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07 NOV 2014
Daily Commodity Report
Daily Metals & Energy update
Gold and silver tumbled to the lowest level in more than four years as a gauge
of the dollar headed for the biggest weekly advance in more than 12 months,
curbing demand. Platinum dropped to the lowest since 2009. Gold fell as
much as 0.9 percent to $1,132.16 an ounce. Spot Gold is currently trading at
$1141. MCX Gold Dec is currently at `25340, it is trading down by `114 points
for the day. Comex Silver is currently trading at $15.31 whereas MCX Silver
Dec is currently trading at `34041, it is down by `230.
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund,
is holding 732.83 tonnes as per latest available data on their website.
Nickel headed for a weekly loss and aluminum declined before China, the
world’s biggest consumer of industrial metals, may report a slowdown in
export growth. Nickel slid as much as 0.7 percent, while aluminum fell 0.6
percent. China’s overseas shipments in October grew 10.7 percent from a
year earlier, down from 15.3 percent in September, according to Bloomberg
survey before data tomorrow. Imports probably rose 5 percent after gaining 7
percent the previous month.
A gauge of the dollar headed for its biggest weekly gain in more than 16
months before a U.S. government report forecast to show employers added
more jobs in October than this year’s average. The U.S. currency approached
a seven-year high against the yen set yesterday after Bank of Japan Governor
Haruhiko Kuroda said this week the central bank will maintain stimulus as long
as needed. The euro was poised for a third weekly decline after ECB
President Mario Draghi deepened his commitment to stimulus yesterday.
Brent headed for a seventh weekly drop, the longest losing streak since
November 2001, as OPEC predicted it will need to supply less crude amid the
U.S. shale boom. WTI fell in New York. Futures slid as much as 0.7 percent in
London and are down 4.2 percent this week. WTI for December delivery
dropped as much as 44 cents, or 0.6 percent, to $77.47 a barrel in electronic
trading on the New York Mercantile Exchange. MCX Crude Oil Nov is currently
trading at `4785, it is trading down by `29 for the day.
Geojit Comtrade Ltd.
805, Dev Plaza,
Base metals are trading on a mixed note today.
Opp. Irla Fire Brigade,
S.V. Road, Andheri West,
Mumbai - 400058.
Important data to be released today: Non-Farm Employment Change,
Unemployment Rate and Average Hourly Earnings m/m
Geojit Comtrade Ltd.
07 NOV 2014
TECHNICAL UPDATE
MCX GOLD DEC ( `25472)
The above Daily chart of Gold suggest that prices have breached the crucial support of 25800 level. RSI is in a
sell mode. We expect prices to correct up to levels of 25200.
Trading Call: Sell around 25550 levels with a stop loss placed above 25800 levels for targets of 25200
levels.
MCX SILVER DEC ( `34360)
The above Daily chart of Silver suggest that prices have breached the crucial support of 35000 level. RSI is in a
sell mode. We expect prices to correct up to levels of 33800.
Trading Call: Sell around 34500 levels with a stop loss placed above 35000 levels for targets of 33800
levels.
Geojit Comtrade Ltd.
07 NOV 2014
TECHNICAL UPDATE
MCX CRUDE OIL NOV ( `4813)
The above Daily chart of Crude Oil suggest that prices have breached the crucial support of 4900 level. RSI is in
a sell mode. We expect prices to correct up to levels of 4700.
Trading Call: Sell around 4820 levels with a stop loss placed above 4900 levels for targets of 4700 levels.
MCX NATURAL GAS NOV ( `271.50)
The above Daily chart of Natural Gas suggest that prices have reversed after taking support of 268 level. RSI is in
a buy mode. We expect prices to go up to levels of 279.
Trading Call: Buy around 271 levels with a stop loss placed below 268 levels for targets of 279 levels.
Geojit Comtrade Ltd.
07 NOV 2014
TECHNICAL UPDATE
MCX COPPER NOV ( `413)
The above Daily chart of Copper suggest that prices have reversed after taking support of 404 level. RSI is in a
buy mode. We expect prices to go up to levels of 422.
Trading Call: Buy around 412 levels with a stop loss placed below 408 levels for targets of 422 levels.
MCX NICKEL NOV ( `960.20)
The above Daily chart of Nickel suggest that prices have reversed after taking support of 920 level. RSI is in a buy
mode. We expect prices to go up to levels of 995.
Trading Call: Buy around 950 levels with a stop loss placed below 920 levels for targets of 995 levels.
Geojit Comtrade Ltd.
07 NOV 2014
TECHNICAL UPDATE
MCX LEAD NOV ( `124.10)
The above Daily chart of Lead suggest that prices have reversed after taking support of 121 level. RSI is in a buy
mode. We expect prices to go up to levels of 126.
Trading Call: Buy around 124 levels with a stop loss placed below 123 levels for targets of 126 levels.
MCX ZINC NOV ( `137.80)
The above Daily chart of Zinc suggest that prices have reversed after taking support of 136 level. RSI is in a buy
mode. We expect prices to go up to levels of 139.
Trading Call: Buy around 137 levels with a stop loss placed below 136 levels for targets of 139 levels.
Geojit Comtrade Ltd.
07 NOV 2014
TECHNICAL UPDATE
MCX ALUMINIUM NOV ( `128.30)
The above Daily chart of Aluminium suggest that prices have reversed after taking support of 126 level. RSI is in
a buy mode. 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.
ECONOMIC DATA FOR THE DAY
COUNTRY
US
US
US
TIME
19:00
19:00
19:00
INDICATOR
Non-Farm Employment Change
Unemployment Rate
Average Hourly Earnings m/m
SURVEY PRIOR
235K
248K
5.9%
5.9%
0.2%
0.0%
Geojit Comtrade Ltd.
07 NOV 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.