09/11/2017
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Crude oil futures decline for the second day in a row: Crude oil futures declined on Wednesday, second day in a row after data showed crude supplies rose unexpectedly, while production jumped to a record all-time high last week offsetting a largerthan-expected draw in refineries. The Energy Information Administration (EIA) reported that inventories of U.S. crude rose by roughly 2.2 million barrels for the week ended Nov. 4. Gasoline inventories fell by 3.3 million barrels, while supplies of distillate fell by about 3.4 million barrels. U.S. crude oil imports averaged about 7.4 million barrels per day last week, down by 194,000 barrels per day from the previous week.
Copper futures end higher on Wednesday: Copper futures ended higher on Wednesday, despite customs data showing a sharp drop in imports by China as the country's winter antipollution program cuts down refinery and blast furnace production. China’s unwrought copper imports fell in October from a month earlier to their lowest since April as prices soared to their highest in more than three years, while concentrate arrivals also slipped.
Gold futures end higher on Wednesday: Gold futures ended higher on Wednesday as investors grew more skeptical that the White House will be able to push through its tax overhaul in coming months.
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09/11/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29600, 29750. SUPPORT: - 29400, 29250. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
Gold futures for December delivery gained $7.90, or 0.6 percent to settle at $1,283.70 an ounce on the Comex division of the New York Mercantile. While, spot gold was up 0.6 percent at $1,283.20 an ounce. The Prices of Gold were gained on Wednesday from the previous close. And at end of the day the prices were settled at 29535 per 10 gram. On the higher side Rs 29583 per 10 gram as resistances were noted while lows were at Rs 29420 per 10 grams as support noted. The metals remain under a volatile zone.
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09/11/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39950, 40250. SUPPORT: - 39550, 39350. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The Prices of silver were gained on Wednesday from the previous close. And at end of the day the prices were settled at 39888 per 30 kilogram. On the higher side Rs 40100 per 30 kilogram as resistances were noted while lows were at Rs 39583 per 30 kilograms as support noted. The metals remain under a volatile zone.
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09/11/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 445.50,448. SUPPORT: -440.50, 438. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK COMEX Copper is hovering around its one week low on thin speculative demand and poor Chinese imports. October customs data from China showed import volumes of unwrought copper slipped to the lowest since April, totalling 330,000 tonnes during the month, down more than 20% from September. Imports are down nearly 8% over the first 10 months of 2017 to 3.76m tonnes compared to the same period in 2016, according to media reports. COMEX Copper futures are trading down 0.30% at $3.08 per pound. This should pull MCX Copper lower in opening moves after the local futures closed flat around Rs 445 per kg mark.
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09/11/2017
CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3740, 3770. SUPPORT: - 3670, 3640. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Crude Oil is expected to remain the fuel with the largest share in the energy mix throughout the forecast period to 2040, according to the 2017 OPEC World Oil Outlook (WOO) update. Long-term oil demand has been revised upward by 1.7 million barrels a day (mb/d) compared to the WOO 2016, with total demand at over 111 mb/d by 2040.
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09/11/2017
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09/11/2017
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