DAILY COMMODITY MARKET STRATEGY- 3 Jan 2017

BULLION

Silver March and Platinum April futures have rallied over a percent each at $ 16.157 and $ 916, respectively.Gold February contract has also gained 0.5 percent at $ 1,158 an ounce.Refined gold prices gained during last night. Levels of INR 27,560 per 10 grams were noticed during the closing, with gains of 0.4 percent.Till the prices of Gold are below INR 27,800 there are less chances that the prices will see any extreme moves on higher side. If gains occur from here it can take yellow metal towards INR 27,600 and 27,700 per 10 grams.On higher side, Gold will be resisted at Rs 27,600 per 10 grams. The high of Gold was at INR 27,600 per 10 grams and a low of INR 27,401 per 10 grams was tested during the day. The prices closure above INR 27,650 per 10 grams will be critical.

ENERGY

Both Crude Oil February and Brent Oil March series have advanced over 0.5 percent each at $ 54.05 and $ 57.17 a barrel, respectively.Natural Gas February expiry is witnessing heavy losses, and is down almost 7 percent to $ 3.487.Crude Oil gained in the session ending Monday and ended with gains to the tune of almost 1.07 percent.The prices of Crude Oil ended the session at INR 3,689 per barrel. December expiry contract of Crude Oil tested a high of INR 3,698 per barrel. A low of INR 3,663 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 3,650 and 3,600 per barrel are the noted supports.

BASE METAL

Copper March delivery has spurted 1.4 percent at $ 2.542.Copper ended the session on 2 Jan 2017 at INR 378.60 per kg. The prices tested a high of INR 380 per kg and a low of INR 376.05 per kg.Indian Copper has been swinging between Rs 382 and 365 per kg. A heavy correction from here can take prices close to INR 374 per kg in medium term.On the higher side Rs 380 and 382 per kg are resistances.The trend ideal strategy can be to sell Copper on every significant rise. Selling from Rs 382 and 385 is expected in Copper.

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