Tuesday, 17 January 2017

DAILY COMMODITY MARKET STRATEGY- 17 Jan 2017

BULLION

Gold February futures has advanced almost a percent in morning deals at $ 1,206 an ounce.March Silver delivery has advanced more than half a percent at $ 16.883.Platinum April contract has gained 0.4 percent at $ 990.gold prices gained during last night. Levels of INR 28,545 per 10 grams was noticed during the closing, with an uptick of 0.58 percent.The prices also surpassed INR 28,500 per 10 grams which means that further appreciation will remain active. If gains occur from here it can take yellow metal towards INR 28,600 and 28,650 per 10 grams.On lower side, Gold will be supported at Rs 28,400 per 10 grams. The high of Gold was at INR 28,607 per 10 grams and a low of INR 28,450 per 10 grams was tested during the day. The prices closure below INR 28,400 per 10 grams will be critical.

ENERGY

Crude Oil and Natural Gas February series are up 0.2 percent each at $ 52.48 a barrel and $ 3.487, respectively.Brent Oil March expiry is quoted at $ 56 - down 0.3 percent.Crude Oil gained in the session ending 16 Jan 2017 and ended with correction to the tune of 0.4 percent. The prices of Crude Oil ended the session at INR 3,573 per barrel.The benchmark expiry contract of Crude Oil tested a high of INR 3,596 per barrel. A low of INR 3,552 per barrel was registered during the day.Gains in Crude Oil can take prices towards Rs 13 and 3,573 per barrel.On the lower side Rs 3,596 and 3,552 per barrel are the noted supports.

BASE METAL

Copper March delivery is witnessing losses, and is down 1.4 percent at $ 2.622.

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