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Crude oil futures ended higher on Friday: Crude oil futures moved higher on Friday on signs of bullish demand from China and the US. Chinese crude imports rose by roughly 1 million barrels a day in September to 9 million barrels a day, while US consumer sentiment and retail sales were up last month, data showed this morning. That eased investor concerns that global demand is set to weaken over the next year. Traders also got some support with Baker Hughes report that the number of active U.S. rigs drilling for oil fell by 5 to 743 this week after posting a fall of 2 rigs last week.
Copper CFTC Long Positions At One Month High: Large speculators increased their bullish net positions in the Copper 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 Copper futures, traded by large speculators and hedge funds, totaled a net position of 40,738 contracts in the data reported through Tuesday October 10th. This was a weekly increase of 6,909 contracts from the previous week which had a total of 33,829 net contracts. Speculative positions are at their highest level in four weeks.
Gold futures edge lower on MCX:
Gold futures edged lower on MCX despite the sentiment on greenback remained vulnerable ahead of highly-anticipated data on US inflation due later in the day.
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16/10/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29950, 30050. SUPPORT: - 29750, 29650. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Large gold speculators continued to trim their bullish 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 200,112 contracts in the data reported through Tuesday October 10th. This was a weekly decline of 3,743 contracts from the previous week.
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SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 40500, 40700. SUPPORT: - 40100, 39900. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were flat on Friday. And at end of the day the prices were settled at 40399 per 30 kilogram. On the higher side Rs 40479 per 30 kilogram as resistances were noted while lows were at Rs 40155 per 30 kilograms as support noted. The metals remain under a volatile zone.
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COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 453,455.50. SUPPORT: -448, 445.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK India's industrial production grew 4.3 percent year-on-year in August, led by strong output in mining and electricity sectors, preliminary data from the Central Statistics Office showed Thursday. The July growth in production was revised to 0.94 percent from 1.2 percent reported initially. In August, mining output increased 9.4 percent year-onyear, manufacturing grew 3.1 percent and electricity production rose 8.3 percent.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3390, 3420. SUPPORT: - 3330, 3330. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK eliance Industries noted in its latest quarterly earnings that global oil demand growth and supply disruptions helped in improving refining margin despite narrow light-heavy differential for crude oil and widening of Brent-Dubai differential. Global oil demand growth is estimated at 1.6 mb/d in 2017, revised upward by 0.2 mb/d on Q-o-Q basis. Strong demand growth resulted in higher global refinery utilization rates during the quarter. Gross Refining Margins (GRM) for 2Q FY18 stood at $ 12.0/bbl as against $ 10.1/bbl in 2Q FY17. RIL’s GRM outperformed Singapore complex margins by $ 3.7/bbl. The company noted that it 2Q FY18, revenue for the Oil & Gas segment increased by 13.3% Y-o-Y to Rs 1,503 crore,
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