02/11/2017
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Crude rally halts on report of rise in US oil production: Crude oil futures got a halt to their rally on Wednesday despite data showing supplies of U.S crude oil and gasoline declined more-than-expected, as the Energy Information Agency (EIA) reported that US oil production grew by 46,000 barrels a day (bpd) to 9.55 million barrels a day, not far off the June. 5, 2015 record high of 9.61 million barrels per day, while weekly U.S. crude oil exports rose to an all-time high of 2.13 million barrels per day. The report overshadowed a separate report from EIA showing crude and gasoline stockpiles declined more than expected while distillate fell less-than-expected. Inventories of US crude fell by roughly 2.4 million barrels in the week ended Oct. 27. Gasoline inventories fell by 4 million barrels, while supplies of distillate fell by about 320,000 barrels.
Copper futures trade higher on MCX Copper futures traded higher on MCX as speculators widened positions amid uptick in demand from consuming industries at the spot market.
Gold futures end higher on Wednesday: Gold futures ended higher on Wednesday as traders repositioned themselves after the Federal Reserve said it will keep target interest rates unchanged for the time being.
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TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29400, 29500. SUPPORT: - 29200, 29100. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
COMEX Gold edged up as safe haven buying returned in the metal. Geopolitical scenario swung in favour of the metal following a terror attack in New York which killed eight people. Gold quickly gained even as equities stayed elevated. COMEX Gold currently trades at $1280 per ounce, up 0.25% on the day. MCX Gold futures hit highs above Rs 29340 per 10 grams and closed up 0.21% on the day, ending just above Rs 29200 levels.
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02/11/2017
SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39900, 40100. SUPPORT: - 39500, 39300. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The Prices of silver were gain on Tuesday. And at end of the day the prices were settled at 39700 per 30 kilogram. On the higher side Rs 39799 per 30 kilogram as resistances were noted while lows were at Rs 38797 per 30 kilograms as support noted. The metals remain under a volatile zone.
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02/11/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 452.50,455. SUPPORT: -447.50, 445. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK COMEX Copper edged up more than a percent in Asia today, currently trading at $3.15 per pound amid supportive equities. Traders are eyeing a tight global demand-supply picture and upbeat economic sentiments are also ensuring that the metal lingers just under its three and half year highs. MCX Copper futures closed flat around Rs 445 per kg yesterday and should spike towards Rs 450 levels today.
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02/11/2017
CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3540, 3570. SUPPORT: - 3480, 3450. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Crude oil futures got a halt to their rally on Wednesday despite data showing supplies of U.S crude oil and gasoline declined more-than-expected, as the Energy Information Agency (EIA) reported that US oil production grew by 46,000 barrels a day (bpd) to 9.55 million barrels a day, not far off the June. 5, 2015 record high of 9.61 million barrels per day, while weekly U.S. crude oil exports rose to an all-time high of 2.13 million barrels per day. The report overshadowed a separate report from EIA showing crude and gasoline stockpiles declined more than expected while distillate fell less-than-expected. Inventories of US crude fell by roughly 2.4 million barrels in the week ended Oct. 27. Gasoline inventories fell by 4 million barrels, while supplies of distillate fell by about 320,000 barrels
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02/11/2017
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