04/10/2017
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Crude oil futures extend decline on Tuesday: Crude oil futures extended their weakness on Tuesday ahead of weekly inventory data which is expected to show crude oil supplies fell for a secondstraight week, amid concerns that the sharp uptick in crude prices could encourage US shale producers to ramp up production. Also, the advent of autumn is traditionally associated with weaker oil demand as it marks the end of the summer driving season. Meanwhile, OPEC Secretary-General Mohammad Barkindo said that compliance with the oil output cut deal between OPEC and non-OPEC nations is extremely high. Barkindo said compliance was high, but at 86% last month, the cartel will simply need to get more nations to fully commit.
Copper futures end almost flat on Tuesday: Comex copper futures ended almost unchanged on Tuesday, while copper prices on the London Metal Exchange improved despite quieter trading activity, while Chinese investors are away on Golden Week.
Gold futures end lower on Mcx: Gold futures ended lower on Tuesday pressured by record highs in US stock benchmarks, as recent strength in the dollar and Treasury yields lured some investors away from the precious metal. Yellow metal prices further declined due to expectations that the Federal Reserve will soon raise interest rates.
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04/10/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - CONSOLIDATE RESISTANCE: - 29500, 29600. SUPPORT: - 29250, 29150. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
India's Gems and jewellery export slipped by 8.12% to $13.5 billion during April- August this year, data from the Gems and Jewellery Export Promotion Council (GJEPC) showed. Gold jewellery shipments during the period dropped about 8% to $1.30 billion. The export of gold medallions and coins and rough diamonds also contracted by 18% and 5%, respectively. Silver jewellery export went up to $2 billion in April-August 2017-18, up nearly 20% on year ago period. According to the data, import of rough diamonds rose by 8.84 per cent to $7.7 billion in April-August.
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04/10/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 39700, 39900. SUPPORT: - 39300, 39100. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were flat on Tuesday. And at end of the day the prices were settled at 39328 per 30 kilogram. On the higher side Rs 39400 per 30 kilogram as resistances were noted while lows were at Rs 39255 per 30 kilograms as support noted. The metals remain under a volatile zone.
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04/10/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 432,434.50. SUPPORT: -427, 424.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK COMEX Copper futures are witnessing steady buying as a recovery from six week lows continues. Supportive Chinese economic data is also keeping the metal elevated above $2.90 per pound levels. The world's largest open-pit copper mine, Escondida copper mine in northern Chile, produced 327,863 tons in the first half of this year. The company's copper concentrate production was 237,891 tons in the first half, fell by 35.7% compared with the same period of last year; that of cathode copper production was 89,972 tons, which decreased by 47.1% compared with the same period of last year.The decline in production was largely affected by the strike. The strike period was lasting more than 40 days. COMEX Copper is currently trading at $2.96 per pound, up 0.14% on the day. MCX Copper futures ended around Rs 430 per kg levels and should hold up if the level stays in place
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3310, 3340. SUPPORT: - 3250, 3220. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Large energy speculators added to their bullish net positions in the Crude Oil WTI Futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 454,108 contracts in the data reported through Tuesday September 26th.
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04/10/2017
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301, 3rd Floor, Mangal City, Vijay Nagar, Indore
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04/10/2017
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