Technical Outlook for evening session – 4th July 2014 ( CMP as of 4.00 pm)
Commodity----Unit----Support 2----Support 1----CMP----Resistance 1----Resistance 2
Gold----Aug’14----Rs/10----gm----27300----27430----27556----27670----27800
Spot----Gold----$/oz----1307----1314----1321----1328----1335
Silver----Sept’14----Rs----/kg----44450----44700----45030----45250----45600
Spot----Silver----$/oz----20.81----20.95----21.12----21.25----21.4
Crude Oil----July’14----Rs----/bbl----6160----6190----6220----6245----6275
Nymex----Crude----Oil----Aug’14----$/bbl----102.6----103.2----103.8----104.3----104.9
Natural----Gas----July’14----Rs----/mmbtu----257----259----262----264----267
LME----Copper----$/tonne----7050----7110----7158----7210----7250
Copper----Aug’14----Rs----/kg----429----432----434.55----438----440
Zinc----July’14----Rs----/kg----132.3----133.1----133.75----134.8----135.7
Lead----July’14----Rs----/kg----128.5----129.3----130----131----131.9
Aluminum----July’14----Rs----/kg----113----113.8----114.65----115.8----116.5
Nickel----July’14----Rs----/kg----1160----1172----1180----1193----1205
Important Events for Today
Indicator------------------- Country Time (IST) Actual Forecast Previous Impact
German Factory Orders m/m --Euro--------- 11:30am -1.7% -0.8% 3.1% Medium
Bank holiday ------------------US------- All day --------------------- - - -
Outlook
We expect gold and silver prices to trade sideways as US markets remain shut on the eve of independence day and trading volumes remain thin.
Crude prices are expected to trade lower on account of profit booking at higher levels and ease of geo-political tensions in Ukraine and no tensions in Iraq for the time being.
Base metals are likely to trade on a positive note owing to lack of cues from the US as the markets remain closed today on Independence day holiday.
International Commodities
News and Analysis
German Factory Orders slumped by 1.7 percent in May.
Lesser volatility seen today on lack of cues from the US markets.
LME Copper inventories declined by 0.4 percent yesterday.
European markets are trading on a positive note today. Asian markets
ended on a mixed note while the US stock futures are trading in the
green.
German Factory Orders slumped by 1.7 percent in May as against a
gain of 3.4 percent in April.
Gold prices in the international markets is trading positive by $2 in a
thin trading volume as traders are at bay on the eve of independence
day holiday in the US. Meanwhile, lack of economic indicators from
the US or the Euro zone is leading to very narrow movements in the
yellow metal. On the MCX, gold prices are trading at Rs.27544,
marginally positive by around 0.29 percent
Spot silver prices on the international markets is trading marginally
positive on strength in bullion prices as trading remains thin due to
independence day holiday in the US. However, strength in the dollar
index is capping the rise. On the MCX, silver prices are trading higher
by 0.3 percent and currently trading at Rs.44980/kg.
Base metals on the LME are trading on a mixed note today owing to
mixed global market sentiments. Also, unfavorable factory orders
data from Germany along with strength in the DX acted as negative
factors. However, declining trend in inventories restricted sharp fall.
In the Indian markets, base metals are trading on a mixed note in line
with international markets.
LME Copper prices fell by 0.2 percent today on the back of plunge in
German factory orders number after showing growth in the prior
month. Also, strength in the DX along with rise in risk aversion in the
market sentiments exerted downside pressure on prices. However,
decline of 0.4 percent in inventories cushioned sharp downside in
prices. MCX Copper declined by 0.1 percent today and currently
hovering around Rs.434.4/kg.
U.S. oil futures are down for a seventh straight day amid expectations
of more shipments from Libya and Iran. The last time the contract fell
for so many days was in December 2009. Supply worries that have
rattled oil markets for weeks have receded in the recent weeks. On
the MCX, crude prices are trading marginally positive by 0.09 percent
and currently trading at Rs.6218/bbl.
Content
Day’s overview
Market Highlights
Outlook
Important Events for Today
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or call me at +91 9932242442, 9932461166 )
Commodity----Unit----Support 2----Support 1----CMP----Resistance 1----Resistance 2
Gold----Aug’14----Rs/10----gm----27300----27430----27556----27670----27800
Spot----Gold----$/oz----1307----1314----1321----1328----1335
Silver----Sept’14----Rs----/kg----44450----44700----45030----45250----45600
Spot----Silver----$/oz----20.81----20.95----21.12----21.25----21.4
Crude Oil----July’14----Rs----/bbl----6160----6190----6220----6245----6275
Nymex----Crude----Oil----Aug’14----$/bbl----102.6----103.2----103.8----104.3----104.9
Natural----Gas----July’14----Rs----/mmbtu----257----259----262----264----267
LME----Copper----$/tonne----7050----7110----7158----7210----7250
Copper----Aug’14----Rs----/kg----429----432----434.55----438----440
Zinc----July’14----Rs----/kg----132.3----133.1----133.75----134.8----135.7
Lead----July’14----Rs----/kg----128.5----129.3----130----131----131.9
Aluminum----July’14----Rs----/kg----113----113.8----114.65----115.8----116.5
Nickel----July’14----Rs----/kg----1160----1172----1180----1193----1205
Important Events for Today
Indicator------------------- Country Time (IST) Actual Forecast Previous Impact
German Factory Orders m/m --Euro--------- 11:30am -1.7% -0.8% 3.1% Medium
Bank holiday ------------------US------- All day --------------------- - - -
Outlook
We expect gold and silver prices to trade sideways as US markets remain shut on the eve of independence day and trading volumes remain thin.
Crude prices are expected to trade lower on account of profit booking at higher levels and ease of geo-political tensions in Ukraine and no tensions in Iraq for the time being.
Base metals are likely to trade on a positive note owing to lack of cues from the US as the markets remain closed today on Independence day holiday.
International Commodities
News and Analysis
German Factory Orders slumped by 1.7 percent in May.
Lesser volatility seen today on lack of cues from the US markets.
LME Copper inventories declined by 0.4 percent yesterday.
European markets are trading on a positive note today. Asian markets
ended on a mixed note while the US stock futures are trading in the
green.
German Factory Orders slumped by 1.7 percent in May as against a
gain of 3.4 percent in April.
Gold prices in the international markets is trading positive by $2 in a
thin trading volume as traders are at bay on the eve of independence
day holiday in the US. Meanwhile, lack of economic indicators from
the US or the Euro zone is leading to very narrow movements in the
yellow metal. On the MCX, gold prices are trading at Rs.27544,
marginally positive by around 0.29 percent
Spot silver prices on the international markets is trading marginally
positive on strength in bullion prices as trading remains thin due to
independence day holiday in the US. However, strength in the dollar
index is capping the rise. On the MCX, silver prices are trading higher
by 0.3 percent and currently trading at Rs.44980/kg.
Base metals on the LME are trading on a mixed note today owing to
mixed global market sentiments. Also, unfavorable factory orders
data from Germany along with strength in the DX acted as negative
factors. However, declining trend in inventories restricted sharp fall.
In the Indian markets, base metals are trading on a mixed note in line
with international markets.
LME Copper prices fell by 0.2 percent today on the back of plunge in
German factory orders number after showing growth in the prior
month. Also, strength in the DX along with rise in risk aversion in the
market sentiments exerted downside pressure on prices. However,
decline of 0.4 percent in inventories cushioned sharp downside in
prices. MCX Copper declined by 0.1 percent today and currently
hovering around Rs.434.4/kg.
U.S. oil futures are down for a seventh straight day amid expectations
of more shipments from Libya and Iran. The last time the contract fell
for so many days was in December 2009. Supply worries that have
rattled oil markets for weeks have receded in the recent weeks. On
the MCX, crude prices are trading marginally positive by 0.09 percent
and currently trading at Rs.6218/bbl.
Content
Day’s overview
Market Highlights
Outlook
Important Events for Today
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