Gold:-
Gold futures rose in American trade away from July 20
lows for the tenth session out of 12 marking the highest since November 27 as
the dollar index slipped to the second lowest in December following earlier
data from the US the world's largest economy. Earlier US data showed
unemployment claims steadied at 245 thousand in the week ending December 23,
same as before and missing expectations of a dip to 240K while the goods trade
deficit rose in November to $69.7 billion from $68.1 billion in
October. The preliminary reading for wholesale inventories rose 0.7% in
November compared to expectations of a 0.4% and up from 0.5% in October, while
the Chicago PMI widened to 67.6 in December from 63.9 in November beating
expectations of a dip to 62.2. Global markets were closed on Monday for
Christmas while last week, President Donald Trump signed into law the $1.5
trillion tax reform bill, which cuts the corporate tax rate from 35% to
21%.Gold holdings at the SPDR Trust the world's largest gold-backed investment
fund steadied yesterday at 837.5 tonnes with no change.
Silver:-
Silver futures rose nearly one
percent in American trade to the highest since November 27 as the dollar index
hit the lowest since September 22 amid a lack of data from the US and ahead of
important Chinese data on Sunday. Markets await important Chinese data on
Sunday with the manufacturing PMI expected to drip to 51.6 for December while
the Services PMI is forecast to steady at 54.8 with no change. Silver is
heading for the longest daily winning streak in two months after rising for the
fifth straight session and the longest weekly winning streak in four months as
the dollar goes for the worst yearly performance since 2007. Global
markets were closed on Monday for Christmas while last week President Donald
Trump signed into law the $1.5 trillion tax reform bill which cuts the
corporate tax rate from 35% to 21%.
Crude:-
Oil prices carried on their gains in American trade
for the second session, with US crude trading above $60 for the first time
since 2015 after US crude stocks hit two-year lows while US output fell for the
first time since mid-October with prices heading for the second yearly profit
in a row. OPEC decided in the November 30 meeting to extend the global output
deal by nine more months until the end of 2019 which states a global cut of 1.8
million bpd in cooperation with Russia and other independent producers. Goldman
Sachs said that OPEC has shown strong commitment to cut global inventories
based on market data which is expected to limit global oversupply risks. The
investment bank raised US crude prices forecasts from $55 to $57.5 a barrel for
2018 and to $62 from $58 for Brent. Bank of America Merrill Lynch raised Brent
forecasts to $70 by mid-2018 due to strong global demand and a drop in
supplies.
Copper:-
Copper futures rose nearly one percent in American
trade to the highest since January 23, 2014, as the dollar index plumbed the
second lowest this month, following earlier data from the US the world's
largest economy. Earlier US data showed unemployment claims steadied at 245
thousand in the week ending December 23 same as before and missing expectations
of a dip to 240K, while the goods trade deficit rose in November to $69.7
billion from $68.1 billion in October. The preliminary reading for wholesale inventories
rose 0.7% in November compared to expectations of a 0.4%, and up from 0.5% in
October.
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 Aluminium is in perfect uptrend .Currently
Aluminium is in strong uptrend and the trend is supported with good volume the
open interest is not increasing with trend. In last few days lot of positive
accumulation happened in the Aluminium Cautious point is buying at higher
levels seems decreasing. The oscillator is showing buy signal for short term
the current position is buy .Support
for the Aluminium is 136. Immediate resistance for Aluminium is 147.
Zinc:
-
The Zinc is in perfect uptrend
.Currently Zinc is in strong uptrend and the trend is supported with good
volume the open interest is not increasing with trend. Cautious point is buying
at higher levels seems decreasing. The oscillator is showing buy signal for
short term the current position is buy .Support
for the Zinc is 202. Immediate resistance for Zinc is 214
Commodity
Trends
GOLD
|
29450
|
28450
|
SILVER
|
39530
|
37480
|
CRUDE
|
3915
|
3580
|
COPPER
|
471
|
450
|
LEAD
|
163
|
156
|
ALUMINIUM
|
147
|
136
|
Zinc
|
214
|
202
|
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