06/10/2017
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06/10/2017
Crude oil futures bounce back on talks of an extension to the Opec deal: Crude oil futures bounced back and ended higher on Thursday, as concerns over an uptick in US and Libyan production were offset by talks of an extension to the Opec-led deal to curb output. The prices were supported by Saudi King Salman’s visit to Moscow that fuelled expectations that the two nations would discuss a possible extension to the global pact to curb output. Investors weighed the possibility of an extension to the Opec-led deal against expectations that growing output in the US and Libya could weigh on oil prices. Though, traders continued weighing this week's U.S. inventories data that capped further gains..
Copper futures end higher on Chile earthquake: Copper futures ended higher on Thursday after an earthquake in the main copper producing region of Chile prompted traders to chase the metal higher.
Gold futures end lower on Thursday: Gold futures ended lower on Thursday as investors awaited further clues on the US Federal Reserve’s plan for interest rates from the key nonfarmpayrolls report due at the end of the week. The US Department of Labor reported that initial jobless claims fell 12,000 to a seasonally adjusted 60,000 for the week ended September 30, beating forecasts of a 7,000 decline.
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06/10/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29450, 29550. SUPPORT: - 29250, 29150. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Gold has slipped to near two month low as markets wait for the key US nonfarm payrolls data today. Economic cues have been upbeat and equities are enjoying a record run in US, keeping Gold bulls at bay. New orders for US manufactured goods rebounded by slightly more than anticipated in the month of August, according to a report released by the Commerce Department on Thursday. The report said factory orders jumped by 1.2% to $471.7 billion in August. Supportive economic data boosted sentiments for US equities. The major US averages extended a recent upward trend, once again reaching new record closing highs yesterday. COMEX Gold failed to sustain gains in intraday moves yesterday following this and currently trades at $1270 per ounce, down 0.25% on the day. MCX Gold futures closed at Rs 29342 per 10 grams yesterday, up 0.18% on the day.
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06/10/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 39200, 39400. SUPPORT: - 38800, 38600. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were flat on Thursday. And at end of the day the prices were settled at 39165 per 30 kilogram. On the higher side Rs 39197 per 30 kilogram as resistances were noted while lows were at Rs 39140 per 30 kilograms as support noted. The metals remain under a volatile zone.
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06/10/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 443,445.50. SUPPORT: -438, 435.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK COMEX Copper soared yesterday after an earthquake in the main copper producing region of Chile boosted the sentiments. COMEX Copper broke above $3 per pound and currently trades at $3.04 per pound, up marginally on the day. MCX Copper also soared 3% to approach Rs 440 levels in a hurried manner. Further gains are likely in the metal if MCX futures hold above Rs 440 mark. Economic data also supported the red metal. Real economic growth in the Organization for Economic Co-operation and Development area accelerated in the second quarter driven by private consumption and investment. Real GDP climbed 0.7 percent in the second quarter, faster than the 0.5% growth seen in the previous quarter. Contributions from private consumption and investment increased to 0.5% and 0.3%, respectively. New orders for US manufactured goods rebounded by slightly more than anticipated in the month of August, according to a report released by the Commerce Department on Thursday. The report said factory orders jumped by 1.2% to $471.7 billion in August.
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06/10/2017
CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3350, 3380. SUPPORT: - 3290, 3260. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK According to the American Iron and Steel Institute (AISI) data showed that the United States domestic crude steel production was around 1.706 million net tons as end of September 30th of this year, while the capacity utilization ratio was 73.2%. As end of September 30th, the United States domestic crude steel production fell by 0.8% compared with previous quarter, and the capacity utilization ratio was 73.8%. In the Beginning of this year to September of 30th, the United States domestic crude steel production was 67.80 million net tons, increased by 3.7% compared with the same period of last year and capacity utilization was 72.1%.
301, 3rd Floor, Mangal City, Vijay Nagar, Indore
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06/10/2017
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