20/09/2017
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Crude oil futures end lower ahead of inventory data: Crude oil futures coming off the highs of the day ended lower on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to weigh what the impact of recent storm activity was on supply and demand. Crude oil initially rallied on comments from an Iraq oil minister saying that OPEC members are committed to cutting supplies through 2018, but a stronger dollar weighed on commodity prices.
Copper futures end little changed on Tuesday: Copper futures ended little changed on Tuesday, with market participants awaiting the results of upcoming monetary policy meetings. The US central bank is widely expected to keep interest rates unchanged at the conclusion of meeting on Wednesday, but is likely to announce a plan to start shrinking its massive $4.5 trillion balance sheet in an effort to normalize policy. Markets will also be looking for further clues on the timing of the next Fed rate hike.
Gold futures end lower on Tuesday: Gold futures ended lower on Tuesday with trading lackluster as Federal Reserve policy makers headed into a two-day meeting that financial markets will watch for clues on the outlook for US monetary tightening.
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20/09/2017
TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29800, 29900. SUPPORT: - 29600, 29500. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
COMEX Silver extended its up move from a three week low yesterday as buoyancy in copper prices and continued uptick in global equities supported the white metal. The outlook for demand is steady after prices corrected from a five month high above $18 per ounce in first week of September. The counter currently trades around $17.35 per ounce up 0.60% on the day. MCX Silver futures closed above the critical Rs 40000 per kg mark yesterday and should extend these gains further today.
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20/09/2017
SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 40400, 40600. SUPPORT: - 40000, 39800. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The Prices of silver were gained on Tuesday. And at end of the day the prices were settled at 40062 per 30 kilogram. On the higher side Rs 40148 per 30 kilogram as resistances were noted while lows were at Rs 39736 per 30 kilograms as support noted. The metals remain under a volatile zone.
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20/09/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 427.50,430. SUPPORT: -423, 421.50. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK MCX Copper futures edged up marginally as a recovery from recent lows continued in global markets. The US stocks soared to fresh record highs amid hopes the worst of the North Korea crisis is over. Supportive corporate earnings and expectations the US Federal Reserve will keep interest rates low following the recent Hurricanes also offered some impetus to buying. Rising US equities are providing a support to COMEX Copper after prices tested near one month low. MCX Copper closed at Rs423.75 per kg yesterday, up.25% on the day.
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CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3300, 3270. SUPPORT: - 3210, 3180. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK WTI Crude oil futures jumped to five-month highs as supply constraints continued to weigh on the sentiments. Markets are focusing on media reports that Middle Eastern producers could continue to comply with output cuts under an OPEC-led deal. Soaring equities around the globe also boosted oil and the WTI futures are currently quoting at $50.25 per barrel, up 0.70% on the day. This should lead to a spike in MCX Crude oil futures in early moves. The local futures ended at Rs 3215 per barrel yesterday and should extend this break above Rs 3200 levels further today.
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20/09/2017
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20/09/2017
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