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I Equity I Derivative I Commodity I Debt & Forex I
Commodities
Daily Headlines International Bullion / Energy
Last Chg. % Chg
Crude Oil Falls After U.S. Service-Industries Report Dims Economic
Gold (USD/oz) Feb 1249.90 -1.20 -0.10
Outlook
Silver (USD/oz) Mar 19.89 -0.06 -0.32
Gold May Climb as Dollar Near Two-Week Low Spurs Alternative
Crude Oil (USD/bbl) 74.27 -0.33 -0.44
Asset Demand
Nat Gas (USD/MMBtu) 3.9 -0.04 -1.09
India's Sugar Production May Increase 17% Next Year, Farm Minister
Says LME Metal Prices (3 month)
Market Roundup Last Chg. % Chg
Aluminium 2155 142 7.1
Oil declined for a second day after service industries grew in August at the
weakest pace in seven months, signaling that the U.S. economic rebound Copper 7646 551 7.8
may slow.Futures dropped after the Institute for Supply Management’s index Lead 2162 198 10.1
of non-manufacturing business, which covers about 90 percent of the
economy, fell to 51.5 in August from 54.3 the prior month. The expansion, Nickel 21885 1755 8.7
reported Sept. 3, was the smallest since January. The Labor Department said Zinc 2160.5 189.5 9.6
the same day that companies in the U.S. added more jobs in August than
forecast.“The thing that dampened the optimistic sentiment from the LME Inventory
employment report was the non-manufacturing ISM for August,” said Ben
MT Chg. % Chg
Westmore, a minerals and energy economist at National Australia Bank Ltd.
in Melbourne. “People are still cautious, there is still a lot of uncertainty.” Aluminum 4426825 -5375 -0.58
Gold, little changed, may gain as the dollar weakens, boosting demand for Copper 397675 -1800 -1.18
the metal as an alternative asset. Bullion for immediate delivery increased Lead 191400 -400 -0.75
as much as 0.3 percent to $1,250.15 an ounce before trading at $1,247.70 an
Nickel 120354 -156 1.73
ounce at 9:52 a.m. Seoul time. “Gold will continue trying to break the
record and once it breaks it, bullion will shoot up,” said Hwang Il Doo, a Zinc 622150 -700 0.00
senior trader at Korea Exchange Bank Futures Co. in Seoul. “Generally,
sentiment remains bullish.”The dollar traded near a two-week low versus
the euro as data suggested the economic recovery is on track in the U.S. and
Europe, curbing demand for the greenback as a refuge. The dollar traded at
$1.2873 per euro, from $1.2896 in New York last week, after earlier MCX COPPER
dropping to $1.2902, the weakest since Aug. 19.
Sugar production in India, the biggest consumer, may jump 17 percent as
rains improve yields, helping the nation meet domestic demand, Farm
Minister Sharad Pawar said. Production may rise to 22 million metric tons,
Pawar said in an interview in New York yesterday. India’s monsoon rainfall,
the main source of irrigation for the nation’s 235 million farmers, was 1
percent below normal from June 1 to Aug. 30, the Indian Meteorological
Department said. India has been a net buyer since 2008 after a drought
ravaged crops, pushing prices in New York to a 29-year high of 30.4 cents in
February. Increased production from the Asian country may weigh on prices
that have slumped 24 percent this year on bets that rising supplies may
erase a global deficit.
(Source: Bloomberg)
MCX Gold and Silver corrected form the highs and managed to in a negative
zone, still long term trend not yet be changed, every dip is an opportunity
for build fresh longs. On intraday bias base metals are witnessing to trade
near overbought conditions, expecting some profit booking.
As expected NCDEX Chana prices fell sharply from the highs after completing
the 38% Fibonacci retracement levels.2156 levels witnessing a key supports
on breach of the same we may see further decline.
Recommendations:
Commodity EXCHANGE BUY / SELL TARGET STOP LOSS
Gold MCX Buy around 18960 19070 18920
Copper MCX Sell around 359.30 356 360.50
Chana NCDEX Sell Below 2156 2100 2184
I Equity I Derivative I Commodity I Debt & Forex I
K.N.Rahaman Deputy Research Head Equities & Commodities rahaman@way2wealth.com
Jigisha Jaini Sr. Research Analyst Capital Goods & Engineering jigishajaini@way2wealth.com
Nisha Harchekar Sr. Research Analyst FMCG, Hotels, Media nishaharchekar@way2wealth.com
Sejal Jhunjhunwala Sr. Research Analyst Auto, Shipping & Metals sejal@way2wealth.com
Abhishek Kothari Research Analyst Banking, NBFC & Financial Services abhishekkothari@way2wealth.com
Vishwa Doshi Research Analyst IT, Telecom, Midcaps vishwadoshi@way2wealth.com
Krishna Reddy Research Analyst Commodities, Economic Update krishnareddy@way2wealth.com
MSR Prasad Research Analyst Commodities Prasad.m@way2wealth.com
Prateek Jain Sr. Research Analyst Mutual Funds & Economic update prateek@way2wealth.com
Ritu Gupta Research Analyst Mutual Funds ritugupta@way2wealth.com
Aditya Agarwal Sr. Derivative Analyst Derivative Strategist & Technicals aditya@way2wealth.com
Amrut Deshmukh Sr. Technical Analyst Technical Analysis amrut@way2wealth.com
Arun Kumar Technical Analyst Technical Analysis - Commodities Arun.Kumar @way2wealth.com
Rupali Prabhu Research Assistant Database Management rupali@way2wealth.com
Contact 022-40192900
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