Gold:-
US
Fed Chair Janet Yellen said last week that the central bank was poised
to lift benchmark US rates provided jobs and inflation data held up,
comments seen as cementing plans for an increase at the Fed's March
14-15 meeting. Early last week, financial markets saw just a 30 percent
chance of the Fed raising interest rates in March; but by Friday after a
striking series of comments from Fed officials, traders saw an 80
percent chance. Overall trend of the Gold is bearish for medium-long
term. Currently Gold is in strong downtrend and the trend is supported
with good volume the open interest is not increasing with trend. The
oscillator is showing SELL signal for short term Gold is in sell
position. Support for the Gold is 28250 .Resistance for the Gold is
28750.
Silver:-
Silver
prices moved lower as growing expectations for a March rate hike in the
U.S. and a stronger U.S. dollar continued to weigh on the precious
metal. The greenback remained broadly supported after a number of
Federal Reserve officials this week expressed their support for a March
rate hike. Fed Chair Janet Yellen added her influential voice, saying a
hike this month would be "appropriate" if economic data hold up. Silver
dropped amid rise in dollar and markets priced in the increased
possibility the U.S. Central bank would rise interest rates this month
Crude:-
Crude's
wavering comes after prices failed to rise this week despite the EIA
report that showed a surprise drop in U.S. stockpiles last week, but the
drawdown was too small to entice a rally in prices. On the other hand,
Saudi oil minister Khalid Al Fallfish’s statements yesterday failed to
underpin prices after saying OPEC might continue to cooperate with other
producers to cut output after the June deadline if global inventories
didn't fall. China's exports for January and February combined rose 4.0
percent from the same period last year, while imports surged 26.4
percent, suggesting there has been solid improvement in demand at home
and abroad despite any holiday distortions.
Copper:
LME
Copper prices are trading higher today by 0.3 percent currently at
$5790/t. slow growth forecast in China, surge in warehouse stocks are
factors exerting downside pressure on metals and copper prices in
particular. However, sharp downside will be limited as supply disruption
concerns continue for the third week in a row. We expect MCX copper
prices to trade lower today in line with international trends.
Zinc :
Zinc
prices dropped as pressure seen after dollar index hits fresh seven
week high on rate hike bets. Around 50,000 tones of the metal reserved
to be taken out of warehouses in the past week. The Zinc is in long-
term bull phase .Currently Zinc is in strong downtrend and the trend is
supported with good volume. The oscillator is on buy Signal and Zinc is
recovering from oversold level for short term Zinc is in hold short
position. Support for the Zinc is 182. Resistance for the Zinc is 190
Lead:-
Overall
trend of the Lead is bearish for medium-long term .Currently Lead is in
strong downtrend with good momentum and the trend is supported with
good volume the open interest is not increasing with trend. The
oscillator is on buy Signal and Lead is recovering from oversold level
for short term Lead is in hold short
position. Immediate support for Lead is 153.Resistance for the Lead is 144.
Nickel:-
Stainless
steel industry in already under pressure or under distress.We is not
asking for something special. We want parity with carbon steel," he
added. The import of stainless steel flat products in the last fiscal
was 5.25 lakh tones against the domestic demand of 2.6 million tones, he
said, adding that in the ongoing fiscal which is coming to an end next
month it would at the similar level
Aluminum:-
The
Aluminum is in long- term bull phase .Currently Aluminum is in strong
downtrend and the trend is supported with good volume Noting point is
selling at lower levels seems decreasing. The oscillator is showing sell
signal for short term Aluminum is in sell position. Support for the
Aluminum is 121.Resistance for the Aluminum is 127.
Commodity Trends:
| R1 | S1 |
| GOLD | 28750 | 28250 |
| SILVER | 41960 | 39800 |
| CRUDE | 3340 | 3105 |
| COPPER | 400 | 378 |
| LEAD | 144 | 153 |
| NICKEL | 685 | 650 |
| ALUMINIUM | 127 | 121 |
| ZINC | 190 | 182 |
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