Today's Commodity News : 13.11.2019
Fundamental-BULLION (Gold and Silver)
Review: Yellow metal prices fell to their lowest level in more that three-month on diminishing demand for haven assets after strength in the U.S. dollar and fresh highs for U.S. stock turned investors towards assets perceived as risky. However, prices recouped sharply in later
trading hours to settle moderately higher as U.S. president Donald Trump did not deliver any meaning update about U.S. – China trade deal at Economic club of New York Tuesday. Comex spot gold increased $3, or 0.25%, to $1458.37 an ounce.
Gold holding in SPDR gold trust – the world’s largest gold backed ETF – fell 0.45% to 897.09 metric tonnes on Tuesday from 901.19 tonnes on Monday. The political unrest in Hong Kong has also supported gold, which is considered an alternative investment during times o
geopolitical and financial uncertainty.
Outlook: The near term fundamental sentiment seems to have turned weak in bullion prices on greater chances of a U.S.-China trade deal and mounting dollar index along with gain in U.S. 10-year bond yield. Moreover, barrage of upbeat U.S. economic numbers weaken the
expectation of further FOMC rate cut in December meeting which will further dampen the demand of non-yielding assets like gold. However, uncertainties about Brexit and impeachment hearings against President Trump this week will probably offset drastic fall in prices.
Fundamental- BASE METALS (Aluminium,Copper,Lead,Nickel and Zinc)
Review: Base metal prices collapsed on Tuesday in the wake of growing uncertainties about U.S. – China trade deal after the U.S. president Donald Trump delivered mixed speech at traded mixed at economic club of New York on Tuesday. Red metal prices on LME fell
to their weakest level in one-week, while lead prices declined to 10-week low. Apart from that, ongoing protest in Hong Kong also contributed to slump in metal prices.
In a much-awaited speech, the U.S. President Donald Trump said a U.S.-China trade deal “could happen soon,” and said a phase one agreement was “close.” He also warned that if a deal isn’t reached, the U.S. will “substantially raise the tariffs.” Trump didn’t offer any
hints on the actual timing for a possible signing of the deal.
Outlook: Following the ongoing fundamental developments, near term sentiments are likely to remain mixed despite ongoing developments in U.S. – China trade deal as deterioration in global manufacturing PMI will keep prices suppressed in near to medium term,
while political unrest in Hong Kong will also fuel growth worries. However, any meaningful update or conciliation in prolonged trade dispute between U.S. and China will provide short term relief to ailing complex
Fundamental- ENERGY (Crudeoil & Natural Gas )
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Review: The U.S. crude oil prices ended slightly lower on Tuesday, extending falling line for second day in row, as a speech from President Donald Trump failed to offer any market-moving insights related to progress on trade talks between China and the U.S., a driver of
economic growth and demand for crude.
Investors are now waiting for weekly oil inventory report from the API due today and the more closely followed EIA report due tomorrow, with both coming a day later than usual due to the U.S. Veterans Day holiday observed on Monday. In addition to weekly supply data, a
monthly report from the OPEC is due on Thursday and the monthly IEA report is due on Friday.
Outlook: Amid ongoing bullish fundamental backdrop, oil prices have climbed more than 12 percent since their recent bottom formed in late September, the positive progress in 18-month old U.S. – China trade dispute played key role behind strength in oil prices, while fall in rig
counts and potential surge in energy demand from U.S. will also keep prices firm in near term. Although, we can’t rule out the possibilities of sudden shift in short-term trend in the absence of no trade deal.
Gold Mini Dec/
LBMA Spot Gold
Consistency below $1455 is required to trigger major liquidation in the counter. Supports are seen at $1420/1380 levels. Else, expect recovery moves but a direct rise above $1495 is required to negate the prevailing mild bearish outlook. Resistance is seen at $1510. MCX GoldM Dec: Res at 38450. Sup: 37300.
Silver Mini Nov/
LBMA Spot
Silver A direct drop below $16.60 would extend liquidation pressure towards $16.20 initially followed by the downside turnaround level of $15.20. Else, would see recovery moves which could target $17.90 later. MCX Nov: Res at 45500. Sup: 44100.
Copper Nov
Expect a choppy trade inside 447-438 initially, breaking any of the sides would suggest fresh
direction to the commodity.
Nickel Nov
Sustained trades below 1160 would take prices further lower. Else may see recovery upticks
for the day.
Lead Mini Nov
Inability to break 158 expect selling pressure in the counter which would take prices towards 153 or more later.
Zinc Mini Nov
While prices stay above 191 expect rallies to continue the day. Major support is seen at
186.
Alumini Nov
As long as prices stay above 133 expect recovery moves for the day. However strong resistance is seen at 136.
Crude Oil Nov/ NYMEX Crude
Upticks likely to be capped near the resistance of $58.50 and trigger corrective sell
offs. Immediate support is seen at $56 followed by $53.80. However, an unexpected rise
above $59 would target $60.40/63 levels later. MCX support at 3980. Res 4120.
Natural Gas Nov Inability to break the immediate resistance of 200 expect corrective selling pressure for the day. Support is seen at 188/182.
Fundamental-BULLION (Gold and Silver)
Join our Whatsapp : 9094047040
Review: Yellow metal prices fell to their lowest level in more that three-month on diminishing demand for haven assets after strength in the U.S. dollar and fresh highs for U.S. stock turned investors towards assets perceived as risky. However, prices recouped sharply in later
trading hours to settle moderately higher as U.S. president Donald Trump did not deliver any meaning update about U.S. – China trade deal at Economic club of New York Tuesday. Comex spot gold increased $3, or 0.25%, to $1458.37 an ounce.
Gold holding in SPDR gold trust – the world’s largest gold backed ETF – fell 0.45% to 897.09 metric tonnes on Tuesday from 901.19 tonnes on Monday. The political unrest in Hong Kong has also supported gold, which is considered an alternative investment during times o
geopolitical and financial uncertainty.
Outlook: The near term fundamental sentiment seems to have turned weak in bullion prices on greater chances of a U.S.-China trade deal and mounting dollar index along with gain in U.S. 10-year bond yield. Moreover, barrage of upbeat U.S. economic numbers weaken the
expectation of further FOMC rate cut in December meeting which will further dampen the demand of non-yielding assets like gold. However, uncertainties about Brexit and impeachment hearings against President Trump this week will probably offset drastic fall in prices.
Fundamental- BASE METALS (Aluminium,Copper,Lead,Nickel and Zinc)
Join our Whatsapp : 9094047040
Review: Base metal prices collapsed on Tuesday in the wake of growing uncertainties about U.S. – China trade deal after the U.S. president Donald Trump delivered mixed speech at traded mixed at economic club of New York on Tuesday. Red metal prices on LME fell
to their weakest level in one-week, while lead prices declined to 10-week low. Apart from that, ongoing protest in Hong Kong also contributed to slump in metal prices.
In a much-awaited speech, the U.S. President Donald Trump said a U.S.-China trade deal “could happen soon,” and said a phase one agreement was “close.” He also warned that if a deal isn’t reached, the U.S. will “substantially raise the tariffs.” Trump didn’t offer any
hints on the actual timing for a possible signing of the deal.
Outlook: Following the ongoing fundamental developments, near term sentiments are likely to remain mixed despite ongoing developments in U.S. – China trade deal as deterioration in global manufacturing PMI will keep prices suppressed in near to medium term,
while political unrest in Hong Kong will also fuel growth worries. However, any meaningful update or conciliation in prolonged trade dispute between U.S. and China will provide short term relief to ailing complex
Fundamental- ENERGY (Crudeoil & Natural Gas )
Join our Whatsapp : 9094047040
Review: The U.S. crude oil prices ended slightly lower on Tuesday, extending falling line for second day in row, as a speech from President Donald Trump failed to offer any market-moving insights related to progress on trade talks between China and the U.S., a driver of
economic growth and demand for crude.
Investors are now waiting for weekly oil inventory report from the API due today and the more closely followed EIA report due tomorrow, with both coming a day later than usual due to the U.S. Veterans Day holiday observed on Monday. In addition to weekly supply data, a
monthly report from the OPEC is due on Thursday and the monthly IEA report is due on Friday.
Outlook: Amid ongoing bullish fundamental backdrop, oil prices have climbed more than 12 percent since their recent bottom formed in late September, the positive progress in 18-month old U.S. – China trade dispute played key role behind strength in oil prices, while fall in rig
counts and potential surge in energy demand from U.S. will also keep prices firm in near term. Although, we can’t rule out the possibilities of sudden shift in short-term trend in the absence of no trade deal.
Intraday Technical Updates
Gold Mini Dec/
LBMA Spot Gold
Consistency below $1455 is required to trigger major liquidation in the counter. Supports are seen at $1420/1380 levels. Else, expect recovery moves but a direct rise above $1495 is required to negate the prevailing mild bearish outlook. Resistance is seen at $1510. MCX GoldM Dec: Res at 38450. Sup: 37300.
Silver Mini Nov/
LBMA Spot
Silver A direct drop below $16.60 would extend liquidation pressure towards $16.20 initially followed by the downside turnaround level of $15.20. Else, would see recovery moves which could target $17.90 later. MCX Nov: Res at 45500. Sup: 44100.
Copper Nov
Expect a choppy trade inside 447-438 initially, breaking any of the sides would suggest fresh
direction to the commodity.
Nickel Nov
Sustained trades below 1160 would take prices further lower. Else may see recovery upticks
for the day.
Lead Mini Nov
Inability to break 158 expect selling pressure in the counter which would take prices towards 153 or more later.
Zinc Mini Nov
While prices stay above 191 expect rallies to continue the day. Major support is seen at
186.
Alumini Nov
As long as prices stay above 133 expect recovery moves for the day. However strong resistance is seen at 136.
Crude Oil Nov/ NYMEX Crude
Upticks likely to be capped near the resistance of $58.50 and trigger corrective sell
offs. Immediate support is seen at $56 followed by $53.80. However, an unexpected rise
above $59 would target $60.40/63 levels later. MCX support at 3980. Res 4120.
Natural Gas Nov Inability to break the immediate resistance of 200 expect corrective selling pressure for the day. Support is seen at 188/182.