Gold:-
Gold futures tilted lower in American trade near a six-week trough, while the dollar index gained ground, following earlier data from the US, the world's largest economy. Earlier US data showed personal income and spending slowed down in line with expectations in August, while Chicago PMI rose unexpectedly in September, as the final reading for the UoM consumer sentiment survey fell more than expected this month. Earlier this week, Federal Reserve Chair Janet Yellen warned from keeping interest rates at their current low levels until inflation hits the Fed's 2% target, in turn rallying chances of a third Fed rate hike in December to 78% in financial betting markets, and weighing on gold prices. The Gold is in long- medium- term bull phase .Currently Gold is moving sideways The Gold is now trading in overbought level. The oscillator is showing sell signal .In last 1 month volatility is very less and fresh Buy can be considered in the Gold if it close above 30596 or buy with strict stop at 29325.The oscillator is showing sell signal for short term Gold is in hold long position. Support for the Gold is 29440.Resistance for the Gold is 30220.
Silver:-
Silver futures slumped nearly one percent in American trade away from the highest since April 19 for the tenth session out of 16 and marking the lowest since August 16 as the dollar gained ground following earlier data from the US the world's largest economy. Earlier US data showed personal income and spending slowed down in line with expectations in August while Chicago PMI rose unexpectedly in September as the final reading for the UoM consumer sentiment survey fell more than expected this month. Earlier this week Federal Reserve Chair Janet Yellen warned from keeping interest rates at their current low levels until inflation hits the Fed's 2% target in turn rallying chances of a third Fed rate hike in December to 78% in financial betting markets and weighing on silver prices.
Crude:-
Oil futures wavered in mixed trading as the dollar index settled near the highest since August 18 following an array of data from the US the world's largest energy consumer. On Wednesday the Energy Information Administration released its report on US crude stocks showing a drawdown of 1.8 million barrels in the week ending September 22 compared to a build-up of 4.6M in the previous reading, while analysts expected a 2.9M increase, with total stocks now reaching 471.0M remaining within the uppermost range on average in this time of year. Otherwise, gasoline stocks rose 1.1 million barrels, also remaining within the uppermost range on average in this time of year while distillate stocks including heating fuel, fell 0.8 million barrels, remaining within the lower range on average in this time of year. Raqi energy minister said that oil is a sovereign wealth that's owned for the whole Iraqi people, including the oil in Kurdistan, after an overwhelming majority voted in favor of independence in the latest referendum despite heavy opposition from the Federal government and regional countries such as Turkey.
Copper:
Copper futures tilted higher in American trade away from the lowest since August as the dollar index inched farther away for the fourth session out of five from the highest since September 4 while the Federal Open Market Committee's policy meeting draws to an end in Washington. Markets look forward to policy decisions by Federal Open Market Committee members in this week's periodic meeting, at which policymakers are expected to unveil their three-year forecasts for inflation, growth unemployment and interest rates. Fed policymakers are expected to start the process of trimming down the Federal Reserve's $4.2 trillion holdings of treasury bonds and mortgage-backed securities while maintaining overnight interest rates at between 1% and 1.25%.
Zinc :
Zinc prices softened by 0.17 per cent to Rs 207.15 per kg in futures market today as speculators tightened exposure taking negative cues from the spot market on subdued demand from consuming industries. At Multi Commodity Exchange zinc for delivery in October declined 35 paisa or 0.17 per cent to Rs 207.15 per kg in a business turnover of 831 lots. The metal for delivery in September contracts lost 25 paisa or 0.12 per cent to Rs 209 per kg in 1,383 lots. Analysts said cutting down of positions by participants owing to slack demand from consuming industries in the physical market weighed on zinc prices.
Lead:-
Lead prices edged up by 0.18 per cent to Rs 163.10 per kg in futures trade today as participants built up fresh positions after demand from consuming industries in the spot market picked up. At Multi Commodity Exchange lead for delivery in September went higher by 30 paisa or 0.18 per cent to Rs 163.10 per kg in a business turnover of 631 lots.
Similarly the metal for delivery in September contracts traded higher by 25 paisa or 0.15 per cent to Rs 162.90 per kg in. The Lead is in perfect uptrend .Currently Lead is in strong uptrend and the trend is supported with good volume the open interest is not increasing with trend. Cautious point is buying at higher levels seems decreasing. The oscillator is showing buy signal for short term the current position is buying. Support for the Lead is 157-153-152-150-148-144-. Immediate resistance for Lead is 165.
Aluminum:-
Aluminium leads the base metals rally on Friday as strong industrial activity in China boosted demand prospects. Aluminium on the LME is trading at $2138/t highest since February 2013 while it has surged to a nine year high of Rs.136.45per kg on the MCX. China’s Caixin manufacturing PMI rose to six-month high in August 2017 dismissing fears of a tighter credit and cooling property market induced slowdown. Besides spill over from upside in steel prices is reflecting in base metals. Steel prices hovered near the highest since 2013 after statement from China’s environment ministry that the mainland nation plans to conduct 15 rounds of inspections during its new campaign to curb smog during winter starting September 1, 2017 and continue until the end of March 2018.
Natural Gas:-
Natural gas futures slid over one percent in American trade even as the dollar index glided away from the highest since August 18 following an array of data from the US the world's largest energy consumer including the EIA report that showed another inventory buildup for the 26th week in a row. The Energy Information Administration released its report on US natural gas stocks showing another build-up of 58 billion cubic feet in the week ending September 22 adding to an increase of 97B in the previous reading while analysts expected a 77B buildup.Total stocks have now reached 3.466 trillion cubic feet from 3.408 trillion in the week ending September 15 which is below the total of the same period in 2016 at 3.593 trillion while above the five-year average at 3.425 trillion.
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