Weekly Commodity Market Report

 

Gold Clings to $1,500 Despite U.S. Jobs, Trade Talks Optimism

Stellar U.S. jobs growth for October and high-level progress apparently in China-U.S. trade talks whetted investors’ appetite for risk on Friday and weakened their inclination to hold safe havens. Yet gold held to its $1,500 perch, proving few were willing to abandon the yellow metal.Gold futures for December delivery on COMEX settled down $3.40, or 0.2%, at $1,511.40 per ounce. It rose 1.2% in the previous session on reports of renewed troubles in U.S.-China negotiations. But it was back in the green lane in post-settlement trade, rising a modest 15 cents to $1,514.95.Spot gold, which tracks live trades in bullion, was up 8 cents at $1,512.70.

Uniper Energy DMCC joins Platts’ Asia fuel oil MOC process
S&P Global Platts said on Friday it had added Uniper Energy DMCC, a unit of Germany-based energy trader Uniper, to its Asia Market On Close (MOC) assessment process for Asian fuel oil.Singapore is the world’s largest marine fuels market and serves as Asia’s pricing hub for fuel oil as well as other petroleum products including gasoline and diesel. Fujairah in the United Arab Emirates is also a regional bunker trading and storage hub. Uniper Energy owns and operates two crude processing units in Fujairah that annually supply more than 4 million tonnes of low-sulphur marine fuel oils that comply with the International Maritime Organization’s 0.5% sulphur cap starting globally in 2020, as well as regional.

Copper, nickel, zinc futures up on spot demand
Copper prices on Friday rose 20 paise to Rs 438.15 per kg in futures trade as speculators built fresh positions in spot market.

Nickel prices on Friday strengthened 40 paise to Rs 1,200.80 per kg in futures trade as investors raised their positions driven by a firm demand from alloy-makers.

Zinc prices on Friday rose 0.20 per cent to Rs 188.05 per kg in futures market as traders built up fresh positions amid increase in spot demand. On the Multi Commodity Exchange, zinc for delivery in November traded higher by 20 paise, or 0.11 per cent, to Rs 188.05 per kg in a business turnover of 1,772 lots.

TECHNICAL VIEW

MCX Gold last week showed sideways to bullish movement in whole week and found a resistance of upper band of triangle pattern i.e. 38650. For upcoming week if price trades above 38700 levels then it can give upside movement up to next psychological resistance level of 39500. On lower side, if price still slide towards lower side than 37800 will act as vital support level below this momentum can find next support level at 37400.

STRATEGY

Better strategy in MCX GOLD is to buy above 38650 for the target of 39100 with stop loss of 38000.

TECHNICAL VIEW

MCX Silver last week showed sideways to bullish movement and rise towards the resistance level of 47250 and sharp fall in last trading day. For upcoming trading session we will continue to suggesting bull trend, if price maintains above 47500 levels and after that 48500 will act as a next important resistance level. On lower side it has immediate support at 45000 and if price maintain below this level then it will take towards the support level of 44000.

STRATEGY

Better strategy in MCX SILVER is to sell below 46000 for the target of 45000, with stop loss of 47300.

TECHNICAL VIEW

MCX Crude oil last week showed sideways bearish movement in all sessions and close at resistance zone i.e. around 3822 levels. For upcoming period if  bullishness will continue 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 4000 for the target of 4200, with stop loss of 3800.

TECHNICAL VIEW

MCX Copper last week showed sideways to bearish movement and also tests support level i.e. around 436. For upcoming session, if price maintains above 445 levels then it may give more up side movement towards next resistance level of 450. On lower side it has psychological support level at 435 and if sustain below 435 level then it will move down towards the major support level of 430.

STRATEGY

Better strategy in MCX COPPER is to buy above 445 for the target of 455, with stop loss of 435.

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