Daily Commodity News Letter

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