Download Report

09 OCT 2014
Daily Commodity Report
Daily Metals & Energy update
Gold extended an advance to head for the longest rally since June as Federal
Reserve officials expressed concern that the U.S. economy may be at risk
from a global slowdown, weakening the dollar and boosting haven demand.
Gold rallied 0.5 percent to $1,227.16 an ounce. Spot Gold is currently trading
at $1228. MCX Gold Dec is currently at `26934, it is trading up by `199 points
for the day. Comex Silver is currently trading at $17.50 whereas MCX Silver
Dec is currently trading at `38700, it is up by `483.
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund,
is holding 762.08 tonnes as per latest available data on their website.
A courtroom victory allowing the London Metal Exchange to ease backlogs of
deliveries of aluminum may do little to reduce the cost of the metal used in
everything from beer cans to auto parts. While yesterday’s appeal court ruling
in London clears the way for the LME to impose new rules at its warehouses,
rising demand for aluminum and output cuts by producers including Alcoa Inc.
(AA) and United Co. Rusal will still boost costs. Aluminum for delivery in three
months rallied as much as 18 percent this year.
The dollar fell to a two-week low against the euro as investors pushed back
bets for when the Federal Reserve will increase interest rates. Australia’s
currency rose for a fourth day as traders treated data showing employers
unexpectedly cut payrolls last month with caution following changes to labormarket figures by the statistics bureau yesterday. The euro was near the
strongest in three weeks versus the pound before ECB President Mario Draghi
speaks in Washington and the BOE announces a policy decision.
West Texas Intermediate traded near the lowest price in 17 months and
London’s Brent was at the weakest since June 2012 after crude stockpiles
surged more than forecast in the U.S., the world’s largest oil consumer.
Futures were little changed in New York after the biggest loss since
September. WTI for November delivery was at $87.51 a barrel in electronic
trading on the New York Mercantile Exchange, up 20 cents. MCX Crude Oil
Oct is currently trading at `5354, it is trading down by `28 for the day.
Geojit Comtrade Ltd.
805, Dev Plaza,
Base metals are trading on a positive note today.
Opp. Irla Fire Brigade,
S.V. Road, Andheri West,
Mumbai - 400058.
Important data to be released today: Unemployment Claims, Wholesale
Inventories m/m and Natural Gas Storage.
Geojit Comtrade Ltd.
09 OCT 2014
TECHNICAL UPDATE
MCX GOLD DEC ( `26934)
The above Daily chart of Gold suggest that prices have reversed after taking support of 26600 level. RSI is in a
buy mode. We expect prices to go up to levels of 27200.
Trading Call: Buy around 26900 levels with a stop loss placed below 26800 levels for targets of 27200
levels.
MCX SILVER DEC ( `38800)
The above Daily chart of Silver suggest that prices have reversed after taking support of 37500 level. RSI is in a
buy mode. We expect prices to go up to levels of 39200.
Trading Call: Buy around 38700 levels with a stop loss placed below 38400 levels for targets of 39200
levels.
Geojit Comtrade Ltd.
09 OCT 2014
TECHNICAL UPDATE
MCX CRUDE OIL OCT ( `5359)
The above Daily chart of Crude Oil suggest that prices have breached the crucial support of 5400 level. MACD is
in a sell mode. We expect prices to correct up to levels of 5305.
Trading Call: Sell around 5380 levels with a stop loss placed above 5450 levels for targets of 5305 levels.
MCX NATURAL GAS OCT ( `236.50)
The above Daily chart of Natural Gas suggest that prices have breached the crucial support of 240 level. RSI is in
a sell mode. We expect prices to correct up to levels of 230.
Trading Call: Sell around 238 levels with a stop loss placed above 242 levels for targets of 230 levels.
Geojit Comtrade Ltd.
09 OCT 2014
TECHNICAL UPDATE
MCX COPPER NOV ( `412.80)
The above Daily chart of Copper suggest that prices are trading near the crucial support of 412 level. RSI is
building strength. We expect prices to go up to levels of 417.
Trading Call: Buy around 412 levels with a stop loss placed below 408 levels for targets of 417 levels.
MCX NICKEL OCT ( `1022.40)
The above Daily chart of Nickel suggest that prices are trading near the crucial support of 1000 level. RSI is
building strength. We expect prices to go up to levels of 1040.
Trading Call: Buy around 1018 levels with a stop loss placed below 1005 levels for targets of 1040 levels.
Geojit Comtrade Ltd.
09 OCT 2014
TECHNICAL UPDATE
MCX LEAD OCT ( `128.15)
The above Daily chart of Lead suggest that prices are trading near the crucial support of 127 level. RSI is building
strength. We expect prices to go up to levels of 130.
Trading Call: Buy around 128 levels with a stop loss placed below 127 levels for targets of 130 levels.
MCX ZINC OCT ( `143.10)
The above Daily chart of Zinc suggest that prices have reversed after taking support of 141 level. RSI is in a buy
mode. We expect prices to go up to levels of 144.
Trading Call: Buy around 142.50 levels with a stop loss placed below 141 levels for targets of 144 levels.
Geojit Comtrade Ltd.
09 OCT 2014
TECHNICAL UPDATE
MCX ALUMINIUM OCT ( `118.70)
The above Daily chart of Zinc suggest that prices have reversed after taking support of 118 level. RSI is in a buy
mode. We expect prices to go up to levels of 121.
Trading Call: Buy around 118.50 levels with a stop loss placed below 117 levels for targets of 121 levels.
ECONOMIC DATA FOR THE DAY
COUNTRY
US
US
US
TIME
18:00
19:30
20:00
INDICATOR
Unemployment Claims
Wholesale Inventories m/m
Natural Gas Storage
SURVEY PRIOR
291K
287K
0.3%
0.1%
108B
112B
Geojit Comtrade Ltd.
09 OCT 2014
Research Department - Institutional Desk
Geojit Comtrade Ltd.
Nitin Nachnani
[email protected]
Contact: 022-61312127
805 Dev Plaza
Opp. Irla Fire Brigade,
S.V. Road, Andheri West,
Mumbai - 400058.
Disclaimer:
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. Geojit Comtrade Ltd. does not guarantee that such information is accurate or complete and it should not
be relied upon as such. Any opinions expressed reflect judgements at this date and are subject to change
without notice. For use at the sole discretion of the investor without any liability on Geojit Comtrade Ltd.
Geojit Comtrade Ltd.