Commodity Report Outlook|24 carat financial services | 23 june 2017

commodity tips:-

WEEKLY MARKET WRAPUP :-

WEEKLY MCX OUTLOOK :-

• Gold likely to trade in a range between 28537-28795 
•  Silver market under short covering; Support seen at 38035 
•  Crude Oil market under short covering; Support seen at 2739 
•  Natural Gas market under fresh selling; Support seen at 184.1
•  Natural Gas market under short covering; Support seen at 184.1 
•  Copper under fresh buying; Resistance seen at 373.4
•   Zinc market under fresh buying; Support seen at170.5
•   Aluminium market under short covering; Support seen at 120 

WEEKLY SPECIAL MCX NEWS & TECH OUTLOOK :-

SPECIAL NEWS :- 

Asia Gold-Lower prices nudge demand; Indian buyers stay off 

• Asia Gold-Lower prices nudge demand; Indian buyers stay off Asia gold demand ticked up this week as global prices came off seven-month highs, while Indian buyers stayed on the sidelines waiting for further price drops in the absence of fresh triggers to stoke purchases. "Demand has picked up in Asia compared to last week. There were some purchases especially in the latter half of the week after the U.S. Federal Reserve policy meeting when gold prices fell," a physical dealer with a Singapore-based bank said. Spot gold XAU= has fallen more than 3 percent from a sevenmonth peak of $1,295.97 hit on June 6. GOL/ Physical gold buying has also been supported due to the bullion's appeal as a safe haven asset amid political uncertainty in the UK and the United States and ahead of upcoming elections in Germany and Italy, said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore

 W. Africa Crude-July Angolan clears steadily, Forcados programme emerges

• A few Angolan cargoes traded while Nigerian crude differentials were under pressure on Friday after a large Forcados loading programme emerged for June following the export of three cargoes in May. Nigeria issued its first Forcados oil loading plan since 2016, putting the nation's June oil exports on track to hit their highest level in at least 15 months. Forcados exports have been pencilled in at seven cargoes, or about 197,000 barrels per day (bpd), for June. Prior to the 2016 shutdown exports could go up to 240,000 bpd. The force majeure was still in place .

COMMODITY BUZZ :-

India Gold imports jump ahead of GST roll-out

• Technically Gold market is getting support at 28666 and below same could see a test of 28563 level, And resistance is now likely to be seen at 28911, a move above could see prices testing 29053. Gold on MCX settled down -0.9% at 28768 plunged in yesterdays session fell to the lowest in three weeks, as Comex prices have slipped from near $1300 over the past seven sessions in the aftermath of yesterday's Fed announcement. The Fed raised interest rates, as expected, but offered a surprisingly hawkish outlook on further rate hike and detailed its plan to gradually shrink its $4.5 trillion balance sheet. That's despite a series of disappointing economic data, including downbeat reading on the labor market, retail sales and inflation. 

Oil hovers near 6-month lows

•  Oil edged higher Friday, but was on track for weekly losses of around 2.5% that kept it near six-month lows. U.S. crude was up 30 cents, or 0.7%, at $44.76 at 7:15AM ET, while {{Brent oil}} gained 59 cents, or 1.3%, to $47.51. Friday’s slight gains were chalked up to a partial export halt in Libya. Oil prices were still down around 13% since late May when OPEC and non-OPEC producers agreed to extend their agreement to curb oil production. Rising U.S. oil output, particularly from shale drillers, is contributing to the ineffectiveness of the OPEC-led cuts. On that last note, investors also looked ahead to the Baker Hughes' U.S. rig count data for the latest week. The prior data showed that U.S. drillers added rigs for the 21st week in a row, the longest such streak on record, implying that further gains in domestic production are ahead. 

MCX ANALYST SPEAKS:-

GOLD MCX:-

Technically Gold market is getting support at 28496 and below same could see a test of 28449 level, And resistance is now likely to be seen at 28620, a move above could see prices testing 28697. BUY GOLD AUG AROUND28500-28550 TGTS 28650/28750 SL 228400

CRUDE OIL MCX:-

Technically Crude Oil market is under fresh selling as market has witnessed gain in open interest by 145.87% to settled at 20995 while prices down 9 rupees. SELL CRUDE OIL JUNE AROUND 2840-2830 TGT 2800/2750 SL 2890

COPPER OIL MCX :-

Technically Copper market is under short covering as market has witnessed drop in open interest by 5.74% to settled at 15350 while prices up 3.45 rupees. SELL COPPER JUNE AROUND 364-364.5 TGT 361/358 SL 368 

TODAY’S IMPORTANT EVENT  :-

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