25/10/2017
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Crude futures extend gains on Saudi Arabia's signal to end supply glut: Crude oil futures extended their gains on Tuesday after Saudi Arabia signalled its determination to end the global supply glut, also on data expected to show crude oil supplies fell for the fifth-straight week lifted sentiment. Saudi oil minister Khalid al-Falih said Saudi Arabia is willing to "do whatever it takes" to rein in excess supplies. Though, the ongoing fluctuation of output in Iraq, continued to concern investors as crude supplies through Iraq's northern pipeline to Ceyhan in Turkey rose further. Pumping along the pipeline rose to 300,000 barrels per day (bpd) on Tuesday.
Copper futures end higher on Tuesday: Comex copper futures ended higher on Tuesday, while London copper prices also rose as the dollar dipped and investors remained optimistic about global economic growth prospects, although risks of a slowdown remained, especially in top consumer China.
Gold futures end lower on Tuesday: Gold futures ended at a more than two-week low on Tuesday, with strength in the US stock market dulling demand for the precious metal amid uncertainty surrounding the leadership for the US Federal Reserve.
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25/10/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29550, 29650. SUPPORT: - 29350, 29250. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Gold stayed near a two week low as equities remained supportive and media reports stating tepid buying from retail Indian consumers during Diwali week weighed on the sentiments. COMEX Gold had hit a three week high last week but failed to sustain at those levels and witnessed a hurried selloff once the key $1300 per ounce levels were broken. The metal currently trades at $1275 per ounce, down 0.27% on the day. MCX Gold futures ended around Rs 29440 per 10 grams, down 0.35% on the day.
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SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39900, 40100. SUPPORT: - 39400, 39200. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were down on Tuesday. And at end of the day the prices were settled at 39722 per 30 kilogram. On the higher side Rs 40040 per 30 kilogram as resistances were noted while lows were at Rs 39660 per 30 kilograms as support noted. The metals remain under a volatile zone.
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25/10/2017
COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 462,464.50. SUPPORT: -457, 454.50. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK COMEX Copper pulled back in Asia after witnessing a massive spurt in last session. Some profit selling emerged in the counter following sharp gains that took the metal near its three and half year highs yet again. A prominent global investment bank raised the 12 month Copper prices estimate above $7000 per ounce for the LME futures. This was sharply higher than the earlier estimates of $5500, according to media reports. Copper soared following this and supportive equities boosted the sentiments even more. The metal eased a bit in Asia though and currently trades at $3.19 per pound, down 0.28% on the day. MCX Copper ended with modest gains at Rs 461 per kg yesterday after a sharp intraday upswing. Expect some weakness today as long as prices stay under Rs 460 levels
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3450, 3480. SUPPORT: - 3390, 3360. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Benchmark crude oil futures for December delivery ended higher by 57 cents or 1.1 percent at $52.47 a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 1.52 percent to $58.33 a barrel on the ICE. On MCX the price of crude oil was trading at 3431, made a day low and high respectively 3361 and 3435.
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25/10/2017
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