Thursday, 12 January 2017

DAILY COMMODITY MARKET STRATEGY- 12 Jan 2017

BULLION

Platinum April future is trading on a firm note - up over a percent at $ 2.605.Gold February and Silver March contracts are marginally up at $ 1,197 per ounce and $ 16.855, respectively.Refined gold prices gained during last night. Levels of INR 28,291 per 10 grams was noticed during the closing, with an uptick of 0.5 percent.The prices also surpassed INR 28,200 per 10 grams which means that further appreciation will remain active. If gains occur from here it can take yellow metal towards INR 28,500 and 28,550 per 10 grams.On lower side, Gold will be supported at Rs 28,100 per 10 grams. The high of Gold was at INR 28,345 per 10 grams and a low of INR 28,082 per 10 grams was tested during the day. The prices closure below INR 28,100 per 10 grams will be critical.

ENERGY

Crude Oil February and Brent Oil March series are slightly down at $ 52 and $ 55 a barrel, respectively.Natural Gas February expiry has gained more than half a percent at $ 3.313.Crude Oil gained in the session ending 11 Jan 2017 and ended with uptick to the tune of 2.11 percent.The prices of Crude Oil ended the session at INR 3,587 per barrel. The benchmark expiry contract of Crude Oil tested a high of INR 3,597 per barrel.A low of INR 3,478 per barrel was registered during the day. Gains in Crude Oil can take prices towards Rs 3,750 and 3,800 per barrel. On the lower side Rs 3,550 and 3,500 per barrel are the noted supports.

BASE METAL

Copper March delivery is quoted at $ 2.605 - up 0.2 percent.Copper ended the session on 11 Jan 2017 at INR 393 per kg. The prices tested a high of INR 397.15 per kg and a low of INR 392.35 per kg.Indian Copper has been breached important levels of Rs 392 during the day. A correction from here can take prices close to INR 390 per kg in medium term. On the higher side Rs 396 and 398 per kg are resistances.The ideal strategy can be to sell copper near resistances. Selling from Rs 394 is expected in Copper today.

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