06/11/2017
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Crude oil futures surge to fresh two year highs: Crude oil futures surged on Friday to end at fresh two year highs, on the back of data showing signs of U.S. production tightening as US oil rig counts fell to a nearly six-month low. According to data from energy services firm Baker Hughes, the number of oil rigs operating in the US fell by eight to 729, declining for the fourth week in five. Investor optimism on an extension of the Opec-led agreement following recent comments from both Opec and non-opec officials ahead of the Opec meeting in Vienna on November 30, too supported the prices.
Copper futures end lower on Friday: Copper futures ended lower on Friday. But still industrial metal sits near three-year highs, boosted by a positive global economic backdrop, strong demand from the world's largest copper consumer China, and the prospect electric vehicles will stoke demand for base metals moving forward.
Gold futures end lower on Friday: Gold futures ended lower on Friday as consensus-beating US economic data pushed the dollar higher, outweighing the impact of a lackluster jobs report. ISM nonmanufacturing index for October rose to highest level since August 2005, helping the dollar and denting gold prices. Meanwhile, the US economy added 261,000 jobs in October as employment rebounded from anemic gains in the prior month due to hurricanes Harvey and Irma. Employment was expected to jump by 312,000 jobs in October after unexpectedly dipping by 33,000 jobs in September. Unemployment fell to 4.1% from 4.2%, but only because 765,000 people stopped looking for work.
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06/11/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29250, 29350. SUPPORT: - 29050, 28950. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
Gold is trading in a choppy manner, extending a rather tepid movement amid soaring equities and good set of economic data. US stocks edged up Friday, inching to new record highs as Apple and Qualcomm led gainers in the tech sector. It was the eighth consecutive weekly gain for the DJIA, the longest streak since 2013. COMEX Gold slipped from highs above $1280 per ounce levels and currently trade flat around $1270 per ounce. MCX Gold futures for December closed down half a percent at Rs 29080 per 10 grams.
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SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39850, 40050. SUPPORT: - 39400, 39200. 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 38976per 30 kilogram. On the higher side Rs 39780 per 30 kilogram as resistances were noted while lows were at Rs 38976 per 30 kilograms as support noted. The metals remain under a volatile zone.
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COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 452.50,455. SUPPORT: -447.50, 445. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK COMEX Copper is quoting with steady gains amid calls of tight global supplies. COMEX Copper futures are trading at $3.14 per pound, up around 1% on the day. International Copper Study Group (ICSG) mentioned that world mine production is estimated to have declined by around 2% in the first seven month of 2017, with concentrate production declining by around 1.5% and solvent extractionelectrowinning (SX-EW) declining by around 4.5%: The decline in world mine production was mainly due to: A 7% (225,000 t Cu) decline in production in Chile, the world's biggest copper mine producing country, negatively affected by the strike at the Escondida mine and lower output from Codelco mines.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3640, 3670. SUPPORT: - 3580, 3550. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Benchmark crude oil futures for December delivery ended higher by $1.10 or 2 percent at $ 55.64 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was up by $1.50 to $62.12 a barrel on the ICE.On MCX the prices of crude oil were traded on 3579, and it made high and low respectively 3589 and 3522.
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06/11/2017
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