Weekly Commodity Report

weekly market commodity

gold

Precious metal Prices Recover From 6-Month Low As Dollar Retreats

Precious metal prices recovered from a 6-month low on Friday as the dollar slipped after hitting a 11-month peak earlier in the day. For the safe-haven gold the news were cited as supportive, a trade war that triggered a sell-off in global equities since the beginning of the week. Increases demand for the precious metal, Dollar-denominated assets such as gold are sensitive to moves in the dollar – A fall in the dollar makes gold less expensive for holders of foreign currency and thus.

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Crude oil Prices Rise Ahead of Key OPEC Meeting

Crude Oil prices climbed more than 1% on Friday, with all eyes on OPEC and its allies as they meet in Vienna later on Friday.Is meeting with some non-OPEC members including Russia in Vienna later today to discuss possible crude output hike, The Organization of the Petroleum Exporting Countries (OEPC), a producer cartel de-facto. Russia & Saudi Arabia, both of which have the ability to increase production, are opting for a substantial output hike. Some OPEC countries without spare capacity, including Iraq, Iran and Venezuela, prefer to keep the supply limits in place.

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Nickel continues run of strength, zinc prices slide 2.3%

Base metal has already moved out of WWS warehouses in Singapore, the exchange said, but there have been difficulties in obtaining it due to unpaid WWS debts. London Metal Exchange is taking WWS warehouses in New Orleans, St Louis, Antwerp and Vlissingen out of its warehousing network, it said in a notice today. Mcx Copper prices were similarly lower, with fears that additional tariffs amid the China-US trade spat could affect economic growth. Mcx nickel maintained its upward momentum this morning following yesterday’s robust performance, with strong fundamentals continuing to support the metal and helping to offset any negative impact from the escalation in global trade tensions.

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TECHNICAL VIEW

GOLD: –

MCX Gold last week showed sideways to bearish movement and broke its lower trend line support i.e. 30900 levels as well as it also breaches its major support of 30650 and able to close below this level. For upcoming trading session it may continue with bearish trend and goes down towards next support of 30200. On upward side it has important resistance level of 30900 and if it maintains above this level then it may take recovery from lower to upper level up to 31300 levels.

STRATEGY

Better strategy in MCX GOLD is to sell below 30500 for the target of 30200 with stop loss of 31000.

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TECHNICAL VIEW

Silver: –

MCX Silver last week showed sideways to downward side movement but unable to close below its major support as well as lower trend line i.e. 39400 levels. For upcoming week if it breaks support of 39400 then price slides towards next support level of 38900. On upper side it has major resistance level of 40200 and if price maintains above this level then it can push for some recovery from lower levels and test next resistance of 40800 and continue with bullish trend.

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STRATEGY

Better strategy in MCX SILVER is to buy above 40000 for the target of 41000, with stop loss of 38500.

 

TECHNICAL VIEW

Crude Oil: –

MCX Crude oil last week showed sideways movement due to expiry. For upcoming week it may give some positive movement and test important resistance level of 4600 and if price holds this level then it may continue with upward trend and after that 4600 will act as a next major resistance level. On lower side it has crucial support of 4400 and if price breaches this level then it goes down and takes some correction and test next support level of 4300.

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STRATEGY

Better strategy in MCX CRUDE is to buy above 4600 for the target of 4750, with stop loss of 4400.

 

TECHNICAL VIEW

Copper: –

MCX Copper last week showed strong bearish movement and broke its support line of 460 and also able to close below this level. For upcoming session it can give more down side movement and test next key support of 450 and after that 440 will act as a next major support. On upper side it has strong resistance level of 465 and price maintains above this level then it will take recovery and price goes upside up to next resistance level of 475.

STRATEGY

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Better strategy in MCX COPPER is to buy above 460 for the target of 470, with stop loss of 440.

Agri Market Updates

Guargum: –

Guar gum showed bullish movement last week, and found its important resistance level of 7715. If the prices sustains below its support level of 7500 then the bearish momentum will take prices up to 7250 level. On other hand if the prices maintains above 7750 then prices may find the next resistance level of 8000.

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Soyaref: –

Soyaref showed sideways to bearish movement last week and found the support level of 735.50. If the prices sustain below its support level of 735.50 then the bearish momentum will take prices up to 725 levels. On other hand if the prices maintains above 762 then prices may find the next resistance level of 772.

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Turmeric: – 

Turmeric showed sideways to bullish movement last week, and able to close around its important resistance level of 7400. If the prices maintain above its resistance level of 7500 then the bullish momentum will take prices 7700 level. On other hand if the prices sustains below the support level of 7240 then prices find the next support level of 7050.

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