Base metals are trading on a mixed note today.
Oil fell for a fifth day amid speculation that U.S. inventories will increase, exacerbating a global supply glut that’s driven prices to the lowest levels in more than five years. Futures dropped as much as 1.1 percent in New York in the longest losing streak since August.Oil slumped by almost half last year, the most since the 2008 financial crisis, as the U.S. pumped the most crude in more than three decades. MCX Crude Oil Jan is currently trading at `3010, it is trading down down `58 for the day.
The yen dropped from the strongest in three weeks against the dollar as U.S. stock futures signaled gains after five days of losses, damping demand for safer assets. Japan’s currency fell versus all of its 16 major peers having rallied against all of them so far in 2015. The dollar climbed to a nine-year high versus the euro before the Federal Reserve releases minutes of its December meeting amid signs policy makers are moving toward raising interest rates. Malaysia’s ringgit slumped for a fourth day.
S.V. Road, Andheri West,
Daily Metals & Energy update
Mumbai - 400058.
Important data to be released today:ADP Non-Farm Employment Change, Trade Balance, Crude Oil Inventories.
Gold held below a three-week high after sinking oil prices and equities spurred the longest run of daily gains since October as investors awaited minutes of the FederalReserve’s last meeting for guidance on U.S. monetary policy. Spot Gold is currently trading at $1213. MCX Gold Feb is currently at `27262, it is trading down by `126 points for the day. Comex Silver is currently trading at $16.40 whereas MCX Silver Mar is currently trading at `37600,it is down by `314.
Geofin Comtrade Ltd.
Opp. Irla Fire Brigade,805, Dev Plaza,
Daily Commodity Report
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, is holding 707.82 tonnes as per latest available data on their website.
MCX GOLD FEB (
`27250)
MCX SILVER MAR (
`37576)
Trading Call: Sell below 37450 levels with a stop loss placed above 37750 levels for targets of 36900 levels.
The above hourly chart of Gold suggest that price is taking resistance near 27450 level. There is negative divergence of RSI with prices. If price succeed to breach the support level of 27200 level then it may fall till 27000 level.
The above hourly chart of Silver suggests that price is in bullish trend channel. If price breaches the support level of 37450 level then we may see fall till 36900 level.
Trading Call: Sell below 27200 levels with a stop loss placed above 27320 levels for target of 27000 levels.
MCX CRUDE OIL JAN (
`3010)
MCX NATURAL GAS JAN (
`187)
TECHNICAL UPDATE
Trading Call: Buy above 3050 levels with a stop loss placed below 3000 levels for targets of 3115 levels.
The above 4 hourly chart of Natural Gas suggest that price is taking support near 180 level. RSI is gaining momentum on upside which could be bullish for prices.
The above hourly chart of Crude Oil suggest that price is in strong down trend. RSI is streay under oversold level. If price crosses 3050 level in intraday then immediate target would be 3115 level.
MCX COPPER FEB (
`390.80)
MCX NICKEL JAN (
`971)
The above 4 hourly chart of Copper suggests that price is taking support at 389 level. If price breaches the support level then it will fall till 383 level. RSI is in negative mode.
Trading Call: Sell below 966 levels with a stop loss placed above 980 levels for targets of 950 levels.
The above hourly chart of Nickel suggest that price is taking resistance near 980-985 zone. Nearest support for Nickel is at 966 level. RSI is in negative mode.
TECHNICAL UPDATE
MCX LEAD JAN (
`116.75)
MCX ZINC JAN (
`136.35)
Trading Call: Sell around 137.50 levels with a stop loss placed above 139 levels for targets of 135.50 levels.
The above 4 Hourly chart of Lead suggest that price is trading in rangebound. Either side breakout of this range will add momentum in the trend direction.
The above 4hourly chart of Zinc suggest that price has breached trendline support level. RSI is in negative mode. In traday price may fall further till 135.50 level.
TECHNICAL UPDATE
MCX ALUMINIUM JAN (
`114.20)
COUNTRY TIME SURVEY PRIOR
USD
6:45pm
227K 208KUSD
7:00pm
-42.3B
-43.4B
USD
9:00pm
0.9M
-1.8M
ECONOMIC DATA FOR THE DAY
TECHNICAL UPDATE
ADP Non-Farm Employment Change Trade Balance
Crude Oil Inventories
Trading Call: Sell around 112.60 levels with a stop loss placed above 113.60 levels for targets of 111 levels.
The above 4 hourly chart of Aluminium suggest that price is in stronger down trend. RSI below the oversold level suggests that selling pressure on prices.
Research Department - Institutional Desk
Geofin Comtrade Ltd.
Contact:
Disclaimer:
805 Dev Plaza
S.V. Road, Andheri West, 022-61312127
Mumbai - 400058. Opp. Irla Fire Brigade, Vaibhav P Chudasama CMT
