Global Market Round Up Commodities traded lower on Tuesday with Bullion continued selling on growing optimism of Fed rate hike; Base metals traded weak witnessing heavy selling on easing worries of supply tightness while crude oil prices declined on speculation of ample supply in the market. Asian stocks consolidated recent gains before a U.S. central bank policy meeting that could signal how much monetary tightening to expect during the remainder of the year, with an immediate rate hike fully priced in by markets. The major data to watch today is US Retail Sales and US crude oil inventory data in evening session. World Economic Data Country Time Data Actual Forecast Previous EU 15:30 14th March 2017 German Zew Econimic Sentiment 12.8 13 10.4 EU 15:30 Industrial Production MoM 0.90% 1.30% -1.60% EU 15:30 ZEW Economic Sentiment 25.6 19.3 17.1 US 18:00 PPI MoM 0.30% 0.10% 0.60% 15th March 2017 UK 15:00 Claimant Count Change - 3.2-42.4 US 18:00 CPI MoM - 0.00% 0.60% US 18:00 Retail Sales MoM - 0.20% 0.40% US 18:00 Empire State Manufacturing - 15.3 18.7 US 20:00 Crude oil Inventories - 3.3M 8.2M Dollar Index Daily Chart USDINR Spot Daily Chart 1 P a g e
Technical Trend Guider Commodity Contract Close S2 S1 Key Level R1 R2 Intraday Trend Overall Trend MCX Gold Apr 28076 27750 27860 27950 28050 28180 Bearish Bearish MCX Silver May 40083 39650 39800 40000 40200 40500 Bearish Bearish MCX Crude oil Mar 3136 3090 3130 3160 3210 3250 Bullish Bearish MCX Natural gas Mar 194.0 189.0 191.0 194.0 197.0 201.0 Bearish Bullish MCX Copper Apr 385.5 378.0 381.0 384.0 387.0 391.0 Bearish Bearish MCX Nickel Mar 672.8 658.0 665.0 670.0 680.0 687.0 Bearish Bearish MCX Lead Mar 146.4 144.0 144.9 146.0 147.2 148.5 Bearish Bearish MCX Zinc Mar 180.3 179.0 179.8 181.0 182.2 183.0 Bearish Bearish MCX Aluminum Mar 122.3 120.8 121.5 122.5 123.8 124.7 Bullish Bearish 2 P a g e
Bullion Bullion Commodity Open High Low Close % Change Open Int Volume MCX Gold 28250 28279 28055 28076-0.62 5838 8088 COMEX Spot Gold 1203.3 1207.7 1196.8 1198.7-0.39 - - MCX Silver 40402 40467 40006 40083-0.83 14026 10714 COMEX Spot Silver 16.94 17.05 16.83 16.85-0.53 - - Trend: Bearish Levels to watch: Gold 27800-2800, Silver 3980-40300/40500 Event/Data to watch: Dollar index movement, US data Gold silver prices traded lower for continuing the down trend witnessing sharp decline. Bullion prices came under pressure on growing optimism of Fed rate hike after few FOMC members indicated the same in last week speeches. US President Trump failed to give clarity and details over proposed tax reforms however bullion prices declined with stronger dollar after FOMC members push for rate hike in their speeches. The Federal Reserve will likely need to raise interest rates at an upcoming meeting, Fed Chair Janet Yellen said in her last speech. COMEX Silver traded lower with weakness in gold and base metals. Prices are trading below $17.4, near /$17.20, sell on rise is advisable with support near $16.90/16.70. COMEX Gold traded down breaking $1210, next support lies at $1192. COMEX Gold Daily Chart COMEX Silver Daily Chart 3 P a g e
Energy Energy Commodity Open High Low Close % Change Open Int Volume MCX Crude Oil 3224 3231 3107 3136-2.09 19839 171625 NYMEX WTI Crude Oil 48.45 48.79 47.09 47.72-1.40 - - MCX Natural Gas 200.7 202.7 193.5 194-3.96 5189 46837 NYMEX Natural Gas 3.018 3.063 2.927 2.938-3.45 - - Trend: Sideways to up Levels to watch: Crude oil 3120 3280, Natural Gas 189-196 Data to watch: US data, Crude oil Inventory Crude oil futures traded lower after last week s bearish inventory data. Prices witnessed sharp fall post inventory data with higher than expected inventory buildup. Prices came under pressured by weekly inventory data which showed record inventory surge. Oil prices are currently caught in the tug of war between higher supplies from US and OPEC production cut. Crude stockpiles in the United States, the world's top oil consumer, rose by 8.2 million barrels last week against forecast of 1.1 mb rise. Natural gas prices traded higher on bullish inventory data. Weekly stocks fell by 68 BCf against the expectation of 59 Bcf decline. Resistance for prices at 196, Support 191/189 MCX Crude Oil Daily Chart MCX Natural Gas Daily Chart 4 P a g e
Base Metals Base Metals Commodity Open High Low Close % Change Open Int Volume MCX Copper 386.6 387.1 379.5 385.5 0.01 16252 37069 MCX Nickel 674.7 677.6 661.8 672.8-0.38 22829 33041 MCX Lead 150.1 151.1 144 146.35-2.43 1875 18089 MCX Zinc 181.5 182.2 176.4 180.3-0.5 4921 24314 MCX Aluminum 124.1 124.35 121.6 122.3-1.29 1827 7254 Trend: Sideways to down Levels to watch: Copper 378 387, Nickel 655-687 Data to watch: Dollar index movement, US data Base metals complex traded lower witnessing heavy selling in evening session. The stronger dollar and easing supply worries from Indonesia pressured base metals complex to trade lower. Nickel prices declined the most on rise in LME inventory and expectation of increased supply from Indonesia after export ban. Zinc, Copper, Lead declined on technical support break down pressured by stronger dollar. We expect base metals to trade down; sell on rise should be the strategy. MCX Copper Daily Chart MCX Aluminum Daily Chart 5 P a g e
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