Monday, 23 January 2017

DAILY COMMODITY MARKET STRATEGY- 23 Jan 2017

BULLION

Gold February and Silver March futures have advanced almost a percent each at $ 1,215 an ounce and $ 17.197, respectively.Platinum April delivery is up 0.2 percent at $ 983.Gold edged up near two month high amid good bargain buying and bright demand outlook this year. However, some selling pressure emerged following recent spurt as profit selling took a toll on the metal.MCX Gold February futures tested highs above Rs 28,800 per 10 grams after breaking above Rs 28K at the start of year.

ENERGY

Natural Gas March expiry has declined 0.5 percent at $ 3.194.Crude Oil and Brent Oil March series are down 0.2 percent each at $ 53.09 and $ 55.41 per barrel, respectively.

On the lower side, supports of Rs 3,550 per barrel is active. The trend of bullishness is still active in Crude Oil and further gains towards Rs 3,750 and 3,800 per barrel is a possibility.

BASE METAL

Copper March delivery is trading on a firm note - up 1.5 percent at $ 2.654.The prices of Copper remained jostling with rough patch in the week ending 20 Jan 2017. Last week saw prices dipping below Rs 395 per kg.The metal on the last trading day saw gains of 0.6 percent however the charts suggest that moving past Rs 400 per kg can be a possibility for the metal in today's trades.Closing above Rs 400 per kg will give strength for Copper. On the lower side, supports of Rs 391 per kg remains active. Prices are looking to face resistance of Rs 400 and 405 per kg during the day.The metal ended the day at Rs 395.30 per kg. A high of Rs 397.50 per kg was tested during the day, while a low of Rs 389.75 per kg was witnessed.

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