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commodity tips for today Commodity Face Eveing 07 August



commodity tips for today Commodity Face Eveing 07 August

Technical Outlook for evening session – 7th Aug’14 ( CMP as of 4.00 pm)
Commodity----Unit----Support 2----Support 1----CMP----Resistance 1----Resistance 2
Gold----Oct’14----Rs/10----gm----28380----28500----28610----28740----28850
Spot----Gold----$/oz----1293----1299----1304.5----1311----1317
NCDEX----Gold----hedge----July’14----25720----25800----25860----25950----26030
Silver----Sept’14----Rs----/kg----43400----43700----43923----44300----44650
Spot----Silver----$/oz----19.6----19.82----20----20.25----20.47


NCDEX----Silver----hedge----Aug’14----5890----5915----5952----5975----6010
Crude----Oil----Aug’14----Rs----/bbl----95.65----96.1----96.69----97.2----97.85
Nymex----Crude----Oil----Sept’14----$/bbl----237----240----242.1----246----248
Natural----Gas----July’14----Rs----/mmbtu----6875----6915----6976----7015----7065
LME----Copper----$/tonne----425----427----431----433----436
Copper----Aug’14----Rs----/kg----140.6----141.5----142.65----143.2----144.1
Zinc----July’14----Rs----/kg----135.1----136----137.15----137.8----138.8
Lead----July’14----Rs----/kg----122----122.9----123.8----124.4----125.3
Aluminum----July’14----Rs----/kg----1143----1156----1166----1179----1190
Nickel----July’14----Rs----/kg----6875----6915----6976----7015----7065


International Commodities
Outlook

Despite the heightening geo-political tensions between Russia and Ukraine, gold prices are hovering around $1300 mark as the situation is dilemmatic because US economy is growing which is a negative factor, while the esaltiing tensions in Russia will act as a positive factor
Crude oil prices is expected to trade lower on ample supplies in North America and the OPEC nations. Besides, poor refinery margins in Asia and Europe is exerting downside pressure on prices
Base metals are likely to trade lower on account of concerns over growth in the Chinese economy. Besides, profit booking at higher levels will exert downside pressure.

News and Analysis

  • German Industrial Production m/m printed at 0.3% in July v/s -1.7%
  • French Trade Balance printed at -5.4billion in July v/s -5.1billion
  • Natural gas inventory tonight to show a surplus of 84Bcf
European markets are trading on a negative note today s investors weighed earnings from companies including Munich Re, Commerzbank AG and Nestle, amid intensifying tension in Ukraine. Asian markets ended lower and US stock futures are trading in green.

After rising more than 1 percent the previous day, Spot gold prices are trading marginally lower by $2 at $304.30/oz as a firmer dollar offset concerns that tensions between Russia and the West over Ukraine could escalate. In the physical markets, buying slowed on Thursday after prices rose above $1,300 an ounce. Premiums in top buyer China dropped to about $1 an ounce from $2-$3 in the previous session. Demand had already been sluggish due to the seasonally quiet summer period and on expectations of a further drop in prices. On the MCX, gold prices are trading lower by 0.17 percent at Rs.28584/10 gms.
Spot silver prices are also trading lower in line with weakness in gold prices.Weakness in the dollar index and profit booking at higher levels seem to be the theme for price correction in the evening session. On the MCX, silver prices are trading marginally lower by 0.10 percent and trading at Rs.43875/kg.
LME Copper prices are trading higher by 0.1 percent at $6977.75 /tonne as investors cashin the opportunity to create speculative interest in the commodity taking benefit of heightening geo-political tensions. However, strength in the dollar index is capping the rally. MCX copper prices are trading higher by 0.19 percent at Rs.430.70/kg.
WTI crude oil prices are trading lower by 0.17 percent on declinng speculative interest by hedge funds and speculators. Also, ample supply in global markets is compounded by worries over the impact of trade sanctions on global economic growth. On the MCX, crude prices are trading lower by 0.2 percent at Rs.5948/bbl.
 


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