International Commodities
News and Analysis
German Ifo Business Climate fell to 109.7-mark in June.
API crude oil inventories expected to fall by 1.3 mn bbl – Reuters.
UK’s BBA Mortgage Approvals declined less than forecast to 41.8K.
Outlook
Our recomemded Sell on rise on bullion
We expect bullion and crude prices to trade positive as these commodities track how events in Iraq are unfolded. Meanwhile the new home sales data will provide further cues in the evening session.
Base metals are likely to trade on a positive note owing estimates of favorable economic data from the US in the evening session. However, ongoing probe at Qingdao port in China will restrict sharp upside in prices.
Technical Outlook for evening session – 24th June’14 ( CMP as of 4.00 pm)
Commodity ----------Unit -----------Support 2 -------Support 1 -----CMP ---Resistance1------- Resistance 2
Gold Aug’14---- Rs/10 gm------ 27630 ---------27740 --------27845 ----27980------------ 28100
Spot Gold------- $/oz----------- 1312----------- 1318---------- 1324---- 1331 --------------1337
Silver July’14 ---Rs /kg----------- 44400 --------44700---------- 44900--- 45250----------- 45500
Spot Silver------ $/oz ------------20.85 ---------20.99----------- 21.11---- 21.25------------ 21.37
Crude Oil July’14 Rs /bbl ---------6365---------- 6395---------- 6419----- 6455 -------------6490
Nymex Crude Oil Aug’14 $/bbl--- 105.2 --------105.75 ---------106.25--- 106.8 -----------107.35
Natural Gas June’14 Rs /mmbtu ---264 ----------267------------- 269.3---- 273-------------- 276
LME Copper $/tonne------------- 6825--------- 6860---------- 6889------ 6925 --------------6955
Copper June’14 Rs /kg----------- 415----------- 417----------- 418.9------- 421-------------- 423
Zinc June’14 Rs /kg-------------- 130 -----------130.8---------- 131.45 -----132.5------------ 133.5
Lead June’14 Rs /kg------------- 128.8--------- 129.6 ----------130.2------- 131-------------- 132
Aluminum June’14 Rs /kg--------- 110.8--------- 111.5---------- 112.05----- 112.9------------ 113.7
Nickel June’14 Rs /kg -----------1073 ----------1085----------- 1096.8 ------1110-------------- 1122
Important Events for Today
Indicator-------------------------- Country Time (IST) Actual Forecast Previous Impact
German Ifo Business Climate ------Euro----- 1:30pm -----109.7 ---110.3 --110.4 High
Inflation Report Hearings ----------UK -------2:00pm - -------------------------- - High
BBA Mortgage Approvals --------UK-------- 2:00pm ------41.8K 41.3K 42.2K Medium
FOMC Member Plosser Speaks ---US------- 5:35pm---------------------- - - - Medium
S&P/CS Composite-20 HPI y/y ---US -------6:30pm ------------- 11.7% 12.4% Medium
CB Consumer Confidence--------- US -------7:30pm --------------- 83.6 83.0 High
New Home Sales -----------------US--------- 7:30pm------------ - 442K 433K High
Treasury Sec Lew Speaks----------- US------ 7:30pm --------------------- - - Medium
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
News and Analysis
German Ifo Business Climate fell to 109.7-mark in June.
API crude oil inventories expected to fall by 1.3 mn bbl – Reuters.
UK’s BBA Mortgage Approvals declined less than forecast to 41.8K.
Outlook
Our recomemded Sell on rise on bullion
We expect bullion and crude prices to trade positive as these commodities track how events in Iraq are unfolded. Meanwhile the new home sales data will provide further cues in the evening session.
Base metals are likely to trade on a positive note owing estimates of favorable economic data from the US in the evening session. However, ongoing probe at Qingdao port in China will restrict sharp upside in prices.
Technical Outlook for evening session – 24th June’14 ( CMP as of 4.00 pm)
Commodity ----------Unit -----------Support 2 -------Support 1 -----CMP ---Resistance1------- Resistance 2
Gold Aug’14---- Rs/10 gm------ 27630 ---------27740 --------27845 ----27980------------ 28100
Spot Gold------- $/oz----------- 1312----------- 1318---------- 1324---- 1331 --------------1337
Silver July’14 ---Rs /kg----------- 44400 --------44700---------- 44900--- 45250----------- 45500
Spot Silver------ $/oz ------------20.85 ---------20.99----------- 21.11---- 21.25------------ 21.37
Crude Oil July’14 Rs /bbl ---------6365---------- 6395---------- 6419----- 6455 -------------6490
Nymex Crude Oil Aug’14 $/bbl--- 105.2 --------105.75 ---------106.25--- 106.8 -----------107.35
Natural Gas June’14 Rs /mmbtu ---264 ----------267------------- 269.3---- 273-------------- 276
LME Copper $/tonne------------- 6825--------- 6860---------- 6889------ 6925 --------------6955
Copper June’14 Rs /kg----------- 415----------- 417----------- 418.9------- 421-------------- 423
Zinc June’14 Rs /kg-------------- 130 -----------130.8---------- 131.45 -----132.5------------ 133.5
Lead June’14 Rs /kg------------- 128.8--------- 129.6 ----------130.2------- 131-------------- 132
Aluminum June’14 Rs /kg--------- 110.8--------- 111.5---------- 112.05----- 112.9------------ 113.7
Nickel June’14 Rs /kg -----------1073 ----------1085----------- 1096.8 ------1110-------------- 1122
Important Events for Today
Indicator-------------------------- Country Time (IST) Actual Forecast Previous Impact
German Ifo Business Climate ------Euro----- 1:30pm -----109.7 ---110.3 --110.4 High
Inflation Report Hearings ----------UK -------2:00pm - -------------------------- - High
BBA Mortgage Approvals --------UK-------- 2:00pm ------41.8K 41.3K 42.2K Medium
FOMC Member Plosser Speaks ---US------- 5:35pm---------------------- - - - Medium
S&P/CS Composite-20 HPI y/y ---US -------6:30pm ------------- 11.7% 12.4% Medium
CB Consumer Confidence--------- US -------7:30pm --------------- 83.6 83.0 High
New Home Sales -----------------US--------- 7:30pm------------ - 442K 433K High
Treasury Sec Lew Speaks----------- US------ 7:30pm --------------------- - - Medium
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
