Weekly Commodity News Letter: Research View Call@8602780449

Gold:-

Gold futures rose for the eighth session in ten to the highest since June 29, as the dollar index fell to the lowest since June 24, 2016, amid a lack of data from the US, the world’s largest economy. Gold’s gains come on the back of dollar’s weakness, following a spate of disappointing US data that cut the chances of a Federal Reserve rate hike later this year. US inflation is still below the Fed’s 2% target, while political concerns mount over President Donald Trump as investigations deepen regarding Russian intervention in the last presidential elections, souring risk appetite in the markets. All this is weighing on the greenback and pushing investors towards safe havens such as gold, after Trump said yesterday his administration will follow what comes next regarding the Paris agreement. Trump added that Comey’s testimony ahead of the Senate Intelligence Committee was filled with lies before moving on to the healthcare issue, saying the country doesn’t have other choices and asserting the need to repeal and replace Obamacare noting the program could be repealed for now and replaced later.

Silver:-

Silver prices slid back slightly after reaching two-week high on Wednesday, following the temporary stabilization of the dollars against major currencies while demand decreased on safe havens. The dollar stopped swooning against other major currencies to hover near its 10-month nadir, resulting in a slip in Silver prices, as ECB’s meeting on Thursday is awaited for more updates. Asian Shares advanced as demand on safe havens declined, affecting Silver prices as investments move to Asian stocks. Trump said his administration will follow what comes next regarding the Paris agreement, adding that his former FBI chief James Comey presented a document containing a number of Russia allegations before his inauguration, expressing that he didn’t want to open this document, and that investigating his family’s money is a wrong thing and a breach of their privacy.

Crude:-

Oil futures tumbled nearly two percent in American trade even as the dollar index hit the lowest since June 24, 2016, amid a lack of data from the US, the world’s largest energy consumer, and ahead of the the Opec and non-Opec Oversight Committee’s meeting in Petersburg, Russia. A report from Russian oil company Petro-Logistics SA showed OPEC’s output rose 145 thousand bpd, surpassing 33 million barrels in June, pointing the finger at Saudi Arabia and Emirates for producing more crude recently, in addition to the exempted countries such as Nigeria and Libya. Otherwise, the Energy Information Administration released its report on US crude stocks earlier this week, showing a drawdown of 4.7 million barrels in the week ending July 14, adding to a 7.6M drawdown in the previous reading, while analysts expected only a 3.6M drop, with total stocks now reaching 490.6 million barrels remaining within the uppermost range on average in this time of year.

Copper:

LME Copper prices are currently trading lower by 0.1 percent at $5734/t. Prices are expected to trade sideways today as latest hawkish comments by Fed member Patrick Harker to keep a pause on rate hikes will provide some relief. Also, consistent decline in LME stocks will provide a cushion. We expect MCX copper prices to trade sideways today. the Copper is bearish for medium-long term .Currently Copper is moving sideways The oscillator is showing SELL signal .In last 1 month volatility is very less buy the Copper above 379 or buy with strict stop at 358. The oscillator is showing sell signal for short term Copper is in hold long position. Support for the Copper is 365.Resistance for the Copper is 380.

Zinc :

The Zinc is in long- medium- term bull phase .Currently Zinc 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 selling at lower levels seems decreasing. The oscillator is showing SELL signal For short term Zinc is in sell position. Support for the Zinc is 169.Resistance for the Zinc is 181

Lead:-

Trend of the Lead is bearish for medium-long term .Currently Lead 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 Lead is in sell position. Support for the Lead is 139.Resistance for the Lead is 148. Currently Lead is in hold short position Lead has formed a new 5 day low yesterday but failed to keep the trend so if selling has to considered better below139.9 Buy if above 149.45 The Lead is now trading in highly oversold level. The oscillator is showing SELL signal.

Nickel:-

The Nickel is bearish for medium-long term Currently Nickel is in strong uptrend but volume is unsatisfactory the open interest is not increasing with trend. The oscillator is showing buy signal for short term Nickel is in hold long position. Support for the Nickel is 599.Resistance for the Nickel is 616

Aluminum:-

The Aluminum is bearish for medium-long term .Currently Aluminum is moving sideways The Aluminum is now trading in oversold level. The Aluminum is now trading in oversold level. The oscillator is showing sell signal .In last 1 month volatility is very less buy the Aluminum above 124 or buys with strict stop at 120. The Aluminum is now trading in oversold level. The Aluminum is now trading in oversold level. The oscillator is showing sell signal for short term Aluminum is in hold short position. Immediate support for Aluminum is 120.Resistance for the Aluminum is 124.

Commodity Trends:

R1 S1
GOLD 28750 28007
SILVER 38380 36200
CRUDE 3060 2870
COPPER 391 376
LEAD 148 139
NICKEL 616 599
ALUMINIUM 124 120
ZINC 181 169