Commodity Market News-23 Dec 2014

Bullions:

Gold dropped nearly 2 percent and silver slid 3 percent on Monday, triggering automatic sell orders in thin pre-holiday dealings as oil prices eased back toward $55 per barrel.

Silver was down 2.5 percent at $15.63 an ounce, after falling more than 3 percent to a session low at $15.49

Crude Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia's powerful oil minister said OPEC would not cut production at any price.

U.S. natural gas futures dropped more than 9 percent to end at a 22- month low on Monday on expectations for moderate temperatures and weak holiday demand over the next two weeks.

Base Metals:

Copper dipped on Monday after oil prices retreated and as worries over growth in top consumer China persisted, though a trimming back of surplus forecasts for next year limited losses

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CapitalStars Research Expert view on Commodity Market for the week (22-12-2014 to 27-12-2014)

PRECIOUS METALS:-

IN THIS WEEK WE HAVE SEEN RANGE BOUND MOVEMENT IN BOTH THE PRECIOUS METALS i.e. GOLD & SILVER. SILVER HAS SHOWN MORE BEARISHNES THAN GOLD AS IT HAS IMPACTED FROM BASE METAL AS WELL.

IN THE COMING WEEK, PRECIOUS METALS WILL TRADE MIXED TO LOWER AS PRESSURE OF RISE OF INTEREST RATE IN U.S. IS SURE TO HAPPEN. ALSO STRONG DOLLAR & WEAK OIL PRICES WILL FURTHER ACT AS NEGATIVE FACTOR.

GOLD FEB CAN MOVE DOWNWARD TO THE LEVELS OF 26200 & THEN 25800 BREAKING SUPPORTS OF 26500 & 26000. REISTANCES ARE AT 27360 & 27700 LEVELS.

COMEX MARKET SUPPORTS ARE AT 1165 OUNCE & 1176 OUNCE & RESISTANCE ARE AT 1219 OUNCE & 1240 OUNCE.

SILVER MARCH CONTRACT IS ALSO IN BEARISH PAHSE & EXPECTED TO COME DOWN TO 35100 TO 34500 BREAKING SUPPORTS OF 36100 & 34900 LEVELS.

RESISTANCES ARE AT 37800 TO 38050 & 39350 LEVELS.

COMEX MARKET SUPPORTS ARE AT 15.40 CENT & 14.70 CENT & RESISTANCE ARE AT 16.85 CENT & 17.65 CENT.

BASE METAL SEGMENT:-

IN THIS WEEK WE HAVE SEEN RANGE BOUND MOVEMENT IN COPPER FEB CONTRACT. IT HAS MADE HIGH OF 414.90 & LOW OF 401.25 LEVELS.

IN THE COMING WEEK TOO, WE WILL GOING TO SEE SOME UPWARD MOVEMENT TO THE LEVELS OF 415-418 LEVELS WILL GET RESISTANCE OF 421-424 LEVELS & THEN COME DOWN TO 407-404 & 398-396 LEVELS BREAKING SUPPORTS OF 405 & 400 LEVELS

COMEX MARKET SUPPORTS ARE AT 2.84  CUBIC & 2.78 MT & RESISTANCE ARE AT 2.97 MT & 3.01 MT.

ENERGY SEGMENT:-

CRUDE OIL JAN CONTRACT DROPED NEARLY 50% OVER THE PAST 6 MONTHS ON WORRIES ABOUT FAST GROWING U.S.SHAIL OIL SUPPLIES & ACCELERATED AFTER OPEC’s DECISION OF  NOT TO CUT OUTPUT IN NOV 2014. THIS IS FURTHER INDICATING AN OVER-SUPPLIED MARKET & BLEAK DEMAND.

IN COMING WEEK, WE CAN SEE SOME  RECOVERY IN THE OIL & IT CAN MOVE UPWARD TO 3750 TO 3850-3880 LEVELS BREAKING RESIATANCE OF 3690-3710 LEVELS & WILL FACE MAJOR RESISTANCE AT 3900-3935 LEVELS & THEN CAN COME DOWN TO 3500 TO 3430 LEVELS BREAKING SUPPORTS 3570 & 3500 LEVELS.

IN NYMEX MARKET, CRUDE OIL HAVING SUPPORTS AT 54.71 BARREL & 51.44 BARREL. REISTANCES AT 60.13 & 62.28 BARREL.

MARKET HAS WITNESSED VOLATILE MOVEMENTS IN NATURAL GAS DEC CONTRACT. IN THE COMING WEEK, WE WILL WITNESS A VOLATILE SESSION DUE TO EXPIRY OF NATURAL GAS DEC CONTRACT. NATURAL GAS DEC CAN COME DOWN TO 215 – 212 & 208 LEVELS ON BREACHING SUPPORTS OF 218 & 211 LEVELS. AT 208 LEVELS, NATURAL GAS IS EXPECTED TO GET STRONG SUPPORT & UPWARD MOVEMENT TO 225 & 239 TO 251 LEVELS CAN BE SEEN TECHNICALLY. FUNDAMENTALLY, MORE THAN 48 STATES OF U.S. IS EXPERENCING MILD TO WARMER TEMPERATURE & IT WILL EXPECTED TO BE CONTINUE IN COMING WEEK TOO. Moderate winter temperatures in the past week or so are expected to give way to colder temperatures beginning next week.

IN NYMEX MARKET, NATURAL GAS HAVING SUPPORTS AT 3.19 & 3.00 MMBTU. RESISTANCES ARE AT 3.74 & 4.11 MMBTU.

Commodity Market News-19 Dec 2014

Bullion:

Gold
Spot gold prices rose by 0.8 percent to $1197.7 on Thursday after the Federal Reserve said it would take a patient approach toward raising interest rates, boosting stock markets and commodities, though it pared early gains as the dollar strengthened against a basket of currencies.

Silver

Spot silver prices rose by 1 percent to $15.9 in yesterday’s trading session in tandem with rise in gold prices. However, strength in the dollar index coupled with weak base metals pack capped the rally.

Energy:

Crude Oil
Crude oil prices declined on both sides of the Atlantic with WTI and Brent falling by 4.2 and 3.1 percent to close at $54.1 and 59.3/bbl respectively. The fall was as due as traders placed fresh bets that the market would resume a six-month rout on worries about a supply glut.

Natural Gas
U.S. natural gas futures turned negative and ended down 0.46 percent on Thursday after weather forecasts changed from colder-than-normal to warmer-than-normal over the course of the day. Prices declined despite a government report that utilities pulled more gas from storage last week than expected.

Base metals
Base metals on the LME traded on a negative note yesterday as the outlook in top metals consumer China remained gloomy following house price data. In addition, mixed economic data from the US dragged prices lower.

Copper
LME Copper prices declined by 0.9 percent on Wednesday as China's new home prices fell again in November as the market continued to defy government efforts to revive it.

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AGRI COMMODITY MARKET

BULLIONS COMMODITY MARKET

CS TURMERIC (APRIL) OVERVIEW: TREND BULLISH RESIST 2:8170 RESIST 1:8120 SUP1:8000 SUP2:7950 STRATEGY: BUY ON DIPS CS SOYABEAN (JANUARY) OVERVIEW: TREND BULLISH RESIST 2:3330 RESIST 1:3310 SUP1:3275 SUP2:3250 STRATEGY: BUY ON DIPS CS CHANA (JANUARY) OVERVIEW: TREND BULLISH RESIST 2:3360 RESIST 1:3305 SUP1:3220 SUP2:3135 STRATEGY: BUY ON DIPS CS DHANIYA (JANUARY) OVERVIEW: TREND BEARISH RESIST 2:13100 RESIST 1: 13000 SUP1:12820 SUP2:12745 STRATEGY: SELL ON RISE

CS COPPER (FEBRUARY) OVERVIEW: TREND MIXED RESIST 1:407 RESIST 2:411.50 SUP 1:400 SUP 2:396 STRATEGY: BUY FOR SMALL PROFITS CS CRUDE (JANUARY) OVERVIEW: TREND BEARISH RESIST 1:3560 RESIST 2:3650 SUP1:3430 SUP2:3380 STRATEGY: SELL ON RISE CS GOLD (FEBRUARY) OVERVIEW:   TREND: MIXED TO BEARISH RESIST 1:27160 RESIST 2:27350 SUP1:26550 SUP2:26400 STRATEGY: SELL ON RISE CS SILVER (MARCH) OVERVIEW: TREND MIXED TO BEARISH RESIST 1:37250 RESIST 2:37750 SUP1:36300 SUP2:35950 STRATEGY: SELL ON RISE

Commodity Market News-18 Dec 2014

BULLIONS

Feb. Gold prices have resistance between 27160-27200 zones. Failure to trade above 27200 consistently will be a sign of weakness for the remainder of the session and prices can correct to 26900.

Mar. Silver prices have crucial resistance at 37250. No upside will be seen until prices trade below this level. Failure at higher levels will see supply in the counter and prices can test 36650.

BASE MATELS

Copper prices have crucial support at 404 and prices will trade weak if they sustain below this level. Counter rally towards 409 once they trade above 406.50. A close below 404 will be bearish as prices can test 402.50/401.

Zinc prices have crucial support at 134. Sustenance below 134 will see the counter facing heavy selling pressure and prices can test 132 on the downside. Resistance for the counter is seen between 135.80-136 levels. If prices hold on to 134 then can form a range between 134-136 levels.

Lead prices are in a strong downtrend and prices can test its major support around 114.50 levels during the coming sessions. Counter shouldn’t correct beyond 114 in this corrective leg. Pullbacks to 118.50 will face resistance.

Nickel prices will trade negative till prices trade below 990 today. Prices can correct towards 970/965 zones on the downside. Intraday pullbacks to around 985 and weakness should be sold into by traders. Sell on rise.

Crude palm oil prices rose by 0.42% to Rs 426.50 per 10 kg in futures trading today as speculators indulged in creating fresh positions, supported by rising demand in the spot market amid a firming trend overseas.

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Commodity Market News-17 Dec 2014

Gold: The price of standard gold fell 1.1 per cent in India’s spot market in early trade on Tuesday, after the metal slipped below a key support level of $1,200 an oz in the international market, on fear of an interest rate increase by the US.

Silver: The price of silver increased $0.36 to $16.62 an oz.

Lead: Lead prices eased by 0.32% to Rs 125.30 per kg in futures trade today in tandem with a weakening trend in base metals at the London Metal Exchange.

Oil: Oil suffered fresh losses in Asia today, sinking to new multi-year lows as dealers watch Russia's ruble crisis and await the latest US crude supply report, analysts said.

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AGRI COMMODITY MARKET

BULLION COMMODITY MARKET

CS TURMERIC (APRIL) OVERVIEW: TREND MIXED TO BULLISH RESIST 2:8050 RESIST 1:7925 SUP1:7830 SUP2:7700 STRATEGY: BUY ON DIPS

CS COPPER (FEBRUARY) OVERVIEW: TREND BEARISH RESIST1:412 RESIST2:415 SUP1:403 SUP2:398 STRATEGY: SELL ON RISE

CS SOYABEAN (JANUARY) OVERVIEW: TREND BEARISH RESIST 2:3330 RESIST 1:3305 SUP1:3270 SUP2:3260 STRATEGY: SELL ON RISE

CS CRUDE (DECEMBER) OVERVIEW: TREND CONSOLIDATE RESIST1:3690 RESIS 2:3800 SUP1:3410 SUP2:3320 STRATEGY: SELL ON RISE

CS CHANA (JANUARY) OVERVIEW: TREND BULLISH RESIST 2:3250 RESIST 1:3220 SUP1:3140 SUP2:3085 STRATEGY: BUY ON DIPS

CS GOLD (FEBRUARY) OVERVIEW: TREND BEARISH RESIST1:27500 RESIST2:28100 SUP1:26855 SUP2:26500 STRATEGY: SELL ON RISE

CS DHANIYA (JANUARY) OVERVIEW: TREND BEARISH RESIST 2:13280 RESIST 1: 13105 SUP1:12840 SUP2:12750 STRATEGY: SELL ON RISE

CS SILVER (MARCH) OVERVIEW: TREND BEARISH RESIST1:37850 RESIST2:38550 SUP1:36100 SUP2:35500 STRATEGY: SELL ON RISE

Commodity Market News-16 Dec 2014

Gold prices on MCX were trading lower on Tuesday. MCX Gold April contract was trading at Rs 27175 down Rs 266, or 0.97 percent.

Silver prices on MCX slipped on Tuesday. MCX Silver May contract was trading at Rs 38051 down Rs 919, or 2.36 percent.

Oil prices sank further to new multi-year lows in Asia today, with analysts weighing the possible political and economic fallout in oil-producing countries with little respite in the selling.

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Commodity Market News-15 Dec 2014

Silver Prices fell sharply by 1% to Rs 38,320 per kg in futures trade today as speculators indulged in offloading positions.

Zinc futures prices today edged up by 0.55% to Rs 138.10 per kg as participants enlarged positions amid a firming trend at the London Metal Exchange.

Cardamom Prices rose 1.37% to Rs 877.50 per kg in futures trade today largely on the back of pick-up in demand in the spot market amid low stocks.

Crude Oil futures fell by 0.32% to Rs 3,669 per barrel today as traders trimmed positions amid a weakening trend in Asian trade where it sank to a fresh five-year low.

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