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Technical Levels for Metals and Energy 28 July 2014
Commodity Exchange-- Contract----- Trend--------- S2------- --S1-------- LTP--------- R1--------- R2
Bullion
Gold -------MCX ------Aug---------Sideways----27700----27800----27938----28100----28200
Spot Gold----------------------------Sideways----1291----1296----1302----1310----1314
Gold Hedge----NCDEX----July-----Sideways----24820----24910----25041----25180----25270
Silver----MCX----Sept-------------Sideways----43600----43900----44281----44600----45000
Spot Silver---------------------------Sideways----20.20----20.40----20.57----20.70----20.90
Silver Hedge----NCDEX----Aug----Sideways----3930----3952----3987----4010----4040
Base Metal
LME Copper-------------------------Up----7080----7130----7183----7210----7260
Copper----MCX----Aug------------Up----426----429----431.95----434----437
Zinc----MCX----July---------------Up----141.50----143.00----144.05----145.00----146.00
Lead----MCX----July--------------Sideways----134.00----135.00----135.95----137.00----138.00
Aluminium----MCX----July---------Up----117.50----118.50----119.60----120.50----121.50
Nickel----MCX----July------------Sideways----1120----1130----1148.60----1158----1165
Energy
Crude Oil----MCX----Aug-----------Sideways----6050----6100----6150----6200----6250
Crude Oil----NYMEX----Sept------Sideways----99.80----100.60----101.52----102.30----103.10
Crude Oil----NCDEX----Aug-------Sideways----6050----6100----6159----6200----6300
Brent Crude Oil----MCX----Aug----Sideways----6470----6520----6570----6620----6670
Brent Crude Oil----NYMEX----Sept----Sideways----106.20----107.00----107.88----108.70----109.50
Brent Crude Oil----NCDEX----Aug----Sideways----6460----6510----6566----6610----6660
Natural Gas----MCX----July-----------Sideways----222----225----227.10----229----232
International Commodities
Overview
Bullion
Gold
Spot gold prices fell last week and hit a one-month low as the rebound in equities after receding of tensions in Russia and the Middle East along with positive economic data from the US, China and Euro Zone deterred investors from safe haven buying. Further, China's gold demand slumped 19.4 percent in the first six months of 2014 from year ago amid rising supply and net gold imports from Hong Kong fell to a 17-month low in June to 40.543 tonnes from 52.606 tonnes in May along with decline in SPDR holdings acted as negative factors.
However, sharp losses were cushioned as the situation remained tense in the Middle East with Israel pounding targets across the Gaza Strip saying no ceasefire was near as top U.S. and United Nations diplomats pursued talks on halting the fighting that has claimed more than 600 lives.
In the Indian markets, gold prices fell by around 0.2 percent in the last session taking cues from International markets.
Silver
Silver prices in the international markets fell by 0.6 percent in line with weakness in gold prices. Also, falling interest in the white metal after tensions mellowed down in Ukraine along with declining trend in iShares acted as a negative factor for prices.
On the MCX, silver prices fell by 1.4 percent owing to Rupee appreciation and touched a weekly low of Rs.43728/kg before closing at Rs.44610/kg.
Outlook Gold Silver
On an intraday basis, we expect gold and silver prices to trade lower in today’s session as the improvement in the US economy is likely overweigh safe-haven appeal due to heightened tensions between the West and Russia, and violence in the Middle East.
On the MCX, gold and silver prices are expected to trade lower taking cues from international markets.
Base Metals
Base metals on the LME traded higher last week on the back of positive manufacturing data from China and positive housing data from the US. Also, declining trend in LME inventories along with recovery in markets sentiments helped by the first signs of cooperation from Ukraine's pro-Russian separatists over the downed Malaysian Airlines plane acted as positive factor.
In the Indian markets, all the base metals traded on a positive note taking cues from international trends.
Copper
LME Copper prices jumped by 1.9 percent last week as manufacturing data in China, the world’s top consumer of industrial metals surged to an 18-month high in July. Also, favorable employment and housing data from the US that points towards improving economy acted as a positive factor.
Further, decline in LME inventories to 6-year low levels coupled with rebound in market sentiments in the latter part of trade supported gains. The red metal touched a weekly high of $7198.25/tonne before closing at $7129/tonne in the last session.
MCX Copper prices surged by around 1.4 percent last week in line with international markets and closed at Rs.432/kg on Friday.
Outlook Base Metals
We except LME Copper prices to trade sideways today as optimism regarding the US and Chinese economy will continue to support gains in the metal.
While on the other hand, major miner Freeport which is set to resume concentrate exports from Indonesia after a six-month halt along with estimates of negative pending home sales data from the US will exert downside pressure on prices.
MCX Copper prices will trade sideways today taking cues from international markets.
Important Events for Today
Indicator---------------------- Country Time (IST) Actual Forecast Previous Impact
Pending Home Sales m/m US ---------7:30pm---------- - -0.2%--- 6.1%---- High
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
Technical Levels for Metals and Energy 28 July 2014
Commodity Exchange-- Contract----- Trend--------- S2------- --S1-------- LTP--------- R1--------- R2
Bullion
Gold -------MCX ------Aug---------Sideways----27700----27800----27938----28100----28200
Spot Gold----------------------------Sideways----1291----1296----1302----1310----1314
Gold Hedge----NCDEX----July-----Sideways----24820----24910----25041----25180----25270
Silver----MCX----Sept-------------Sideways----43600----43900----44281----44600----45000
Spot Silver---------------------------Sideways----20.20----20.40----20.57----20.70----20.90
Silver Hedge----NCDEX----Aug----Sideways----3930----3952----3987----4010----4040
Base Metal
LME Copper-------------------------Up----7080----7130----7183----7210----7260
Copper----MCX----Aug------------Up----426----429----431.95----434----437
Zinc----MCX----July---------------Up----141.50----143.00----144.05----145.00----146.00
Lead----MCX----July--------------Sideways----134.00----135.00----135.95----137.00----138.00
Aluminium----MCX----July---------Up----117.50----118.50----119.60----120.50----121.50
Nickel----MCX----July------------Sideways----1120----1130----1148.60----1158----1165
Energy
Crude Oil----MCX----Aug-----------Sideways----6050----6100----6150----6200----6250
Crude Oil----NYMEX----Sept------Sideways----99.80----100.60----101.52----102.30----103.10
Crude Oil----NCDEX----Aug-------Sideways----6050----6100----6159----6200----6300
Brent Crude Oil----MCX----Aug----Sideways----6470----6520----6570----6620----6670
Brent Crude Oil----NYMEX----Sept----Sideways----106.20----107.00----107.88----108.70----109.50
Brent Crude Oil----NCDEX----Aug----Sideways----6460----6510----6566----6610----6660
Natural Gas----MCX----July-----------Sideways----222----225----227.10----229----232
International Commodities
Overview
- US Core Durable Goods Orders increased by 0.8 percent in June.
- Nymex NG prices declined by 4 percent on mild weather conditions.
- China’s gold imports from Hong Kong fell to a 17-month low in June
- German Ifo Business Climate slipped to 108-mark in current month.
- LME Copper inventories plunged by 3.2 percent last week.
- UK’s Prelim GDP unchanged at 0.8 percent in the Q2 of 2014.
Bullion
Gold
Spot gold prices fell last week and hit a one-month low as the rebound in equities after receding of tensions in Russia and the Middle East along with positive economic data from the US, China and Euro Zone deterred investors from safe haven buying. Further, China's gold demand slumped 19.4 percent in the first six months of 2014 from year ago amid rising supply and net gold imports from Hong Kong fell to a 17-month low in June to 40.543 tonnes from 52.606 tonnes in May along with decline in SPDR holdings acted as negative factors.
However, sharp losses were cushioned as the situation remained tense in the Middle East with Israel pounding targets across the Gaza Strip saying no ceasefire was near as top U.S. and United Nations diplomats pursued talks on halting the fighting that has claimed more than 600 lives.
In the Indian markets, gold prices fell by around 0.2 percent in the last session taking cues from International markets.
Silver
Silver prices in the international markets fell by 0.6 percent in line with weakness in gold prices. Also, falling interest in the white metal after tensions mellowed down in Ukraine along with declining trend in iShares acted as a negative factor for prices.
On the MCX, silver prices fell by 1.4 percent owing to Rupee appreciation and touched a weekly low of Rs.43728/kg before closing at Rs.44610/kg.
Outlook Gold Silver
On an intraday basis, we expect gold and silver prices to trade lower in today’s session as the improvement in the US economy is likely overweigh safe-haven appeal due to heightened tensions between the West and Russia, and violence in the Middle East.
On the MCX, gold and silver prices are expected to trade lower taking cues from international markets.
Base Metals
Base metals on the LME traded higher last week on the back of positive manufacturing data from China and positive housing data from the US. Also, declining trend in LME inventories along with recovery in markets sentiments helped by the first signs of cooperation from Ukraine's pro-Russian separatists over the downed Malaysian Airlines plane acted as positive factor.
In the Indian markets, all the base metals traded on a positive note taking cues from international trends.
Copper
LME Copper prices jumped by 1.9 percent last week as manufacturing data in China, the world’s top consumer of industrial metals surged to an 18-month high in July. Also, favorable employment and housing data from the US that points towards improving economy acted as a positive factor.
Further, decline in LME inventories to 6-year low levels coupled with rebound in market sentiments in the latter part of trade supported gains. The red metal touched a weekly high of $7198.25/tonne before closing at $7129/tonne in the last session.
MCX Copper prices surged by around 1.4 percent last week in line with international markets and closed at Rs.432/kg on Friday.
Outlook Base Metals
We except LME Copper prices to trade sideways today as optimism regarding the US and Chinese economy will continue to support gains in the metal.
While on the other hand, major miner Freeport which is set to resume concentrate exports from Indonesia after a six-month halt along with estimates of negative pending home sales data from the US will exert downside pressure on prices.
MCX Copper prices will trade sideways today taking cues from international markets.
Important Events for Today
Indicator---------------------- Country Time (IST) Actual Forecast Previous Impact
Pending Home Sales m/m US ---------7:30pm---------- - -0.2%--- 6.1%---- High
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
