Weekly Commodity Market Report

Gold Prices Decline below $1,300 Level, Trade Near Lowest Price of the Month

Gold future prices recovered slightly on Friday in , but still traded below the key $1,300 level and are now near its lowest level of the month. The Labor Department reported on Thursday that its core producer price index (PPI) for final demand increased 0.3% last month, above economists’ forecasts for a 0.2% increase. In the 12 months through March, the core PPI rose 2.4%.It also reported that initial jobless claims dropped by 8,000 to a seasonally adjusted 196,000 for the week ended April 7, confounding expectations for a rise.

Crude Oil price rose as Bulls Eye $65 WTI Again; Rig Count Could Be Key

Crude futures rose again on Friday, heading for a sixth-straight week of gains, as threats of a wipe out in Libyan crude supply bolstered an already squeezed market. New York-traded West Texas Intermediate crude was up 62 cents, or 1%, at $64.20 per barrel by 11:00 AM ET (15:00 GMT). It hit a session high of $64.65 earlier in a fresh attempt by long-oil hedge funds to reach the $65 target. London-traded Brent, the global benchmark for oil, was up 66 cents, or 1%, at $71.49. It hit a November high of $71.78 on Wednesday.

China March copper concentrate imports fall on-month, aluminium exports rebound

china’s copper concentrate imports fell 8 percent in March from the month before when imports were unusually strong due to restocking ahead of the Lunar New Year holidays, customs data showed on Friday. Arrivals of copper concentrate, or partially processed copper ore, were 1.77 million tonnes last month, according to the General Administration of Customs data. That is up 10.6 percent from March

TECHNICAL VIEW

MCX Gold last week showed sideways to bullish movement but suddenly price falls from higher levels. For upcoming week if price sustains below 31700 then again bearish trend will active and it can find next strong support of 31500 and below this level 31300 will act as a next support and higher side if price can push for quick recovery then it can test 32000 levels and if price manages of this level then this momentum can test next resistance of 32300.

STRATEGY

Better strategy in MCX GOLD is to buy above 32000 for the target of 32400 with stop loss of 31500.

TECHNICAL VIEW

MCX Silver last week showed some bullish movement but unable to close on higher levels. For upcoming session it will continue with downward trend if price breaks and sustains below 37000 and after that this bearish momentum can find next immediate support of 36500. On upward side it has important resistance at 37500 and if price maintains above this level then it can took sharp recovery from lower to higher side up to next resistance of 38000 as well as trend will also change.

STRATEGY

Better strategy in MCX SILVER is to sell below 37000 for the target of 36200, with stop loss of 38000.

TECHNICAL VIEW

MCX Crude oil last week showed sideways to upward side movement and test major resistance of 4500. For upcoming trading session if price breach its channel line of 4500 levels then it can find next resistance of 4600 as well as we will keep bullish overview. On lower side it has crucial support of 4400 and below this level it may take correction from higher levels as well as find next correctional level of 4300 and after that 4200 will be next support level.

STRATEGY

Better strategy in MCX CRUDE is to buy at 4500 for the target of 4650, with stop loss of 4300.

TECHNICAL VIEW

MCX Copper last week showed sideways to bearish movement but at the end of the week it took reverse movement from lower levels and test strong resistance i.e. 450 levels. For upcoming period we will continue to suggest bullish trend up to next resistance of 460 and if price manages above this level then it can find next resistance of 470 and lower side it has immediate support at 440 and if it hold this level then we expect some down side movement towards next support of 430.

STRATEGY

Better strategy in MCX COPPER is to sell at 441 for the target of 431, with stop loss of 456.

Guar gum showed sideways movement last week, and found its important resistance around the level of 9280. If the prices sustains below its support level of 8865 then the bearish momentum will take prices up to 8625 level. On other hand if the prices maintains above 9280 then prices may find the next resistance level of 9505.

Soyaref showed bearish movement last week and found the support level of 718.50. If the prices maintain above its resistance level of 729 then the bullish momentum will take prices up to 739 levels. On otherhand if the prices sustain below 718.50 then prices may find the next support level of 710.

Turmeric showed bullish movement last week, and able to found its important resistance level of 6790. If the prices maintain above its resistance level of 6800 then the bullish momentum will take prices 7000 level. On other hand if the prices sustains below the support level of 6500 then prices find the next support level of 6300.

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