Daily Commodity News Letter

Gold:-

Gold steadied as the dollar reversed losses and political tensions simmered, leaving investor interest in safe havens like the precious metal largely intact. President Donald Trump told the dollar "is getting too strong" and that he would prefer the Federal Reserve to keep interest rates low. Meanwhile, tensions continued over the US relationship with Russia over Syria and in the Korean peninsula and worries about the upcoming French presidential election. The Gold is in perfect uptrend .Currently Gold is in strong uptrend but volume is unsatisfactory the open interest is not increasing with trend. Cautious point is buying at higher levels seems decreasing. The Gold is now trading in overbought level. The oscillator is on SELL signal and Gold is coming down from overbought level for short term Gold is in hold long position. Support for the Gold is 28650. Immediate resistance for Gold is 29650.

Silver:-

Silver settled flat after prices seen supported as heightened geopolitical tensions underpinned safe haven demand for the precious metal. Chinese President Xi Jinping called for a peaceful resolution of escalating tensions on the Korean peninsula during a call with U.S President Donald Trump. Silver prices edged lower as the U.S. dollar continued to remain supported by Federal Reserve policy tightening expectations. Prices will see support as growing geopolitical tensions continued to drive safe-haven demand.iShares Silver Trust shrink at the fastest pace in at least 3 years, with shareholders liquidating 346 tones of the trust's physical silver backing.

Crude:-

Crude oil prices dropped as prices gave back some of its gain despite bullish data showing a surprise inventory draw.EIA said in its weekly report that crude oil inventories fell by 2. 166 million barrels in the week ended April 7.Prices were boosted earlier after the reports that Saudi has told officials from the OPEC that it wants to extend an agreement to cut output.

Copper:

Copper futures traded 0.36 per cent lower at Rs 371.90 per kg on Wednesday as speculators offloaded bets. Furthermore, subdued demand at domestic spot market pushed down metal prices. At the Multi Commodity Exchange copper for delivery in current month shed Rs 1.35, or 0.36 per cent to Rs 371.90 per kg, in a business turnover of 406 lots. Also, metal for delivery in far-month June was trading down Rs 1.10, or 0.29 per cent, at Rs 376.30 per kg in five lots.
Analysts attributed the fall to offloading of positions by participants amid a weak trend at the London Metal Exchange (LME) and muted demand at the domestic spot markets. Meanwhile copper ended 0.3 per cent down, at 5,765 per ton at the LME in yesterday's trade.

Zinc :

Overall trend of the Zinc is bearish for medium-long term .Currently Zinc is in strong downtrend and the trend is supported with good volume the open interest is not increasing with trend. Noting point is selling at lower levels seems decreasing. The oscillator is showing sell signal for short term Zinc is in sell position. Immediate support for Zinc is 163.Resistance for the Zinc is 172.

Lead:-

Overall trend of the Lead is bearish for medium-long term .Currently Lead 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 Lead is in sell position. Immediate support for Lead is 142.Resistance for the Lead is 153

Nickel:-

Amid a weak trend in the global markets and subdued domestic demand, nickel fell by 0.08 per cent at Rs 637.60 per kg in futures trade on Wednesday as speculators cut down their bets.
At the Multi Commodity Exchange, nickel for delivery in April was trading down by 50 paise, or 0.08 per cent, at Rs 637.60 per kg, in a business turnover of 373 lots. The metal for delivery in May was also down by a similar margin to trade at Rs 643.80 per kg in a turnover of five lots.

Aluminum:-

Overall trend of the Aluminum is bearish for medium-long term .Currently Aluminum is in strong downtrend with good momentum but volume is unsatisfactory the open interest is not increasing with trend. Noting point is selling at lower levels seems decreasing. The oscillator is showing sell signal for short term Aluminum is in hold short position. Immediate support for Aluminum is 122.Resistance for the Aluminum is 127.

Commodity  Trends:

	R1	S1
GOLD	29650	28650
SILVER	42890	41050
CRUDE	3550	3260
COPPER	376	359
LEAD	153	142
NICKEL	670	605
ALUMINIUM	127	122
ZINC	172	163