Commodity Research Report Ways2Capital 22 Jan 2018
Added: (Mon Jan 22 2018)
Pressbox (Press Release) -
Silver futures rose for the first time in four sessions even as the dollar index gained
ground, following a basket of data from the US the world's largest economy while
Federal Reserve Bank of Atlanta President Raphael Bostic and Federal Reserve
Governor Randal Quarles spoke earlier today. As of 06:24 GMT, silver futures due on
March 15 rose 0.38% to $17.025 an ounce from the opening of $16.960, while the
dollar index rose 0.14% to 90.63 from the opening of 90.50. Friday is the deadline of
the latest budget deal between Republicans and Democrats and in case the Senate
failed to pass the bill the government will be shut down temporarily.
Copper futures tilted lower in American trade as the dollar index settled higher ahead
of later data from the US the world's largest economy. The Lead is in perfect up trend
.Currently Lead is in strong up trend 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 Lead is in hold
Oil prices fell nearly one percent in American trade away from 37-month highs
heading for the first weekly loss since mid-December as the dollar index gained
modest ground following earlier data from the US the world's largest energy
consumer. OPEC released its monthly report earlier where it detailed an increase in
output by 42 thousand bpd in December with more than quarter of this coming from
Saudi Arabia while global output rose 0.4 million bpd last month.OPEC said that
global demand growth in 2017 was revised to show an increase of 40 thousand bpd
while maintaining their forecasts for 2018 at 98.51 million bpd and increases
projections for growth of supplies outside OPEC by 160 thousand bpd in 2018 to 1.15
million bpd mostly from the US and Canada.
NCDEX Mar Jeera continue to trade lower on Thursday falls by 0.4% on fresh
selling initiated by market participants pressured by the start of new season
arrivals coupled with weak physical demand at higher prices. The arrivals are
expected to pick up in next 15-20 days. Jeera production may be higher in
coming season on reports of higher acreage of cumin in the current season.
OIL & OILSEEDS
Refined Soy Oil Feb contract falls for the third consecutive day on Thursday
mainly on profit booking by market participants tracking steady physical
demand. However, the prices have been trading near strong resistance near
740 levels. This level is breached last in the year 2013. Mustard Apr futures
fell for the second consecutive day on Wednesday due to fresh selling by the
market participants tracking weak demand in physical market. Market is still
expecting for some demand side fundamentals as downside looks limited.
Currently, mustard is trading lower than its MSP due to reports good sowing
Guar complex futures traded higher last week. Good demand from stockiest and
guar gum producers and reduced supply at major trading centers helped prices
to trade on positive bias during the week. However, guar gum futures settled
marginally down on profit booking and closed the day at Rs.8931/quintal,Total
stock position of guar seed and gum at NCDEX warehouses were reported at
26188 MT and 22735 MT respectively as on 12th Dec. Total arrivals of guar were
reported at 30800 bags yesterday at major trading centers across Rajasthan.
Chana Mar futures closed lower for the second consecutive day amid technical
selling initiated by the market participants tracking weak spot prices amid
higher acreage in the country. As per government sowing data, area under the
chana crop across the country was up 7.9% on year at 105.6 lakh ha as on last
week. MCX Jan Cotton closed higher on Thursday supported by good demand
from the mills and traders. However, the prices have corrected by more than
Rs. 200 during the end of the session.
COMEX Gold price shows calm negative trading to test the EMA50 again, and as long as the price is below 1350,our
bullish overview will remain valid for the upcoming period, reminding you that our next main target is represented by
testing the previously recorded top at 1357.53.The Gold MCX is in perfect up trend .Currently Gold is in strong up trend
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 sell signal.Support for the Gold is 29400. Immediate resistance
for Gold is 29950.
From the last couple of trading weeks Crude oil trading in range and recently market is facing important resistance level
at 4100.Currently Crude oil is showing some down move and trend is strong momentum is also showing strength and
supported with good volume The open interest is not increasing with trend . Caution note buying at higher levels seems
decreasing. The oscillator is showing sell signal for short term we can see some selling pressure in oil. Near term support
level at 4000 while market can face the resistance of 4080
The castor seed is in long- term bull phase cautious point is buying at higher levels seems decreasing. The Castor seed is
now trading in oversold level. The oscillator is showing buy signal for long term Castor seed is in hold long position.
Immediate support for Castor seed new is 3880.Resistance for the Castor seed is 4170.
Soy bean futures are expected to trade sideways to higher on reports of improved oil mills demand and slowing arrivals.
Higher incentives for oil meal export, improved estimates for meal exports also supporting soy bean prices. NCDEX Feb
Soy bean closed higher for third consecutive day on Thursday supported by good physical demand and lower supplies.
Futures Prices have touched 16 months high while spot prices have jumped more than 10% in last one month. Soy bean
arrivals during first 15 days in January were down 41% to 2.18 lakh tonnes on year as per Market data. Moreover,
reports on lower inventories compared to last year also support prices.
Last week EURINR Jan Futures started the week on positive note and made a high of 79.0000, but till the end of week,
some of its earlier gains were erased and it closed at 78.3850 with the weekly gain of 1.40% on weekly basis. It’s still
consolidating above the 50Days & 200Days SMA with the positive RSI and for this week we can expect further upside
movement in it above the level of 78.2875 till the level of 78.8825. One can make buy position in it by maintaining a SL
Last week GBPINR Jan futures started the week on positive note and continued the same for the entire week. It made a
high of 88.9075 during the week and closed 88.8175 with the overall gain of 2.83% gain on weekly basis. Technically for
this week, we can further expect profit booking in it from the higher levels and below the level of 88.5850, it can test the
level of 88.0125 during the week. One can make buy position in it by maintaining a SL of 88.9125.
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