The dollar hovered just below a seven-month peak against a basket of major currencies early on Tuesday, having consolidated its payrolls-inspired rally in a subdued session overnight.The dollar index last stood at 99.033, drifting down from Friday's peak of 99.345, a high not seen since mid-April. Against the yen, the greenback fetched 123.15 yen , just off a 2-1/2-month high of 123.60.The euro traded at $1.0753 , having been as low as $1.0704 on Friday. Versus the yen, the common currency stood at 132.20 yen.
Gold was mired near a three-month low on Tuesday on expectations the U.S. Federal Reserve was well on track to raise interest rates before the end of the year. A forecast-beating U.S. October employment report on Friday pushed up bets that the Fed will increase interest rates in December for the first time in nearly a decade, weighing on the price of non-interest bearing gold. MCX Gold Dec is currently trading at `25662. It is trading down by `24 points for the day. MCX Silver Dec is currently trading at `34478. It is trading down by `78 points.
Long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike, Saudi Arabia's vice oil minister said on Monday. The Organization of the Petroleum Exporting Countries meets to review policy on Dec. 4. Two other OPEC officials on Monday made upbeat comments about the 2016 outlook, suggesting big changes are unlikely. MCX Crude Oil Nov is trading at `2936. It is trading up by `6.
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Daily Commodity Report
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, is holding 666.11 tonnes as per latest available data on their website.
Daily Metals & Energy update
Geofin Comtrade Ltd.
LME copper futures fell to their weakest in six weeks on Tuesday, moving closer to a six-year low amid a firmer dollar and prolonged economic weakness in top metals consumer China. Copper has dropped more than 21 percent this year and is on track for a third annual decline, with industrial commodities falling out of favour as China's economy slows.Glencore said last week it expected to cut 455,000 tonnes of copper output by the end of 2017. In September, it suspended copper production at two mines in Africa, removing 400,000 tonnes of cathode from the market.
Base metals are trading on a bearish note today. Economic data for the day:- CPI y/y
MCX GOLD DEC (
`25840)
MCX SILVER DEC (
`35433)
The above is hourly chart of Silver. It suggests that prices are trading in strong bearish mode. It has breached lower trend line support levels and moving towards another support of 34100 levels. On upside, immediate resistance is located at 34870 levels.
The above is hourly chart of Gold. It suggests that prices are making lower highs and lows. It is expected to fall down till 25350 levels. On upside, immediate resistance is located at 25920 levels.
Trading Call: Sell around 25670 levels with a stop loss placed above 25920 levels for target of 25350 levels.
TECHNICAL UPDATE
MCX CRUDE OIL NOV (
`2936)
MCX NATURAL GAS NOV (
`154.10)
10 NOV 2015
Above is hourly chart of Natural gas. It suggest that prices trading in parallel trend channel format. It is expected to gain upside till 158.20 levels. Positive divergence on RSI along with positive crossover supports prices are lower levels. Hence, bias is on the upside.
The above is hourly chart of Crude Oil. Prices are making lower highs and lows. It is expected to fall down till 2885 levels. On upside, immediate resistance is located at 2970 levels. Bias is on the downside.
Trading Call: Sell around 2935 levels with a stop loss placed above 2970 levels for targets of 2885 levels.
MCX COPPER NOV (
`326)
MCX NICKEL NOV (
`631.60)
Trading Call: Sell around 327 levels with a stop loss placed above 331.80 levels for targets of 321 levels.
The above hourly chart of Nickel suggests that prices are making lower highs and lows. RSI is capped under 55 levels. Prices are expected to make new lower low till 623 levels. On upside resistance is located at 640 levels.
Trading Call: Sell around 633 levels with a stop loss placed above 640 levels for targets of 623 levels.
TECHNICAL UPDATE
The above is hourly chart of Copper. Prices are making lower highs and lows. It is currently trading at multi year lower levels. It is expected to decline further till 321 levels. On upside, resistance is located at 331.80 levels.
MCX LEAD NOV (
`108.45)
MCX ZINC NOV (
`106.50)
TECHNICAL UPDATE
Trading Call: Sell around 108 levels with a stop loss placed above 109.60 levels for targets of 106.30 levels.
Trading Call: Sell around 106.80 levels with a stop loss placed above 108 levels for targets of 105 levels.
The above is hourly chart of Zinc which suggest that prices are making lower highs and lows. It is expected to decline further till 105 levels. On upside, resistance is located at 108 levels. Bias is on the downside.
The above hourly chart of Lead suggests that prices are still trading under pressure. If it breaches 108 then it could fall till 106.30 levels. On upside, resistance is located at 109.60 levels. Bias is on the downside.
MCX ALUMINIUM NOV (
`99.05)
COUNTRY TIME SURVEY PRIOR
7:00 PM CNY CPI y/y 1.50% 1.60%
10 NOV 2015
TECHNICAL UPDATE
ECONOMIC DATA FOR THE DAY
Trading Call: Sell below 98.70 levels with a stop loss placed above 100 levels for targets of 96.30 levels.
The above hourly chart of Aluminum. It has immediate support at 98.70 levels. If it breaks below this then it would fall further till 96.30 levels. On upside, reversal point is located at 100 levels.
Research Department - Institutional Desk
Geofin Comtrade Ltd.
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The information contained here was gathered from sources deemed reliable; however, no claim is made as to
accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time, nor
should any examples presented be deemed as such. There is a risk of loss in commodity trading and commodity
options and you should carefully consider your financial position before making a trade. This is not, nor is it
intended, to be a complete study of chart patterns or technical analysis and should not be deemed as such. Geofin
Comtrade Ltd. does not guarantee that such information is accurate or complete and it should not be relied upon
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