Weekly Commodity Report (7 th -Jan-2019)

Transcription

1 (7 th -Jan-2019) 1

2 7 th -Jan-2019 MCX GOLD Daily Chart GOLD Commentary Fundamental News: Gold hit its much-awaited $1,300 target Friday, triggering an equally anticipated profit-taking raid that allows the market a breather after a three-week buildup. Technical Outlook: Gold has witnessed a mild profit booking rally. So, Buy above with TGT & SL or else Short below with TGT & SL Data to Watch: CANADA Ivey PMI, US ISM Non-Manufacturing PMI, CANADA Trade Balance, JAPAN Average Cash Earnings y/y, US FOMC Member Evans Speaks, CANADA Overnight Rate, US FOMC Unemployment Claims, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks, US FOMC Member Clarida Speaks, US CPI m/m, US Core CPI m/m. R R R S S S MCX SILVER Daily Chart SILVER Commentary Fundamental News: For one thing, Fed Chairman Jerome Powell has signaled that he might be more "patient" with rate hikes in 2019, just as President Donald Trump has been hoping the central bank would. silver futures fell 0.3% to $15.75 per troy ounce. Technical Outlook: Silver has witnessed a profit booking rally. Go long above with TGT of & and maintain SL of or else Sell below with TGT & and keep SL of level. R R R Data to Watch: CANADA Ivey PMI, US ISM Non-Manufacturing PMI, CANADA Trade Balance, JAPAN Average Cash Earnings y/y, US FOMC Member Evans Speaks, CANADA Overnight Rate, US FOMC Unemployment Claims, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks, US FOMC Member Clarida Speaks, US CPI m/m, US Core CPI m/m. S S S

3 MCX CRUDE OIL Daily Chart CRUDE OIL Commentary Fundamental News: The Trump Administration seems to be achieving its tri-fold agenda of punishing Iran while balancing the world s energy needs and keeping oil prices low, as crude markets posted on Friday their largest weekly loss since February. Technical Outlook: Crude Oil may expect a recovery from lower level. Go long near 3368 With TGT of 3424 & 3501 and keep Sl of 3300 or else short near 3238 with TGT of 3176 & 3099 and keep stop loss of R R R S S S MCX NATURAL GAS Daily Chart Data to Watch: CANADA Ivey PMI, CANADA Trade Balance, JAPAN Average Cash Earnings y/y, US FOMC Member Evans Speaks, CANADA Overnight Rate, US Crude Oil Inventories, US FOMC Unemployment Claims, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks, US FOMC Member Clarida Speaks, US CPI m/m. NATURAL GAS Commentary Fundamental News: U.S. natural gas inventories dropped by much less than expected last week and prices that have moved lower over the past two weeks lost a bit of their early-morning gains. Technical Outlook: Natural Gas may expect a recovery rally until close below 200 level. Go Short below 209 with TGT of & 197 and keep stop loss of Or else Go long above with TGT of & and Keep SL of level. Data to Watch: US Natural Gas Storage. R R R S S2 197 S

4 MCX COPPER Daily Chart COPPER Commentary Fundamental News: Copper s three-month price was the best performer over the afternoon, gaining more than 3% and reaching an intraday high of $5,933 per tonne. The metal s three-month price has been trading below $6,000 per tonne since December 20, Technical Outlook: Copper has witnessed a mixed bag. So, go long near with TGT of & and maintain Stop loss of or else go short near with TGT & and keep sl of level. R R R S S S MCX ALUMINIUM Daily Chart Unemployment Claims, GBP ECB Monetary Policy Meeting Accounts, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, GBP GDP m/m, GBP Manufacturing Production m/m, US CPI m/m, US Core CPI m/m. ALUMINIUM Commentary Fundamental News: The benchmark for the supply of aluminium to main Japanese ports (MJP) in the first quarter of 2019 has settled in a premium range of $83-85 per tonne cif over the London Metal Exchange price, the lowest level in more than two years. Technical Outlook: Aluminium has witnessed a short covering rally. So, go short below with TGT of & keep SL of & Go long near with TGT of & and keep Sl of R R R S S S Unemployment Claims, GBP ECB Monetary Policy Meeting Accounts, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks, US FOMC Member Clarida Speaks, GBP GDP m/m, GBP Manufacturing Production m/ m, US CPI m/m, US Core CPI m/m. 4

5 21 7 thst -Jan May-2018 MCX LEAD Daily Chart LEAD Commentary Technical Outlook: Lead may expect a mixed trade. So, go long near with TGT of & 143 and keep SL of Unemployment Claims, GBP ECB Monetary Policy Meeting Accounts, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks. R R2 143 R S S S MCX ZINC Daily Chart ZINC Commentary Technical Outlook: Zinc has remains in a high volatility trade. So, long near with TGT of & and SL of MCX NICKEL Daily Chart Unemployment Claims, GBP ECB Monetary Policy Meeting Accounts, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks. R R R S S S NICKEL Commentary Technical Outlook: Nickel has witnessed a positive bias until close below 735 range. So, go long above with TGT of & SL of level. Member Rosengren Speak, US FOMC Meeting Minutes. R R R S S S

6 Weekly MCX COMMODITY CHANGE Indices Close Change % GOLD SILVER CRUDE OIL NATURAL GAS COPPER ALUMINIUM LEAD ZINC NICKEL ECONOMIC CALENDER Country Economic Event Forecast Previous Date &Time JAPAN Current Account 0.23T -0.78T 9th June (5.20 AM) JAPAN Final GDP q/q 1.4% 1.5% 9th June (5.20 AM) CANADA Housing Starts 185K 195K 9th June (5.45 PM) AUD RBA Gov Stevens Speaks - - 9th June (9.00 PM) GBP BRC Retail Sales Monitor y/y - 4.2% 10th June (4.31 AM) JAPAN Tertiary Industry Activity m/m -3.3% 2.4% 10th June (5.20 AM) AUD Home Loans m/m 0.3% -0.9% 10th June (7.00 AM) CHINA CPI y/y 2.4% 1.8% 10th June (7.00 AM) CHINA PPI y/y -1.5% -2.0% 10th June (7.00 AM) EUR French Industrial Production m/m 0.3% -0.7% 10th June (12.15 PM) CHINA New Loans 750B 775B 10th 14th June GBP Manufacturing Production m/m 0.4% 0.5% 10th June (2.00 PM) Source : Forex Factory 6

7 Source : Forex Factory Weekly Commodity Report ECONOMIC CALENDER 7

8 RESEARCHED & PREPARED BY B.KESAVAMOORTHY SENIOR RESEARCH MANAGER ID: CONTACT NO: Disclaimer LAL S This report is for the personal information of the authorized recipient and is not for public distribution The information provided in the document is from information /data. available in public domain and other sources, which we believe, are reliable. We have made our best efforts to try and ensure accuracy of data however, Sky Commodities and/or any of its affiliates and/or employees shall not liable for resultant loss or damage that may arise from use of this document Sky Commodities and/or any of its affiliates and/or employees may or may not hold positions in any of the securities mentioned in the document. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk appetite, investment horizon, financial strength or other parameter. The recipients of this material should take their own professional advice or consult your SEBI registered Investment Adviser for your specific Investment related advice/requirements and/or before acting on this information. The report also includes analysis and views expressed by our research team. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to local law, regulation or which would subject Sky Commodities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. 8