31/08/2017
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Crude oil futures extend decline despite draw in inventory: Crude oil futures continued the weakness on Wednesday, as flooding from Tropical Storm Harvey continued to batter US refinery capacity, offsetting data showing U.S. supplies of crude oil fell for a ninth-straight week. Refinery operations along the Texas coast may be interrupted for weeks, limiting the demand for crude oil. Meanwhile, the US Department of Energy reported a bullish 5.4 million barrel draw in crude inventories over the past week. It was the ninth-straight week of falling crude inventories. Gasoline inventories, rose by roughly 35,000 barrels, while distillate stockpiles rose by 748,000 barrels, confounding expectations of a decline of 846,000 barrels.
Copper futures end lower as dollar gains: Copper futures ended lower from a multi-year high after positive US GDP data enlivened the dollar, placing pressure on the entire base metals complex. Reports showing that the Gross domestic product, a broad measure of the goods and services produced across the US, rose at a seasonally and inflationadjusted annual rate of 3% in the second quarter.
Gold futures end lower on Wednesday: Gold futures ended lower on Wednesday as the dollar strengthened against a basket of major currencies. Yellow metal prices further declined as ADP employment data for August estimated private-sector payrolls rose by 237,000 compared a consensus estimates of 185,000. Meanwhile, the Commerce Department raised its estimate of second-quarter GDP growth to an annual rate of 3% from 2.6% previously, beating economists’ forecasts of 2.8%.
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31/08/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29550, 29650. SUPPORT: - 29350, 29250. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Gold extended a drop from its 11 month high yesterday on strong US economic data and soaring values of virtual currencies like the Bitcoin. COMEX Gold futures are trading at $1308 per ounce, down 0.46% on the day. MCX Gold futures hit highs above Rs 29930 per 10 grams earlier this week before easing and ended around Rs 29530 per 10 grams, down 0.43% on the day.
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SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39750, 39950. SUPPORT: - 39250, 39050. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were down on Wednesday. And at end of the day the prices were settled at 39721 per 30 kilogram. On the higher side Rs 39830 per 30 kilogram as resistances were noted while lows were at Rs 39455 per 30 kilograms as support noted. The metals remain under a volatile zone.
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COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 435.50,438. SUPPORT: -430.50, 428. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Copper eased after hitting near three year high. The metal has been boosted on sustained weakness in US dollar and supportive equities. COMEX Copper is currently trading flat at $3.10 per pound. MCX Copper futures ended down 0.30% at Rs 432.65 per kg. Copper output is falling this year, keeping the overall scenario positive for the prices. International Copper Study Group (ICSG) mentioned in a latest update that world copper mine production is estimated to have declined 3% in the first five months of 2017. World refined copper balance for the first five months of 2017 indicates a surplus of around 15000 tonnes. The decline in world mine production was mainly due to: A 10% (220,000 t Cu) decline in production in Chile, the world's biggest copper mine producing country, negatively affected by the strike at Escondida mine and lower output from Codelco mines. A decline in Canada and Mongolia concentrates production of 20% and 21%, respectively, mainly due to lower grades in planned mining sequencing.
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CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 2980, 3010. SUPPORT: - 2920, 2890. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK WTI Crude oil future extended their drop despite continued slide in US crude inventories as selling pressure stayed strong on weak charts and flat equities. The US Energy Information Administration said in its weekly report that crude oil inventories fell by 5.392 million barrels in the week ended August 25,while distillate stockpiles also rose by 0.748 million barrels, compared to forecasts for a decline of 0.846 million. WTI Crude is currently trading just under $46 per barrel and should provide mostly bearish cues for the MCX Crude futures today. The local futures closed around Rs 2960 per barrel, down marginally on the day after hitting a high near Rs 3000 per barrel.
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31/08/2017
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