DAILY COMMODITY MARKET STRATEGY- 23 Dec 2016

BULLION

Gold February and Platinum January 2017 futures are slightly up at $ 1,132 an ounce and $ 909, respectively.Silver March delivery is almost unchanged at $ 15.863.Refined gold prices declined on Thursday. Levels of INR 26,973 per 10 grams were noticed during the closing, with losses of 0.06 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 27,150 per 10 grams and a low of INR 27,250 per 10 grams was tested during the day. The prices closure below INR 27,000 per 10 grams will be critical.

ENERGY

Brent Oil and Crude Oil February contracts have declined 0.4-0.5 percent each at $ 54.85 and $ 52.70 a barrel, respectively. Natural Gas January expiry has advanced more than half a percent at $ 3.554.

BASE METAL

Copper March delivery has shed 0.4 percent at $ 2.497. Copper ended the session on 22 Nov 2016 at INR 377 per kg. The prices tested a high of INR 377.20 per kg and a low of INR 370.25 per kg.Indian Copper is swinging between Rs 380 and as INR 370 zones.The prices gained briefly above Rs 377 per kg on Thursday but was not able to hold. This means that prices can move lower until some positives reemerge.On the higher side Rs 380 and 384 per kg are resistances while on lower side Rs 369 and 365 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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