogram as resistances were noted while lows were at Rs 38710 per 30 kilograms as support noted. The metals remain under a volatile zone.
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09/10/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 440,442.50. SUPPORT: -435, 432.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK COMEX Copper slipped from a three week high in last session as traders tried to reassess the real demand – supply dynamics amid mixed cues from equities. Copper soared last Thursday after an earthquake in the main copper producing region of Chile boosted sentiments for the metal. COMEX Copper broke above $3 per pound but failed to hold onto the rally. MCX Copper also soared 3% to approach Rs 440 levels on Thursday before edging lower on thin buying. The local futures closed just under Rs 439 per kg levels.
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09/10/2017
CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3270, 3300. SUPPORT: - 3210, 3180. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Benchmark crude oil futures for November delivery ended lower by $1.49 or 2.95 percent at $59.29 a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 2.23 percent to $55.70 a barrel on the ICE. On MCX crude oil prices were 3240, made a high and low respectively 3323 and 3223.
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09/10/2017
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09/10/2017
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