31/10/2017
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Crude futures extend their gains on hopes of extension in output cuts beyond March: Crude oil futures extended their gains to the new week, on speculation that Opec will agree to extend output cuts beyond March. Traders even overlooked the concerns over an uptick in Iraqi exports and continued their march higher, rising to an eight-month high amid bullish talk from Opec and non-Opec members on output-cut agreement. OPEC Secretary General Mohammad Barkindo said Russian-Saudi backing for an extension cleared the fog ahead of the group's meeting in Vienna on Nov. 30. Meanwhile, Iraq's southern ports ramp up export capacity by 900,000 barrels per day (bpd) to 4.6 million bpd.
Comex copper futures end higher on Monday: Comex copper futures ended higher on Monday, while London copper prices too rose as a retreat in the dollar after its biggest one-week gain this year, tempted buyers back to the metal.
Gold futures end higher on Monday:
Gold futures ended higher on Monday ahead of a series of central bank meetings and US President Donald Trump's expected announcement of the next Federal Reserve chair amid a slightly weaker US dollar.
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TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29450, 29550. SUPPORT: - 29150, 29050. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Large precious metals speculators continued to reduce their net positions in the Gold 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 Gold futures, traded by large speculators and hedge funds, totaled a net position of 191,385 contracts in the data reported through Tuesday October 24th. This was a weekly drop of -9,339 contracts from the previous week.
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SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39400, 39600. SUPPORT: - 39000, 38800. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were gain on Monday. And at end of the day the prices were settled at 39291 per 30 kilogram. On the higher side Rs 39362 per 30 kilogram as resistances were noted while lows were at Rs 38955 per 30 kilograms as support noted. The metals remain under a volatile zone.
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COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 447.50,450. SUPPORT: -441.50, 439. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Global mining giant Glencore came out with the production report yesterday. Glencore own sourced copper production of 946,500 tonnes was 114,700 tonnes lower (11%) than the comparable 2016 period, reflecting the Ernest Henry minority sale in Q4 2016, combined with smelter maintenance at Mount Isa in Q3 2017, reduced throughput at Mutanda (due to power interruption at Mopani which impacted the supply of sulphuric acid), end of mine-life production declines at Alumbrera and the timing of lower copper grades at Antapaccay.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3540, 3570. SUPPORT: - 3470, 3440. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK A correction in US equities overnight is weighing on Crude oil futures are the recent surge in the commodity. Technical cues also remained in focus. WTI Crude oil futures have witnessed a tremendous surge over last few days. The counter raced up after breaking 200 week Exponential Moving Average (EMA) on weekly charts earlier this month. The momentum has taken futures to eight month high above $54 per barrel. The counter is currently lingering at a very critical juncture. WTI Crude had failed to surpass the current region of $54/55 at the start of 2017. The threshold, at that time, was the highest level in about a year and half for the commodity.
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