DAILY COMMODITY MARKET STRATEGY- 31 Jan 2017

BULLION

Gold February future has advanced more than half a percent at $ 1,204 per ounce.Silver March and Platinum April series have gained 0.3 percent each at $ 17.207 and $ 995, respectively.Gains was noted in the prices of MCX Refined gold. Levels of INR 28,555 per 10 grams was noticed during the closing, with an uptick of 0.7 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 28,700 and 28,900 per 10 grams. On lower side, Gold will be supported at Rs 28,500 per 10 grams.The high of Gold was at INR 28,560 per 10 grams and a low of INR 28,336 per 10 grams was tested during the day. The prices closure above INR 29,000 per 10 grams will be critical.

ENERGY

Natural Gas March expiry is under-pressure, and is down over a percent at $ 3.195.Crude Oil March delivery has declined 0.5 percent at $ 52 a barrel.Brent Oil April contract is quoted at $ 3.196 - down 0.2 percent.Crude Oil declined in the session ending 30 Jan 2017 and ended with correction to the tune of 0.7 percent.The prices of Crude Oil ended the session at INR 3,625 per barrel, down INR 26. The benchmark expiry contract of Crude Oil tested a high of INR 3,641 per barrel. A low of INR 3,565 per barrel was registered during the day.Losses in Crude Oil can take prices towards Rs 3,500 and 3,400 per barrel. On the higher side Rs 3,650 and 3,750 per barrel are the noted resistances.

BASE METAL

Copper March contract is down 0.3 percent at $ 2.662.Copper ended the session on 30 Jan 2017 at INR 398.10 per kg. The prices tested a high of INR 404.95 per kg and a low of INR 394.60 per kg. Technical charts suggest that breach below INR 395 per kg will be damaging for Copper.Indian Copper breached important levels of Rs 400 during the day but was not able to pull back below the next hurdle of Rs 395 per kg. A correction from here can take prices close to INR 395 and 390 per kg in medium term.On the higher side Rs 399 and 404 per kg are resistances. The ideal strategy can be to buy Copper on declines. Buying from Rs 395 and 392 is expected in Copper today.

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