Wednesday, 28 December 2016

DAILY COMMODITY MARKET STRATEGY- 28 Dec 2016

BULLION

Gold February and Silver March 2017 futures has gained 0.3 percent at $ 1,142 an ounce and $ 16.027, respectively.Platinum April delivery is quoted at $ 908 - up 0.2 percent.Refined gold prices gained on Monday. Levels of INR 27,054 per 10 grams were noticed during the closing, with gains of 0.22 percent.Till the prices of Gold are below INR 27,100 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 26,900 and 26,850 per 10 grams.On higher side, Gold will be resisted at Rs 27,200 per 10 grams. The high of Gold was at INR 27,068 per 10 grams and a low of INR 26,916 per 10 grams was tested during the day. The prices closure below INR 26,800 per 10 grams will be critical.

ENERGY

Natural Gas February expiry is has declined 0.3 percent at $ 3.718.Crude Oil February and Brent Oil March contracts are down 0.2 percent each at $ 53.82 and $ 56.73 a barrel, respectively.Crude Oil was sideways in the session ending Tuesday and ended with marginal declines to the tune of almost 0.06 percent. The prices of Crude Oil ended the session at INR 3,594 per barrel.December expiry contract of Crude Oil tested a high of INR 3,626 per barrel. A low of INR 3,588 per barrel was registered during the day.Gains in Crude Oil can take prices towards Rs 3,650 and 3,700 per barrel. On the lower side Rs 3,570 and 3,550 per barrel are the noted supports.

BASE METAL

Copper March delivery is almost unchanged at $ 2.522.Copper ended the session on 26 Nov 2016 at INR 370 per kg. The prices tested a high of INR 371 per kg and a low of INR 365 per kg.Indian Copper has broken important levels of Rs 380 in this month making things worse for the metal. A heavy correction from here can take prices close to INR 350 per kg in medium term.On the higher side Rs 375 and 380 per kg are resistances while on lower side Rs 365 and 360 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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