Daily Commodity Report

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Daily Commodity Report

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, is holding 634.63 tonnes as per latest available data on their website.

Geofin Comtrade Ltd.

The currencies of major commodity producers such as Australia and Canada steadied on Wednesday, letting them nurse big losses suffered the past two days from a selloff in oil and bulk commodities. The U.S. dollar was last at C$1.3575, having risen on Tuesday to as high as C$1.3623, the weakest level for the Canadian dollar since mid-2004. Against the Norwegian crown, the greenback last stood at 8.7486 crowns, having scaled a 13-year peak of 8.8194 crowns on Tuesday.

Gold rose on Tuesday as the dollar receded slightly and stocks fell globally, though expectations that the U.S. Federal Reserve will raise interest rates next week kept gains in check. Any further weakness in oil could trigger fears of deflation, a bearish factor for gold, which is often used as a hedge against oil-led inflation.Signs that the U.S. labor market is recovering supported market views that the Fed will raise rates for the first time in nearly a decade at its policy meeting on Dec. 15-16. MCX Gold Feb is currently trading at `25555. It is trading up by `29 points for the day. MCX Silver Mar is currently trading at`34375. It is trading up by `2 points.

China's imports of copper jumped 10 percent to 460,000 tonnes in November from a year earlier, as a deepening rout in prices spurred opportunistic buying even as demand growth in the world's No. 2 economy slows, customs data showed on Tuesday. Shipments of anode, refined copper, copper alloys and semi-finished copper products also rose by 10 percent from October, preliminary data released by China's General Administration of Customs showed. Reflecting the long-term slowdown in demand from the world's top industrial metals consumer.

Base metals are trading on a neutral note today.

Economic data for the day:- Wholesale Inventories m/m, Crude Oil Inventories Saudi Arabia is shipping more crude oil to Asia over the last two months of the year as strong refining margins boost demand, trade sources said, helping the top oil exporter defend its market share amid fierce competition. Cheap Saudi oil - in comparison with prices for other Middle Eastern grades - has drawn several Asian refiners to request a few million barrels above contractual volumes as they ramp up crude run rates to capture robust margins. MCX Crude Oil Dec is trading at `2564. It is trading up by `36.

S.V. Road, Andheri West,

MCX GOLD FEB (

`25420)

MCX SILVER MAR (

`34580)

Trading Call: Buy around 25610 levels with a stop loss placed below 25390 levels for target of 25900 levels.

Trading Call: Buy above 34700 levels with a stop loss placed below 34235 levels for targets of 35350 levels.

TECHNICAL UPDATE

The above is hourly chart of Silver. It suggests that prices are trading in sideways zone. It is expected to pickup momentum on the upside. Any move above 34700 will set target of 35350 levels. On downside, immediate support is located at 34235 levels.

MCX CRUDE OIL DEC (

`2805)

MCX NATURAL GAS DEC (

`150)

Trading Call: Buy around 2590 levels with a stop loss placed below 2515 levels for targets of 2700 levels.

9 DEC 2015

Trading Call: Sell around 139.30 levels with a stop loss placed above 142.30 levels for targets of 135.80 levels.

The above is hourly chart of Crude Oil. It suggest that prices are likely to recover its losses. On upside, break above 2590 will set target of 2700 levels. On downside, 2515 will act as crucial support in today's session.

MCX COPPER FEB (

`309.85)

MCX NICKEL DEC (

`593.30)

The above hourly chart of Nickel suggests that prices are trading in sideways zone. However, pries are capped under crucial resistance of 588 levels. Further resistance is located at 601 levels. It is expected to retest yesterday's low of 573 levels.

Trading Call: Sell around 309.60 levels with a stop loss placed above 313 levels for targets of 306 levels.

Trading Call: Sell around 5888 levels with a stop loss placed above 601 levels for targets of 573 levels.

TECHNICAL UPDATE

MCX LEAD DEC (

`110.05)

MCX ZINC DEC (

`104.05)

Trading Call: Sell below 112.70 levels with a stop loss placed above 114 levels for targets of 111.30 levels.

Trading Call: Sell around 101.90 levels with a stop loss placed above 103 levels for targets of 100.10 levels.

TECHNICAL UPDATE

The above hourly chart of Lead suggests that prices are likely to turn on the downside. If it breaks support of 112.70 then it will decline till 111.30 in today's session. On upside, immediate resistance is located at 114 levels.

MCX ALUMINIUM DEC (

`97.25)

COUNTRY TIME SURVEY PRIOR

USD 8:30 PM 0.50%

USD 9:00 PM Crude Oil Inventories 1.2M

TECHNICAL UPDATE

9 DEC 2015

ECONOMIC DATA FOR THE DAY

Trading Call: Buy around 99.20 levels with a stop loss placed below 98 levels for targets of 100.50 levels.

The above hourly chart of Aluminum suggests that prices are trading in uptrend channel. It is holding above trend line support levels. It is expected to rise upside till 100.50 levels. On downside, support is located at 98 levels.

Research Department - Institutional Desk

Geofin Comtrade Ltd.

S.V. Road, Andheri West,