Commodity -----Exchange Contract Trend------- --S2 ----------S1----------- LTP--------- R1 ----------R2
Bullions
Gold --------------MCX------ June---- Sideways----- 28650---- 28750------ 28887------ 29020--- 29120
Spot Gold------------------------------- Up------------- 1302------ 1307 -------1313-------- 1319----- 1324
Gold Hedge----- NCDEX ---May---- Sideways----- 25050----- 25140------ 25264------ 25380 ---25460
Silver ------------MCX-------- July ----Sideways----- 42000 -----42300 -----42571------ 42900-- 43300
Spot Silver------------------------------ Sideways-------19.40 ------19.60------ 19.68------ 19.80---- 20.00
Silver Hedge -----NCDEX ---June ---Sideways------ 3790------ 3820------- 3848------- 3870----- 3910
Base Metals
LME Copper----------------------------- Sideways------ 6640 -----6670 -------6740-------- 6790----- 6850
Copper----------- MCX -------June---- Down ----------403------- 405-------- 408.85------ 412------- 416
Zinc --------------MCX------- May----- Sideways ------121.00---- 122.00---- 123.05---- 124.00- 125.00
Lead --------------MCX ------May------ Down ---------124.00 ----125.00---- 126.05-----127.00-- 128.00
Aluminium------ MCX------ May ------Down---------- 103.80--- 104.50----- 105.60---- 106.50- 107.50
Nickel ------------MCX------- May---- Sideways-------- 1095------ 1105------- 1115---- 1130------ 1145
Energy
Crude Oil------- MCX------ May------- Down -----------5940------ 5970------- 6006------ 6040 ---6090
Crude Oil -------NYMEX--- June -----Down --------98.90-------- 99.40----- 100.05---- 100.60-- 101.40
Brent Crude Oil MCX ------May -----Sideways------- 6620 ------6650 -------6695------ 6720----- 6770
Brent Crude Oil NYMEX --June------- Sideways------ 106.20---- 106.70 ----107.28--- 107.80- 108.60
Natural Gas------ MCX------ May------ Sideways ------281------- 284---------- 288.6 ----292 ------295
Outlook gold and silver
On an intraday basis gold and silver prices are expected to trade sideways as good data from the US puts pressure on the precious metal prices while tensions in Ukraine lifts bullions safe haven appeal and supports prices.
On the other hand, the physical demand remains weak, with outflows from the gold ETF’s liquidating for continuous five weeks in a row can exert downside pressure on the yellow metal.
On the MCX, gold is expected to trade sideways taking cues from international markets and rupee movements.
API Inventory update
The API released its weekly inventories report last night at 8:00pm IST and US crude oil inventories declined by 1.8 million barrels to 389.8 million for the week ending on 2nd May 2014. Gasoline stocks rose by 2.4 million barrels whereas distillate inventories have risen by 0.763 million barrels for the same time period.
EIA inventory forecast
The EIA is scheduled to release its weekly inventories report tonight at 8:00pm IST and US crude oil inventories is expected to gain by 1.4 million barrels for the week ending on 2nd May 2014. Gasoline stocks are expected to remain unchanged whereas distillate inventories are expected to have risen by 0.9 million barrels for the same time period.
Outlook crude
On an intraday basis, crude prices is expected to trade with sideways to mildly positive bias on account of positive trade balance data from the US, while on the other hand crude inventories in the US remain at all time highs.
Meanwhile, markets will be keenly watching the EIA inventory report due tonight that will provide further cues. Also, the tensions in the Ukraine peninsula can act as a positive factor and lift prices.
On the MCX, crude oil is expected to trade sideways taking cues from international markets and rupee movements.
Outlook Copper
We expect LME Copper prices to trade mixed today on the back of mixed market sentiments along with estimates of mixed economic data from Euro Zone that will exert downside pressure on prices.
While on the other hand, weakness in the DX will cushion sharp downside or even reversal in prices.
In the Indian markets, Rupee movement will provide further direction to prices.
Important Events for Today
Indicator --------------------------------Country Time (IST) Actual Forecast Previous Impact
FOMC Member Stein Speaks------- US-------- 3:00am - - ----------------------------- Medium
Monetary Policy Meeting Minutes --Japan----- 5:20am - - ---------------------------- Medium
German Factory Orders m/m--------- Euro------- 11:30am --------- 0.3%------ 0.6% Medium
French Industrial Production m/m---- Euro------ 12:15pm --------- 0.3% ------0.1% Medium
Halifax HPI m/m -------------------------UK------- 7th – 8th ----------- 0.8%---( -1.1%) Medium
Prelim Nonfarm Productivity q/q ----US -------6:00pm - ---------(-0.9%)------ 1.8% Medium
Prelim Unit Labor Costs q/q ----------US -------6:00pm ------------- 2.3%---( -0.1%) Medium
Fed Chair Yellen Testifies------------- US------- 7:30pm - ----------------------------- - High
Crude Oil Inventories ------------------US --------8:00pm ------------ 1.4M----- 1.7M Medium
10-y Bond Auction---------------------- US------- 10:31pm - ------------------ 2.72/2.8 Medium
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
Bullions
Gold --------------MCX------ June---- Sideways----- 28650---- 28750------ 28887------ 29020--- 29120
Spot Gold------------------------------- Up------------- 1302------ 1307 -------1313-------- 1319----- 1324
Gold Hedge----- NCDEX ---May---- Sideways----- 25050----- 25140------ 25264------ 25380 ---25460
Silver ------------MCX-------- July ----Sideways----- 42000 -----42300 -----42571------ 42900-- 43300
Spot Silver------------------------------ Sideways-------19.40 ------19.60------ 19.68------ 19.80---- 20.00
Silver Hedge -----NCDEX ---June ---Sideways------ 3790------ 3820------- 3848------- 3870----- 3910
Base Metals
LME Copper----------------------------- Sideways------ 6640 -----6670 -------6740-------- 6790----- 6850
Copper----------- MCX -------June---- Down ----------403------- 405-------- 408.85------ 412------- 416
Zinc --------------MCX------- May----- Sideways ------121.00---- 122.00---- 123.05---- 124.00- 125.00
Lead --------------MCX ------May------ Down ---------124.00 ----125.00---- 126.05-----127.00-- 128.00
Aluminium------ MCX------ May ------Down---------- 103.80--- 104.50----- 105.60---- 106.50- 107.50
Nickel ------------MCX------- May---- Sideways-------- 1095------ 1105------- 1115---- 1130------ 1145
Energy
Crude Oil------- MCX------ May------- Down -----------5940------ 5970------- 6006------ 6040 ---6090
Crude Oil -------NYMEX--- June -----Down --------98.90-------- 99.40----- 100.05---- 100.60-- 101.40
Brent Crude Oil MCX ------May -----Sideways------- 6620 ------6650 -------6695------ 6720----- 6770
Brent Crude Oil NYMEX --June------- Sideways------ 106.20---- 106.70 ----107.28--- 107.80- 108.60
Natural Gas------ MCX------ May------ Sideways ------281------- 284---------- 288.6 ----292 ------295
Outlook gold and silver
On an intraday basis gold and silver prices are expected to trade sideways as good data from the US puts pressure on the precious metal prices while tensions in Ukraine lifts bullions safe haven appeal and supports prices.
On the other hand, the physical demand remains weak, with outflows from the gold ETF’s liquidating for continuous five weeks in a row can exert downside pressure on the yellow metal.
On the MCX, gold is expected to trade sideways taking cues from international markets and rupee movements.
API Inventory update
The API released its weekly inventories report last night at 8:00pm IST and US crude oil inventories declined by 1.8 million barrels to 389.8 million for the week ending on 2nd May 2014. Gasoline stocks rose by 2.4 million barrels whereas distillate inventories have risen by 0.763 million barrels for the same time period.
EIA inventory forecast
The EIA is scheduled to release its weekly inventories report tonight at 8:00pm IST and US crude oil inventories is expected to gain by 1.4 million barrels for the week ending on 2nd May 2014. Gasoline stocks are expected to remain unchanged whereas distillate inventories are expected to have risen by 0.9 million barrels for the same time period.
Outlook crude
On an intraday basis, crude prices is expected to trade with sideways to mildly positive bias on account of positive trade balance data from the US, while on the other hand crude inventories in the US remain at all time highs.
Meanwhile, markets will be keenly watching the EIA inventory report due tonight that will provide further cues. Also, the tensions in the Ukraine peninsula can act as a positive factor and lift prices.
On the MCX, crude oil is expected to trade sideways taking cues from international markets and rupee movements.
Outlook Copper
We expect LME Copper prices to trade mixed today on the back of mixed market sentiments along with estimates of mixed economic data from Euro Zone that will exert downside pressure on prices.
While on the other hand, weakness in the DX will cushion sharp downside or even reversal in prices.
In the Indian markets, Rupee movement will provide further direction to prices.
Important Events for Today
Indicator --------------------------------Country Time (IST) Actual Forecast Previous Impact
FOMC Member Stein Speaks------- US-------- 3:00am - - ----------------------------- Medium
Monetary Policy Meeting Minutes --Japan----- 5:20am - - ---------------------------- Medium
German Factory Orders m/m--------- Euro------- 11:30am --------- 0.3%------ 0.6% Medium
French Industrial Production m/m---- Euro------ 12:15pm --------- 0.3% ------0.1% Medium
Halifax HPI m/m -------------------------UK------- 7th – 8th ----------- 0.8%---( -1.1%) Medium
Prelim Nonfarm Productivity q/q ----US -------6:00pm - ---------(-0.9%)------ 1.8% Medium
Prelim Unit Labor Costs q/q ----------US -------6:00pm ------------- 2.3%---( -0.1%) Medium
Fed Chair Yellen Testifies------------- US------- 7:30pm - ----------------------------- - High
Crude Oil Inventories ------------------US --------8:00pm ------------ 1.4M----- 1.7M Medium
10-y Bond Auction---------------------- US------- 10:31pm - ------------------ 2.72/2.8 Medium
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
