Published On 04 Mar 2019 Research Analyst Report GOLD 32640 SILVER 38301 04 MAR 2019 to 08 MAR 2019 Premium Commodity Weekly Journal Strictly for Client Circulation Email: research@24cfin.com & contactus@24cfin.com
Market Wrap Mon 25 Feb to Fri 01 Mar 2019 Scrip Name Contract Open High Low Close GOLD SILVER CRUDE OIL NATURAL GAS COPPER ZINC LEAD ALUMINIUM NICKEL 05-Apr-2019 05-Mar-2019 19-Mar-2019 26-Mar-2019 30-Apr-2019 33511 33617 32600 32640 40270 40412 38216 38301 4073 4117 3916 3973 196 204.3 195.8 202.9 465.75 470.7 461.9 462.65 194.75 201.05 193.7 199.6 147.2 154.65 147.15 152.1 150 151.9 148.5 149.4 930.7 949.4 915 935.2
Support & Resistance Mon 04 to Fri 08 Mar 2019 Scrip Name GOLD SILVER CRUDE OIL NATURAL GAS COPPER ZINC LEAD ALUMINIUM NICKEL Contract 05-Apr-2019 05-Mar-2019 19-Mar-2019 26-Mar-2019 30-Apr-2019 Res 2 Res 1 Pivot Sup 1 Sup 2 33969 33305 32952 32288 31935 41172 39737 38976 37541 36780 4203 4088 4002 3887 3801 209.5 206.2 201.0 197.7 192.5 473.9 468.3 465.1 459.5 456.3 205.5 202.5 198.1 195.2 190.8 158.8 155.5 151.3 148.0 143.8 153.3 151.4 149.9 148.0 146.5 967.6 951.4 933.2 917.0 898.8
MCX Outlook Mon 04 to Fri 08 Mar 2019 COMEX Copper End At One Week Low- Global economic data, primarily from China and Eurozone mostly stayed weak and copper slipped as a result. COMEX Copper futures closed at a one week low at $2.92 per pound. MCX Copper futures ended just above Rs 462 per kg mark. Copper recently soared to a nine month high as supportive cues from equities and concerns over supplies kept the sentiments firm. Leading global miner and trader Glencore lowered its 2019 copper output forecast to 1.5 million tonnes from 1.54 million tonnes, citing production cuts at its Mutanda mine in the Democratic Republic of Congo. The metal used in power and construction has registered reduced inventories while supply has been constrained by lack of investment in mines and declining grades. Stocks of copper in LME warehouses stand around 128500 tonnes, close to 10-year lows of 122,500 tonnes hit in early December last year. MCX Futures Fall Under Rs 4000 Per Barrel- Crude Oil: Crude oil futures stayed supported on good buying and continued supply worries. Media reports noted that OPEC has indicated it will continue to withhold supply despite pressure from US President Donald Trump to stop artificially tightening markets. This pushed up the WTI Crude oil futures after prices retreated from three month highs. The counter saw continued selling on rallies though and ended just under $56 per barrel. MCX Crude oil futures closed at Rs 3982 per barrel, down 1.90% on 1st March 2019.
Market News Mon 04 to Fri 08 Mar 2019 Impressive Surge In Indian Demand- Special News COMEX Silver futures tracked the movement in Gold prices in last week. The white metal eased towards two month low following the inability of the commodity to break above $16 per ounce levels. The metal also eyed weak manufacturing data from US and China and a modest correction in global copper futures from nine month lows also weighed on the Silver prices. The benchmark COMEX futures ended at $15.15 per ounce, down 2.46% on 1st March. Prices dropped nearly 1 dollar in last two weeks. MCX Silver futures also topped out above Rs 41400 per kg and ended just above Rs 39000 per kg levels. Silver is widely used in various industrial applications around the globe. MCX Zinc Breaks Above Rs 200 Level- MCX Zinc futures soared impressively today, extending the recent gains as a strong buying spree was seen in the metal. Continuously falling LME Zinc inventories have been boosting the sentiments in recent days and good buying in Copper is also keeping the entire metals complex firm. LME Zinc inventories are currently at a record low around 58000 tonnes, having nearly halved in last one month. The MCX Zinc futures soared to a one month high today, breaking above Rs 200 per kg level. The metal currently trades at Rs 200.60 per kg, up 1.44% on the day.
Commodity Buzz Mon 04 to Fri 08 Mar 2019 MCX Aluminium under fresh buying; Support seen at 146.5. MCX Nickel may trade in a range between 967.6-898.8. Zinc market under fresh buying; Support seen at 190.8. Copper market under short covering; Support seen at 456.3. Natural Gas market under short covering; Support seen at 192.5. Crude Oil market under short covering Support seen at 3801. Silver market under short covering; Support seen at 36780. MCX Gold may trade in a range between 33969-31935.
Analyst Speaks Mon 04 to Fri 08 Mar 2019 MCX GOLD Technically Gold market is getting support at 32288 and below same could see a test of 31935 levels and resistance is now likely to be seen at 33305, a move above could see prices testing 33969. GOLD APR SELL AROUND 32850-32900 TGTS 32350/31850 SL 33400 RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT 2 33969 33305 33952 32288 31935
Analyst Speaks Mon 04 to Fri 08 Mar 2019 MCX CRUDE OIL Technically Crude Oil market is getting support at 3887 and below same could see a test of 3801 levels and resistance is now likely to be seen at 4088, a move above could see prices testing 4203. CRUDE OIL MAR SELL AROUND 4000-4050 TGTS 3800/3600 SL 3250 RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT 2 4203 4088 4002 3887 3801
Analyst Speaks Mon 04 to Fri 08 Mar 2019 MCX COPPER OIL Technically Copper market is getting support at 495.5 and below same could see a test of 456.3 levels and resistance is now likely to be seen at 468.3, a move above could see prices testing 473.9. COPPER APR BUY AROUND 450-455 TGTS 470/490 SL 430 RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT 2 473.9 468.3 465.1 495.5 456.3
Economic Events Mon 04 to Fri 08 Mar 2019 COUNTRY DATE TIME EVENTS ACTUAL FORECAST PREVIOUS 05 MAR 08:30pm ISM Non-Manufacturing PMI 57.4 56.7 06 MAR 09:00pm 10:30pm Crude Oil Inventories FOMC Member Williams Speaks - - -8.6M - USD 07 MAR 07:00pm 09:00pm Unemployment Claims Natural Gas Storage 225K - 225K -166B 10:45pm FOMC Member Brainard Speaks - - Average Hourly Earnings m/m 0.3% 0.1% 08 MAR 07:00pm Unemployment Rate 3.9% 4.0% Building Permits 1.29M 1.33M
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