Commodity Research Report Ways2Capital 11 Dec 2018
Added: (Tue Dec 11 2018)
Pressbox (Press Release) -
BULLION
Gold traded firm near a five month peak hit early on Monday supported by a disappointing U.S. jobs data that fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected. Spot gold was steady at $1,247.80 per ounce at the time of writing after hitting its highest since July 11 at $1,250.55 earlier in the session. U.S. gold futures were up 0.2 percent at $1,254.6 per ounce.
ENERGY
Oil prices rose on Monday extending gains from Friday when producer club OPEC and some non affiliated producers agreed a supply cut of 1.2 mbpd from January.International Brent crude oil futures were at $62.21 per barrel at the time of writing up 54 cents or 0.9 percent from their last close.
Natural gas prices moved higher on Friday making a higher low and a higher high. Prices appear to be forming a bull flag pattern which his a pause that refreshes higher.Prices recaptured short term support which is the 10-day moving average near 4.46.
Base Metals
Copper eased in early Asian trade on Monday as customs data released over the weekend showed a 3 percent year on year drop in drought copper imports by top consumer China and Sino U.S. trade tensions continued to weigh on prices. China's imports of copper came in at 456,000 tonnes in November down from 470,000 tonnes a year earlier but up 8.6 percent from October.
SPICES
Bearish trend continued for Jeer last week as cooler weather in growing areas amidst reports of steps taken to improve water supply to the fields for Jeer kept pressure on the market sentiments.
Lower rains in growing areas amidst apprehensions of falling yields could support prices for Turmeric. Reports of lower stocks in mandis amidst moderate demand at these lower levels are supporting factors.
OILSEEDS
Prices fell for Mentha oil last week as firm Rupee amidst low demand kept pressure on prices. Traders anticipate the winter season demand to gradually start rising. Overall sentiments are likely to recover during the winter season.
Prices fell for Mentha oil last week as firm Rupee amidst low demand kept pressure on prices. Traders anticipate the winter season demand to gradually start rising. Overall sentiments are likely to recover during the winter season.
GUAR COMPLEX
Markets failed to hold onto the gains of earlier days as no strong recovery in Crude oil prices was noted. Firmness in Dollar could however support prices at these lower levels as exports are expected to pick up amidst falling arrivals in mandis. Prospects of lower production from less rains received in Rajasthan supported prices. Reports of lower arrivals of new crop amidst prospects of fall in sowing area are Bullish factors.
OTHERS
Market seems to resist downside movement currently. However the upside remains capped as well. Day to day close was slightly firm. Ongoing lean arrival season and recent news of China lifting ban on import of Indian Rapemeal shall continue restricting bearish price movement.
Daily arrivals are decreasing gradually while current spot prices are quite cheaper to attract considered lower. Overall we expect soy bean market to post a moderate recovery slowly. Technically the January contract will be able to show a moderate reversal from bearish phase if manages to stay above 3300 for next couple of days.
On its 4 hourly chart Lead recently broken its resistance level and sustaining above the level of 140 and we can expect short term positive movement in it. Last week Lead made a high of 142.70 and closed at the level of 142.20 with overall marginal gain of 3.61% on weekly basis. On its daily chart Lead is taking support of 50 days moving average and RSI is printing above the level 50 on charts. For this week if it is break the level of 142.70 on upper side then it can test the level of 147.50. One can make buy position in it with SL of 141.20.
On its daily chart Aluminium recently broken its resistance trend line and sustaining near the level of 140 and we can expect short term positive movement in it. Last week Aluminium made a high of 141 and closed at the level of 140.30 with overall marginal gain of 2.26% on weekly basis. On its daily chart Aluminium is taking support of 100 days moving average and RSI is printing level 50 on charts. For this week if it is break the level of 141 on upper side then it can test the level of 143.95. One can make buy position in it with SL of 139.90.
Last week RMSEED started a week on negative note but found enough support near the level of 4000 and getting bounce back from lower level indicating strong support zone near the level of 4000. On its daily chart RMSEED forms bullish hammer formation indicating positive trend in it. For this week, if it breaks the level of 4050 on the upper side then it can test the level of 4170 during the week. One can make buy position in it by maintaining a SL at 3995
From last couple of trading weeks Guarseed10 is trading between the range of 4400 to 4300 and forming bottom formation on its daily chart. Last week Guarseed10 made a high of 4490 and closed at the level of 4375 with overall marginal gain of 0.48% on weekly basis. Technically Guarseed10 is trading above its support level of 4300 and we are expecting bounce back in it from lower level. For this week if it is break the level of 4425 on upper side then it can test the level of 4575. One can make buy position in it with SL of 4370.
The primary trend of JPYINR is negative on chart and JPYINR continuously making lower highs and lower lows formation indicating negative trend in it. Last week JPYINR Dec Futures made a high of 63.0625 and it closed at 63.0025 with the overall gain of 2.08 per cent on weekly basis. Technically it consolidating below the major psychological resistance level of 63.0000 with the negative RSI and for this week, we can expect further downside movement in it.
For this week, if it breaks the level of 62.4000 on the lower, then it can test the level of 62.0125 during the week. One can make sell position in it by maintaining a SL 62.7125
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