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Commodities Journal Daily Reports-25th September 2017-Monday
Commodities Journal Daily Reports-25th September 2017-Monday
Gold 29500
Silver 39600
604 - Shekhar Central, Palasia Square, Indore - 452001, Madhya Pradesh, INDIA
Market Wrapup
Friday, 22nd September 2017
Now Gold is getting support at 29512 and below same could see a test of 29439 levels and resistance is now likely to be seen at 29702,
a move above could see prices testing 29819.
Gold prices regained some ground as threats from North Korea encouraged investors to flock to safe-haven assets. Market sentiment
weakened after North Korean leader Kim Jong Un said that Pyongyang will consider the "highest level of hard-line countermeasure in
history" against the U.S. in response to President Donald Trump's threat to destroy the country.
Aluminium on MCX settled down -0.54% at 138.35 on long liquidation tracking weakness from LME aluminium which eased from five-year
highs reached the previous session but expectations of tighter supply into early next year underpinned prices.
While traders sentiments will remain firm as production cuts are already feeding through into lower output from the world's top producer
of the metal after Beijing's campaign to close illegally built capacity earlier this year.
Special News
Oil holds gains as producers say market rebalancing
Oil prices stood little changed on Monday, keeping most of their gains from the previous session to hold near their highest levels
in months, as major producers meeting in Vienna said the market was well on its way towards rebalancing.
The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8
million barrels per day since the start of 2017, helping lift oil prices by about 15 percent in the past three months.
Kuwaiti Oil Minister Essam al-Marzouq, who chaired Friday's meeting of the Joint Ministerial Monitoring Committee, said supply
cuts were helping cut global crude inventories to their five-year average, OPEC's stated target.
Commodities - Gold Prices Dip In Asia as Weekend Of Polls And NKorea Mulled
Gold prices dipped slightly in Asia on Monday after a weekend in which New Zealand and germany went to polls to both
produce results that pointed to lengthy talks to form coalition government and North Korea and the U.S. ramped up a war of
words and actionss.
Gold futures for December delivery eased 0.07% to $1,2962.60 a troy ounce on the Comex division of the New York Mercantile
Exchange.
The far-right AfD party won a surprisingly large percentage of the overall vote in Germany, finishing third and entering parliament
for the first time, with 13.5% of the vote. Under Germany's mixed-member proportional voting system, that vaults in well beyond
the 5% threshold needed for seats in parliament.
Commodity Buzz
Base Metals trend higher as prices remain volatile
Base Metals continued to remain volatile as speculative activity hits its peak level. Copper moved higher to Rs.423.85 and is currently
trading at Rs.421.85, down 0.21 currently. The rest of the metals are trading mixed as volatility continues to dominate prices movement
since opening.
We maintain a very neutral and cautious outlook on base metals. The market currently seems to be overwhelmed with speculative activity
driving prices both ways with violent fluctuations which are also being aggravated by the weakening of rupee against the dollar. With the
exception of Copper, the rest of metals have remained very volatile and we maintain a stay-away approach at the moment.
Copper has remained within a trading range of Rs.418 Rs.425 and should continue to remain in the current range for the rest of todays
session. Over the short term, the recent volatility should pave way for further sharp declines in prices before the market re-aligns itself with
long term bullish fundamentals.
The Baker Hughes oil rigs count report is also due later in the night today and may push prices higher today if the active counts decrease.
Crude Oil finds strong support at Rs.3280 and resistance at Rs.3325 in intraday.
Gold MCX