Gold 30569 / Silver 41522 / Crude Oil 3256 / Copper 304.75 / Soyabean 3841
MCX /Comex
Gold remained near four-week highs on Tuesday, as mounting Brexit fears accelerated a global flight to safety that pushed German 10-Year Bunds into negative territory for the first time in history.
The Federal Reserve convened for its two-day June monetary policy meeting, which will conclude with a closely-watched interest rate decision on Wednesday afternoon. While the Federal Open Market Committee (FOMC) is not expected to raise short-term interest rates at the meeting, Fed chair Janet Yellen could provide clues on whether the U.S. central bank could lift rates before the end of the fall. The FOMC has left the target range of its benchmark Federal Funds Rate steady at a level between 0.25 and 0.50% at each of its first three meetings this year.
Oil prices fell Tuesday, pushed lower for the fourth consecutive day as market sentiment continued to turn, despite a bullish report from the International Energy Agency. The International Energy Agency on Tuesday revised its demand forecast upward for this year by 100,000 barrels a day, to 1.3 million barrels a day from 1.2 million barrels a day. The demand will be led by emerging markets in India and China as the manufacturing industry grows, the report said.
The IEA also released its first demand forecast for 2017, for 1.3 million barrels a day.
But the body warned that should supply be restored in Nigeria and Canada there could be a dip in prices. Nigerian output fell 250,000 barrels a day to 1.37 million barrels a day in June, levels not seen in almost 30 years.
U.S. natural gas futures held near the prior session’s nine-month highs on Tuesday, as forecasts for continued above-normal temperatures across most parts of the U.S. over the next two weeks continued to provide support.
Agri Commodities
Adulteration, pesticides pose threat to India's global standing in spices. India may be enjoying pole position in the global spices market with nearly 45 percent share, rising cases of adulteration and presence of pesticides in outbound shipments of the commodity are posing a threat to the country's standing. Several importing countries have already raised complaints about the quality of spices, especially jeera (cumin), chilli and pepper.
Sugar prices went up by a whopping Rs 90 per quintal at the wholesale market in the national capital Tuesday largely supported by strong demand from bulk consumers and retailers, triggered by ongoing summer season amid thin supplies from mills.
Marketmen said robust demand from retailers stockist and bulk consumers such as soft-drink and ice-cream makers as demand generally goes up during summer season and pause in supplies from millers mainly attributed significant rise in sweetener prices.
India's palm oil imports fell by 27.54 per cent to 6,57,454 tonnes in May, in view of higher stock availability and sluggish summer demand, industry body Solvent Extractors Association (SEA) said today. India, the world's leading vegetable oil buyer, had imported 9,07,347 tonnes of palm oil in May last year. Palm oil make up more than 65 per cent of the country's total vegetable oil imports. In last few months, there has been a sharp rise in the import of cheap RBD palmolein. But last month, overseas purchase including RBD palmolein showed a decline "due to highest stock at port and pipeline and reduced demand due to summer," SEA said in a statement.
Our Recommendations
We recommended to buy Gold 30320—30300 with stop loss of 30150, Told to book full profit around 30560.
We enjoyed call on Sugar, Rmseed, Jeera, Kapas and many more.
Still need trial... need not to worry at all. Watch more
Technical Levels
Gold
Clearly indicated close above 30280 will take it too 30700—30800+ marks today made high of 30584.
Now what to expect??
Support at 30450 and resistance at 30600.
Break and sustain + close below 30600 will take to 30700—30800+ and then to 31000 mark In days to come else it could test its support level of 30450 again.
Further downside panic will see only close below 30450 mark.
Traders can trade with levels only.
Silver
Support at 41200 and Resistance at 41800.
Break and sustain + closes above 41800 will take it to 42300—40800 marks in days to comes , else could test its support level of 41200 again.
Fresh selling can be initiated below 41200.
Crude Oil
Support at 3230 and Resistance at 3280---3310.
Above 3310.. it could test 3350---3380 and then to 3450 mark else it could test its support level of 3230 again.
Close below 3230 will see further downside panic till 3150---3120 mark. Below 3230... Target looks 3025.
Copper
Support at 302.50 and Resistance at 308. Two consecutive closes below 302.50 will take to 298---294---289 mark else it could test its resistance level of 308 again
Further upside rally will see only weekly close above 308 mark
Trade with levels only
Soya Bean
Support at 3860 and resistance at 4020. Either side break or close with volume will decide further. Till then traders can trade safely with levels only and wait for confirmation.
Technical Pick of the day
Buy Aluminium around 107.50---107.20. Stop loss 106.00. Target 109---110.50
Major Economic Data to be released today....
1. UK Average Earning Index– 02 : 00 P.M
2. UK Claimant Count Change– 02 : 00 P.M
3. UK Unemployment Rate– 02 : 00 P.M
4. Canadian Manufacturing Sales – 06 : 00 PM
5. US PPI m/m – 06 : 00 PM
6. US Core PPI m/m – 06 : 00 PM
7. US Capacity Utilization – 06:45 P.M
8. US Industrial Production m/m – 06: 45 P.M
9. Crude Oil Inventory – 08 : 00 P.M
10. FOMC Meeting – 11 : 30 P.M
