10/11/2017
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Crude snaps two days losing streak on Thursday: Crude oil futures bounced back and ended higher on Thursday despite a report tempering expectation for further supply cuts from OPEC. Traders got some support with the ongoing unrest in the Middle East, while Saudi Arabia’s plan to slash crude exports too lifted sentiment. It was reported that Saudi Arabia plans to cut its crude exports by 120,000 barrels per day in December compared with November, slashing allocations to all regions. In recent days oil has jumped to the highest in two years on speculation the global oil market will re-balance in the near future.
Copper futures edge lower on MCX: Copper futures edged lower on MCX as speculators cut down positions at prevailing levels to book profits even as metal strengthened overseas.
Gold futures edge down on MCX:
Gold futures edged down on MCX as President Donald Trump got down to talks with China's President Xi Jinping over contentious trade issues and tensions on the Korean peninsula.
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TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29700, 29850. SUPPORT: - 29450, 29350. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
The global Gold demand in Q3 fell to an eight-year low as ETF inflows slowed sharply, according to World Gold Council's (WGC), Gold Demand Trends Q3 2017. The third quarter saw a 9% year-on-year (y-o-y) drop in gold demand to 915 tonnes (t). Year-to-date (y-t-d) demand was down by 12%. ETFs had another quarter of positive inflows, but at 18.9t, they fell far short of the 144.3t influx in Q3 2016. A softer quarter in the jewellery sector (-3%) accounted for 17t of the y-o-y decline. Demand from other sectors firmed: central banks bought a healthy 111t of gold (+25% y-o-y) while bar and coin investment strengthened by 17% (to 222.3t), albeit from a low base.
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SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39850, 40050. SUPPORT: - 39450, 39250. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The Prices of silver were down on Thursday from the previous close. And at end of the day the prices were settled at 39641 per 30 kilogram. On the higher side Rs 39900 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: - 445.50,448. SUPPORT: -440.50, 438. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK COMEX Copper lingered around its one week low as some buying emerged amid strong economic cues and tight LME inventories scenario. The Organization for Economic Co-operation and Development area composite leading indicator signaled stable growth momentum the region. The composite leading index rose slightly to 100.2 in September from 100.1 in August. Eurozone is set for its fastest growth in a decade this year, the European Commission said on Thursday. In its Autumn Forecast, the executive arm of the European Union raised the euro area growth forecast for this year to 2.2% from 1.7%. The EU growth forecast for this year was also lifted to 2.3% from 1.9% seen in the Spring projections. These cues capped losses for the metal and the commodity currently trades at $3.08 per pound, down marginally on the day. MCX Copper futures rebounded from a low under Rs 440 per kg and closed flat around Rs 445 per kg levels. Expect continued buying in dips though weak global equities could cap upside.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3740, 3770. SUPPORT: - 3670, 3640. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK MCX Crude oil futures soared 1% to close at Rs 3735 per barrel yesterday amid firm global cues and supportive fundamentals for the commodity. However, modest declines are being witnessed in oil after prices rose to more than two year highs. Weakness in equities is also weighing. US stocks slipped as elevated levels triggered some profit selling amid worries linked to the US tax reform legislation. European markets also took a tumble on poor corporate earnings. Asian stocks are in red with heavy losses for Japanese equities. WTI Crude is lingering just above $57 per barrel, down 0.28% on the day.
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10/11/2017
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