Monday, 19 December 2016

DAILY COMMODITY MARKET STRATEGY- 19 Dec 2016

BULLION

Gold February 2017 future has gained 0.3 percent at $ 1,141 an ounce.Silver March contract is slightly down at $ 16.193.Platinum January delivery is marginally up at $ 928.Refined gold prices gained on Friday. Levels of INR 27,151 per 10 grams were noticed during the closing, with losses of 0.5 percent.Till the prices of Gold are below INR 27,000 there are less chances that the prices will see any extreme moves on higher side. Further losses from here can take yellow metal towards INR 26,800 and 26,500 per 10 grams.The high of Gold was at INR 27,266 per 10 grams and a low of INR 26,972 per 10 grams was tested during the day.

ENERGY

Both Crude Oil January and Brent Oil series have advanced around a percent each at $ 53.40 and $ 55.59 a barrel, respectively.Natural Gas January expiry is quoted at $ 3.393 -up 0.2 percent.Crude Oil picked strength in the session ending Friday and ended with gains to the tune of almost 1 percent.The prices of Crude Oil ended the session at INR 3,521 per barrel.

December expiry contract of Crude Oil tested a high of INR 3,528 per barrel. A low of INR 3,427 per barrel was registered during the day. Gains in Crude Oil can take prices towards Rs 3,650 and 3,700 per barrel.

BASE METAL

Copper March delivery is almost unchanged at $ 2.548.Copper ended the session on 16 Nov 2016 at INR 386 per kg. The prices tested a high of INR 392 per kg and a low of INR 384 per kg.Indian Copper is swinging between Rs 385 and as INR 392 zones. The prices gained briefly above Rs 392 on Friday but was not able to hold.This means that prices can move lower until some positives reemerge.On the higher side Rs 394 and 396 per kg are resistances while on lower side Rs 382 and 375 per kg is the support.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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