Updates on Bullion, Base Metals and Energy Levels 16th February 18

Updates on Bullion, Base Metals and Energy Levels 16th February 18 

Gold futures ended slightly lower on Thursday, retreating from the highest finish in nearly three weeks, taking cues from a rally in stocks. Moreover, expectations that the US Federal Reserve will raise interest rates to fight inflation make gold less attractive since it is not interest-yielding.

Crude oil prices rallied for second day Thursday, rising back near January's 4-year highs, on the back of weakness in dollar. Prices are back above $60 despite expectations that U.S. shale production will remain robust this year and next. Meanwhile, Organization of the Petroleum Exporting Countries (OPEC) is reportedly telling its members to produce enough oil that to buffer the market in the case of a surge in demand. OPEC does not want to see oil prices rise so fast that U.S. production gets even more rampant.

Comex copper futures ended higher on Thursday, while London copper prices improved as the dollar fell and concerns over inflation prompted a move into hard assets, sparking an early rally across base metals that also saw zinc hit its highest in more than a decade and nickel a near three-year peak.

Technical Level

Gold

Support at 30650 and Resistance at 30850

Break and sustain above 30850 will take it to 31050—31300++ mark else could touch its support level  of 30650 mark.

Fresh selling can be initiated below 30650

Silver

Support at 38200 and Resistance at 38850

Break and sustain above 38850 will take it to 39200—39450++ mark else could touch its support level of 38200.

Fresh selling can be initiated below 38200

Crude

Support at 3920 and resistance at 3980

Break and sustain above 3980 will take it to 4050—4080++ mark else could touch its support level of 3920.

Fresh selling can be initiated below 3920

Trade with levels only.

Natural Gas

Support at 162.50. Break and sustain below 162.50 will take it to 155--153 mark else could touch its resistance level of 170.50

 Fresh buying only above 170.50

Copper

Hurdle at 463, Above 463 rally remain continue till 468—472 mark else could touch its support level of 455 again

Fresh selling can be initiated below 455 only.

More Will Update Soon!!!

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Commodity Alert: Zinc, nickel prices leading the metals complex high

Commodity Alert: Zinc, nickel prices leading the metals complex high

Metals prices on the London Metal Exchange are up across the board, by an average of 0.4%, while trading activity has been light due to the Lunar New Year holiday.Lead prices are up by the most in percentage terms, with a 0.7% rise, followed by aluminium (0.6%) copper (0.4%) , with nickel and tin prices up 0.35 and zinc little changed. With the Lunar New Year break under way, volume has been light with 2,122 lots traded. Exchanges remain closed in China for the Lunar New Year holiday and will not reopen until Thursday February 22.

Source: Metal Bulletin

More Will Update Soon!!!

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Commodity Alert :Gold edges higher as dollar hits two-week low

Commodity Alert :Gold edges higher as dollar hits two-week low

Gold was on track for its fourth straight session of gains as the U.S. dollar slid to its lowest in two weeks on concerns about the impact of high U.S debt levels and tax cuts. The higher rates will come as a product of inflationary pressures from the $1.5 trillion infrastructure rebuilding and the rebuilding of Florida, Texas, California. The greenback has been hit by several setbacks this year, ranging from the possibility Washington might pursue a weak dollar strategy to the perceived erosion of its yield advantage as other countries end their easier monetary policy.    Concerns about the growing U.S. fiscal deficit have also weighed on the currency.     Inflation fears boost gold, which is seen as a safe haven against rising prices. But expectations that the U.S. Federal Reserve will raise interest rates to fight inflation make gold less attractive since it is not interest-yielding.

Source : Reuters

More Will update Soon!!!

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Agro Commodity Update (16th Feb-2018)

Agro Commodity Update (16th Feb-2018) 

Fundamental Aspect:

Soybean future prices fell yesterday mainly due to profit booking tracking noticed at higher level along with weak physical demand at this rate leads to disparity in meal prices for exports. According to data released by Solvent Extractors' Association of India (SEA), India exported 76,089 tn of oil meal in January, down 51% on year. But the export volume is higher by 69% for the period Apr-Jan at 10.14 lt. Last week, trade body, SOPA cuts soybean production by nearly 10 lakh tonnes to 83.5 lakh tonnes (lt) for 2017/18 crop. It now estimates, soy bean carryover stock is 13 lt, which is added to the crop size of 83.5 lt, thereby making the overall availability of the oilseed at 96.5 lt. Soybean stock with farmers, traders and mills is estimated at 45.32 lt as of January.

Chana Mar futures traded down in last couple of days tracking weak demand in physical market as traders are waiting for new season chana. There are reports of damage to chana crop in Maharashtra due to hail storm. Recently, to discourage imports, government raised import duty on chana to 40% from 30%. Still, futures have been trade below MSP. As per government sowing data, area under the chana crop across the country was up 8.3% on year at 107.2 lakh ha as on last week. Moreover, higher imports during the current financial year too pressurize prices. As per government data, India imported about 7.46 lt of chana during Apr-Nov, up by 200% compared the last year imports. The imports were mostly done from Australia.

Technical Aspect  

Guar seed

Our sell call from 4580—4332 has proven great.

Now what to expect?

Support is at 4300 and Resistance is 4450.

Panic likely to continue. Break and sustain below 4300 will see further downside fall till 4240—4150 and then to 4000 mark in near term. 

Fresh buying only can be seen on close above 4450 mark

Trade with levels only.

Chana (March)

Our sell call from 3800—3725 has proven great.

Now what to expect?

Support is 3700 and Resistance is 3850

Panic likely to continue till 3700. Break and sustain below 3700 will take it towards 3630—3550 mark in near term

Fresh buying can be seen on close above 3850.

Trade with levels only.

RM Seed (April)

Support seen at 4050 and resistance is at 4200.

 Break and sustain below 4050 will take it to 3970--3920 and then 3850 mark.

Fresh buying can be initiated on close above 4150 mark.

Trade with levels only.

Soybean (March)

Support seen at 3700 and Resistance is 3850.

 Break and sustain below 3700 will take it towards 3630—3550 mark in near term else could touch its resistance level of 3850 mark.

Fresh buying only can be seen on close above 3850.

Trade with levels only.

Castor Seed (March)

Support at 4050 and Resistance at 4150

Above 4150 rally likely to continue till 4230—4300 and then 4360++ mark else could touch its support level of 4050.

Fresh selling only can be seen on close below 4050.

Trade with levels only.

Cotton (March)

Support is 19800 and Resistance is 20200.

Below 19800 panic likely to continue till 19650—19500 and then 19320 mark in near term .

Fresh buying only can be seen on close above 20200.

Trade with levels only.

Jeera (March)

Support seen at 15800 and Resistance is at 16350

Below 15800 panic likely to continue till 15550—15300 mark in near term else could touch its resistance level of 16350 mark.

Fresh buying only can be seen above 16350 on closing basis.

Trade with levels only.

Turmeric (Apr)

Support is 7200 while Resistance is 7350

Break and sustain below 7200 will take it towards 7040—6900 and then 6750 mark in near term else could touch its resistance level of 7350.

Fresh buying only can be seen on close above 7350.

Trade with levels only.

CPO (March)

Support seen at 572 while Resistance is 585.

Buy and accumulate as its likely to be a safe bet in near term. Break and sustain above 585 will take it towards 594—608 mark in near term.

Fresh selling only can be initiated below 572 mark on closing basis.

Trade with levels only

More Will update Soon!!!!

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