18-22 Feb COMMODITY WEEKLY REPORT Feb.2019

Transcription

1 COMMODITY REPORT Feb Trade House 426 Alok Nagar, Kanadia Main Road Near Bangali Square Indore (M.P.) India Mobile :

2 COMMODITIES PREVIOUS WEEKS MOVEMENT FEB 2019) MCX WEEK HIGH WEEK LOW VALUE CHANGED % CHANGED GOLD (FEB.) % SILVER (MAR.) % CRUDE OIL (FEB.) % NATURAL GAS (FEB.) % COPPER ( FEB.) % NICKEL ( FEB.) % LEAD ( FEB.) % ZINC ( FEB.) % ALUMINIUM ( FEB.) %

3 GOLD (APR.) R BUY GOLD ON DIPS TGT 32850,33100 SL BELOW GOLD SELL ON RISE TGT 33380,33030 SL ABOVE OPEN R Pivot S HIGH LOW CLOSE CHANGE -184 S % CHANGE -0.55% FUNDAMENTAL VIEW:- Gold trend is bullish, close at 2 week high. The spot price of bullion and future of gold at two week high on 15 February. Friday as a string of weak economic data from earlier in the week and subdued inflation supported the Federal Reserve s stance of being patient with future rate hikes. precious metal is at an inflection point as commodity traders muse over what's more important to the market -- a United State and China trade deal that could knock bullion recording a slight gain for the week on progress in trade talks. Spot gold was up 0.68 % at $1, an ounce, having touched it s highest since Feb. 2 at $1,323.58, keeping prices on track for a small weekly gain. TECHNICAL VIEW:- MCX Gold last week showed quite bullish movement. For upcoming trading session it may continue with upward trend and test next immediate resistance of and if price maintains above it level then it will gives more bullish movement and price can find new resistance of and if price takes reverse movement from then it may push for some correction from higher to lower side and price may test initial support of and if price breach this level then it can test its bullish support line i.e levels as shown in daily chart.

4 SILVER (MAR.) R SILVER BUY ON DIPS TGT 40000, SL BELOW SILVER SELL ON RISE TGT 39550,38850 SL ABOVE OPEN R Pivot S S HIGH LOW CLOSE CHANGE 49 % CHANGE 0.12% FUNDAMENTAL VIEW:- Main Street Bullish On Silver For Third Straight Year For the third consecutive year, Main Street investors look for silver to outperform all other metals next year The strong optimism for silver comes despite the fact that the metal has been the worst performer in the precious metals space in 2018; prices have declined 13% heading into the new year. March silver futures last traded at $17.76 an ounce, down 0.73% on the day. TECHNICAL VIEW:- MCX Silver last week showed some downside movement but at the end of the week it took reverse movement from its support level i.e levels. For upcoming week it may break its immediate resistance of and continue with bullish scenario as well as after that will act as a next important resistance level. On lower side if price takes some correction then it find immediate support of and if price sustain below this level then there may some chances of reversal trend towards next support of

5 CRUDE OIL (FEB.) R BUY CRUDE OIL ON DIPS 3700 TGT 3800,3900 SL BELOW 3550 CRUDE OIL SELL ON RISE 4020 TGT 3920,3820 SL ABOVE 4170 OPEN 3726 R Pivot S S HIGH 3979 LOW 3651 CLOSE 3951 CHANGE -225 % CHANGE -6.04% FUNDAMENTAL VIEW:- Crude oil on Bullish rally, Continues as it hits biggest week Crude Oil prices were climbed more than 2 percent on Friday after an outage at Saudi Arabia's offshore oilfield boosted investor expectations for tightening supply. The partial closure of Saudi Arabia's Safaniya, the world's biggest offshore oilfield, occurred about two weeks ago, a source said on Friday. Safaniya has production capacity of more than 1 million bpd. Crude oil two benchmarks were on track for weekly gains of about 6 percent. TECHNICAL VIEW:- MCX Crude oil last week showed sideways to bullish movement and also broke its initial resistance level of For upcoming period we will keep our bullish overview and price may find next resistance of On lower side it has crucial support of its bullish support line i.e levels and if price breaks and sustains below this level then 3700 will be the next support level as well as it also takes sharp correction from higher levels as well as chances of some more downward side movement towards next support of 3600.

6 COPPER (FEB.) R BUY COPPER ON DIPS 430 TGT 440,450 SL BELOW 415 COPPER SELL ON RISE 460 TGT 450,440 SL ABOVE 475 OPEN R Pivot S HIGH LOW CLOSE CHANGE 0.3 S % CHANGE 0.07% FUNDAMENTAL VIEW:- Base metals: Lead, Nickel futures marginally up on Friday spot demand On Friday 15 February copper lead, zinc and aluminum price continue to move higher a heard of a string of weak economic data from earlier in the week and subdued inflation supported the Federal Reserve s stance of being patient with future rate hikes. Copper prices rose 1.55 per cent to Rs per kg in futures trade Friday as speculators built up fresh positions on the back of pickup in demand in the spot market amid positive global cues TECHNICAL VIEW:- MCX Copper last week took some recovery from lower levels. For upcoming session it may continue with its bull run and price can find immediate resistance of 445 and if price maintains above this level then 455 will act as a next strong resistance as well as bullish trend will remain active and if price falls from higher level than this momentum can take price towards its support level of 435 and below this level 425 will be next support level as well as some correction also expected.

7 ECONOMIC CALENDER Time Cur. Event Actual Forecast Previous Monday, February 18, 2019 All Day United States - Washington's Birthday Tuesday, February 19, :20 USD FOMC Member Mester Speaks Wednesday, February 20, :40 USD FOMC Member Kaplan Speaks Thursday, February 21, :30 USD FOMC Meeting Minutes 3:00 USD API Weekly Crude Oil Stock M 18:20 USD FOMC Member Bostic Speaks 19:00 USD Durable Goods Orders (MoM) (Dec) 0.20% 0.70% 19:00 USD Initial Jobless Claims 229K 239K 19:00 USD Philadelphia Fed Manufacturing Index (Feb) :00 USD Philly Fed Employment (Feb) :15 USD Manufacturing PMI (Feb) :15 USD Markit Composite PMI (Feb) :15 USD Services PMI (Feb) :30 USD Existing Home Sales (MoM) (Jan) 0.90% -6.40% 21:30 USD Crude Oil Inventories 3.633M 21:30 USD Cushing Crude Oil Inventories M Friday, February 22, :45 USD FOMC Member Bostic Speaks 23:30 USD U.S. Baker Hughes Oil Rig Count :25 USD FOMC Member Bostic Speaks 20:25 USD FOMC Member Mester Speaks 20:30 USD Michigan Consumer Expectations (Feb) :30 USD Michigan Consumer Sentiment (Feb) :30 USD U.S. Baker Hughes Oil Rig Count :30 USD U.S. Baker Hughes Total Rig Count 1,049

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