COMMODITY OUTLOOK
Gold:-
Gold is trading one week high, buoyed by a softer dollar and president political and geopolitical uncertainties limiting the upside are continued strengths in stocks and yields at the long-end of the curve in anticipation of tax reform legislation getting passed. Gold futures bounced off July 20 lows for the seventh session out of nine marking December 5 highs even as the dollar index gained ground for the first time in five sessions, following a basket of data from the US, the world's largest economy. S new home sales surged 17.5% in November to an annualized 733 thousand units compared to a 1.7% decline in October revised from a 6.2% rise, to 624K while analysts expected a 4.4% drop to 654 thousand. The Revised University of Michigan Consumer Sentiment's survey fell to 95.9 for December from the preliminary reading of 96.8 missing expectations of 97.1 and down from November's 98.5 reading. US President Donald Trump urged the Republican-dominated Congress to pass a short-term spending bill to avoid government shutdown after Congress successfully passed a $1.5 trillion tax reform bill and sent it to Trump to sign it into law. Gold holdings at the SPDR Gold Trust the world's largest gold-backed investment funds remained unchanged on Thursday at 836.02 tonnes the lowest since September 11.
Silver:-
December heading for the second weekly profit in a row, even as the dollar index climbed for the first time in five sessions following a basket of data from the US the world's largest economy. US unemployment claims rose to 245 thousand in the week ending December 16 the first such increase in five weeks passing expectations of 232K and jumping far from the previous reading's 225 thousand. The Philly Fed Manufacturing Index rose to 26.2 in December from 22.7 in November subverting expectations of a dip to 21.5. Yesterday the House of Representatives passed the $1.5 trillion tax bill with a 224-201 majority after the Senate passed it with a 51-48 margin sealing the biggest reshaping of the tax system in 30 years.
Gold:-
Gold is trading one week high, buoyed by a softer dollar and president political and geopolitical uncertainties limiting the upside are continued strengths in stocks and yields at the long-end of the curve in anticipation of tax reform legislation getting passed. Gold futures bounced off July 20 lows for the seventh session out of nine marking December 5 highs even as the dollar index gained ground for the first time in five sessions, following a basket of data from the US, the world's largest economy. S new home sales surged 17.5% in November to an annualized 733 thousand units compared to a 1.7% decline in October revised from a 6.2% rise, to 624K while analysts expected a 4.4% drop to 654 thousand. The Revised University of Michigan Consumer Sentiment's survey fell to 95.9 for December from the preliminary reading of 96.8 missing expectations of 97.1 and down from November's 98.5 reading. US President Donald Trump urged the Republican-dominated Congress to pass a short-term spending bill to avoid government shutdown after Congress successfully passed a $1.5 trillion tax reform bill and sent it to Trump to sign it into law. Gold holdings at the SPDR Gold Trust the world's largest gold-backed investment funds remained unchanged on Thursday at 836.02 tonnes the lowest since September 11.
Silver:-
December heading for the second weekly profit in a row, even as the dollar index climbed for the first time in five sessions following a basket of data from the US the world's largest economy. US unemployment claims rose to 245 thousand in the week ending December 16 the first such increase in five weeks passing expectations of 232K and jumping far from the previous reading's 225 thousand. The Philly Fed Manufacturing Index rose to 26.2 in December from 22.7 in November subverting expectations of a dip to 21.5. Yesterday the House of Representatives passed the $1.5 trillion tax bill with a 224-201 majority after the Senate passed it with a 51-48 margin sealing the biggest reshaping of the tax system in 30 years.
Crude:-
Oil futures wavered in American trade, with US crude
dipping and Brent gaining ground, while the dollar index rose for the first
time in five sessions following an array of data from the US the world's
largest energy consumer and after Russian energy minister Alexander Novak's
remarks on the oil market. On another note Russian energy minister
Alexander Novak said in earlier remarks that he expects balance to return to
global markers in 2018 as supply and demand levels near each other and putting
an estimated range of $50 and $60 a barrel in 2018. On Wednesday the
Energy Information Administration released its report on US crude stocks
showing a drop of 6.5 million barrels in the week ending December 15 adding to the
5.1M drop in the previous reading while analysts expected a 3.6M decline with
total stocks now dipping to 436.5 million barrels. Otherwise US gasoline
stocks rose 1.2 million barrels while distillate stocks, including heating fuel
fell 0.8 million barrels remaining within the lower range on average in this
time of year.
Copper:-
Copper futures fell in American trade away from the
highest since October 24, as the dollar index rebounded for the second session
off the lowest since December 5, following earlier data from the US, the
world's largest economy. Copper futures rose for the seventh session in a
row to the highest since November 6, as the dollar index dipped for the fourth
session to the lowest since October 19, ahead of US services data later today. As
of 03:36 GMT, copper futures due on March 12 rose 0.55% to $317.65 a pound from
the opening of $315.90, while the dollar index shed 0.42% to 92.83 from the
opening of 93.22. Now markets await the preliminary reading for the
Services PMI for November, expected to rise to 55.5 from 55.3 in October, amid
low market liquidity due to the US Thanksgiving holiday.
Natural
Gas:-
Natural gas futures fell one percent to February 22
lows, even as the dollar index dipped for the fourth straight session, following
a basket of data from the US, the world's largest energy consumer, including
the EIA report that showed a larger-than-expected inventory drawdown last
week. Earlier US data showed the final reading of GDP growth with a rate
of 3.2% in the third quarter of 2017, missing expectations of 3.3%, and
compared to a 3.1% growth rate in the second quarter. US unemployment
claims rose to 245 thousand in the week ending December 16, the first such
increase in five weeks, passing expectations of 232K, and jumping far from the
previous reading's 225 thousand.
Lead:-
Lead prices edged up by 0.18 per cent to Rs 163.10 per
kg in futures trade today as participants built up fresh positions after demand
from consuming industries in the spot market picked up. At Multi Commodity
Exchange lead for delivery in September went higher by 30 paisa or 0.18 per
cent to Rs 163.10 per kg in a business turnover of 631 lots.
Similarly the metal for delivery in September contracts traded higher by 25 paisa or 0.15 per cent to Rs 162.90 per kg in 617 lots. Analysts attributed the rise in lead futures to fresh positions from traders after uptick in demand from battery makers in the spot market.
Similarly the metal for delivery in September contracts traded higher by 25 paisa or 0.15 per cent to Rs 162.90 per kg in 617 lots. Analysts attributed the rise in lead futures to fresh positions from traders after uptick in demand from battery makers in the spot market.
Aluminum:-
The Aluminum is
bearish for medium-long term .Currently Aluminum is in strong downtrend and the
trend is supported with good volume the open interest is not increasing with
trend. The Aluminum is now trading in oversold level. The oscillator is showing
sell signal for short term Aluminum is in sell position and closed above 1 week high with volume
signals up breakout. Immediate support for Aluminum is 128.Resistance for the
Aluminum is 133. Aluminum closed above 1 week high with volume signals up
breakout Currently Aluminum is in hold
long position Aluminum is in sideways and sellers was at
high so for short term better buy above 132.5 or hold with stop at 128.4 The
next resistance will be at 133. The oscillator is showing buy signal.
Zinc:
-
The Zinc is in long- short-medium-
short- term bull phase .Currently Zinc is moving sideways the oscillator is
showing buy signal .In last 1 month volatility is very less and fresh Buy can
be considered in the Zinc if it close above 212 or buy with strict stop at 198.
The oscillator is showing buy signal for short term Zinc is in hold long
position. Support for the Zinc is 202. Immediate resistance for Zinc is 210.
Commodity
Trends
R1
|
S1
|
|
GOLD
|
28800
|
28055
|
SILVER
|
38400
|
36800
|
NATURAL
GAS
|
181
|
163
|
CRUDE
|
3780
|
3640
|
COPPER
|
461
|
443
|
LEAD
|
165
|
157
|
ALUMINIUM
|
141
|
132
|
Zinc
|
210
|
202
|
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