Weekly Commodity Market Report

  

PRECIOUS-Gold cuts losses after reports say U.S. mulling delisting China stocks

Gold pared some losses on Friday, after falling more than 1%, as investors opted for the safety of the metal following reports the United States is considering delisting Chinese companies from U.S. stock exchanges.U.S. President Donald Trump’s move to delist Chinese companies from U.S. stock exchanges would be a part of a broader effort to limit U.S. investments into China.Earlier in the session, gold prices had slipped as much as 1.3% as the dollar rose to a three-week peak amid doubts whether the U.S. Federal Reserve will cut interest rates again in October.Data earlier on Friday showed U.S. durable goods orders rose 0.2% in August versus an expectation of -1%.

Oil prices head for big weekly loss as supply fears wane

Oil prices fell on Friday and were heading for a weekly loss on a faster than expected recovery in Saudi output while slowing Chinese economic growth dampens the demand outlook.Sources told Reuters this week that Saudi Arabia had restored capacity to 11.3 million barrels per day. Saudi Aramco has yet to confirm it is fully back online.

In China, the world’s second-largest economy and biggest importer of crude oil, industrial companies reported a contraction in profits in August.

Copper in India to lose sheen due to demand-supply mismatch

A demand-supply mismatch in domestic copper market will make India a net importer of refined copper in 2019-20 (FY20). Production of copper during April-July period stands at 167,000 tonnes. India has emerged as an importer of copper ore and concentrates and imports more than 90 per cent of its concentrate requirements due to lack of copper mines in the country.

Demand for the domestic copper market is dependent largely on the electrical and telecommunications (56 per cent), building and construction (8 per cent), automobiles (11 per cent), and the consumer durables segments (8 per cent).

 

TECHNICAL VIEW

MCX Gold last week showed sideways to bearish movement in whole week and after breaking 38000 support level found next support of i.e. 37310. For upcoming week if price trades above 38300 levels then it can give upside movement up to next psychological resistance level of 39000. On lower side, if price still slide towards lower side than 37000 will act as vital support level below this momentum can find next support level at 36500.

STRATEGY

Better strategy in MCX GOLD is to buy above 38300 for the target of 38800 with stop loss of 37500.

TECHNICAL VIEW

MCX Silver last week showed downward side movement and drags down towards the support level of 45600 and closed below it. For upcoming trading session we will continue to suggesting weak trend, if price sustains below 45500 levels and after that 44000 will act as a next important support level. On higher side it has immediate resistance at 48000 and if price maintain above this level then it will take towards the psychological resistance level of 50000.

STRATEGY

Better strategy in MCX SILVER is to sell below 44700 for the target of 43500, with stop loss of 46000.

TECHNICAL VIEW

MCX Crude oil last week showed bearish movement in all session and settled down as well as found trend line support i.e. around 3869 levels. For upcoming period if  bullishness will active towards next resistance level of 4100 and after that 4300 will be next immediate resistance and if price takes lower movement from current levels towards down side then it can test support level of 3800 and after that 3600 will act as a next support level.

STRATEGY

Better strategy in MCX CRUDE is to buy above 4050 for the target of 4200, with stop loss of 3800.

TECHNICAL VIEW

MCX Copper last week showed bullish movement and also tests resistance level of 456. For upcoming session, if price sustains below 445 levels then it may give more down side movement towards next support level of 438. On higher side it has psychological resistance level at 460 and above this price level it will lift up for quick recovery from lower to higher side up to next resistance of 470 and trend may also change.

STRATEGY

Better strategy in MCX COPPER is to sell below 450 for the target of 440, with stop loss of 460.

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