Global Market Round Up Commodities traded lower with Bullion declined in evening session on stronger dollar on US tax reforms. Crude oil prices traded lower after steady trading session on supply overhang despite bullish inventory data. Base metals traded steady in lower range on weaker demand expectations. Equity market pared early gains witnessing profit booking. The lack of clarity on tax reforms and renowned concerns over North Korea after US President Trump said a "major, major conflict" with North Korea was possible over its nuclear and ballistic missile programs, while China said the situation on the Korean peninsula could escalate or slip out of control. Major data to watch today are US GDP and Chicago PMI numbers in evening session. World Economic Data Country Time Data Actual Forecast Previous 27th April 2017 US 18:00 Durable Goods Orders 0.70% 1.50% 1.80% US 18:00 Initial Jobless Claims 257K 241K 244K US 20:00 Natural Gas Storage 74B 72B 54B 28th April 2017 UK 14:00 Prelim GDP QoQ 0.30% 0.40% 0.60% EU 14:30 CPI Flash Estimates - 1.80% 1.50% US 18:00 Advance GDP Qoq - 1.30% 2.10% US 19:15 Chicago PMI - 56.9 57.7 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 Jun 28769 28630 28690 28750 28850 29930 Sideways Bullish MCX Silver July 41650 39900 40050 40200 40400 40550 Short Recovery Bullish MCX Crude oil May 3147 3120 3170 3200 3230 3260 Bearish Bearish MCX Natural gas May 208.3 204.0 207.0 210.0 213.0 215.0 Bullish Bearish MCX Copper Apr 365.4 361.0 364.0 367.0 369.0 372.0 Bearish Bearish MCX Nickel May 596.2 590.0 596.0 602.0 609.0 615.0 Bullish Bearish MCX Lead May 143.2 141.1 142.0 143.0 144.5 145.5 Bullish Bearish MCX Zinc May 167.0 166.5 167.5 168.5 170.0 171.3 Bullish Bearish MCX Aluminum May 122.8 121.0 121.9 123.0 124.2 125.3 Sideways Bearish 2 P a g e
Bullion Bullion Commodity Open High Low Close % Change Open Int Volume MCX Gold 28789 28817 28703 28769 0.17 5334 7698 COMEX Spot Gold 1268.8 1269.59 1260.4 1263.4-0.44 - - MCX Silver 40047 40087 39625 39670-0.47 8425 12846 COMEX Spot Silver 17.45 17.49 17.21 17.26-1.21 - - Trend: Sideways to up Levels to watch: Gold 28650/29900, Silver 39700-40200 Event/Data to watch: Dollar index movement, US data Gold silver prices traded firm on lower range. Prices witnessed selling on stronger dollar on US tax reforms however the lack of clarity on additional burden on budget is still a worry for investors and FED. The concerns over US government shut down are there while policy makers are in talks to unveil spending bill to avoid the shutdown. Gold ETF declined to 854.25 tonnes. We expect gold silver prices to trade sideways to up witnessing recovery on Friday profit booking while down side can be limited. The US GDp data will clear the air and will raise the speculation over the FOMC meeting to be held next month. COMEX Silver traded lower near $17.60 with weaker base metals and gold prices. Silver ETF has showed some inflow with prices is near support levels. Support for Silver lies at $17.30. Gold resistance at $1275, support $1260/1254. 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 3191 3191 3101 3147-1.63 17564 153004 NYMEX WTI Crude Oil 49.22 49.43 48.2 48.97-1.31 - - MCX Natural Gas 210.5 210.5 206.2 208.3-0.76 7164 47691 NYMEX Natural Gas 3.255 3.266 3.207 3.239 3.09 - - Trend: Sideways to down Levels to watch: Crude oil 3150 3250. Natural Gas 204-213 Data to Watch: Dollar Index Move, NG inventory data Crude oil futures traded lower on supply overhang despite recent bullish inventory data. The mounting supply from US front on increased domestic production pressured prices to trade lower. Prices are currently caught in tug of war between higher supplies and production cut effects. US crude oil inventory declined by 3.6 mb against previous 1 mb decline. US oil rigs rose by 11 to 683 rigs at highest in two years. Rising domestic US oil production may pressure prices capping the up side. U.S. crude oil production has climbed to 9.24 million barrels per day, according to the latest Energy Information Administration data. Natural gas prices rallied on technical buying. Prices may limit upside with normal weather conditions which capped demand for heating spaces. Natural gas inventories rose by 74 Bcf against prior 54 Bcf rise. Resistance for prices at 213, Support 204. MCX Crude Oil Hourly 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 365.95 366.15 361.6 365.35-0.4 10019 32830 MCX Nickel 589.5 598.1 587.2 596.2 0.83 23547 25676 MCX Lead 140.25 143.3 140.15 143.15 1.52 1838 14619 MCX Zinc 167.6 168.4 165.3 167-0.74 3003 14596 MCX Aluminum 125.15 125.95 122.65 122.75-2.27 1051 4944 Trend: Sideways Levels to watch: Copper 362 368, Zinc 165.5-168 Data to watch: Dollar index movement, US data Base metals complex witnessed range bound trading as prices are trading in a broad range witnessing both side movements on weak demand expectations and ongoing geo political tensions in North Korea which raised concerns over demand growth. China's refined copper output rose 8.5 percent to 764000 tonnes in March from a year ago to its highest since at least December 2015. Zinc, Lead, Nickel remained under pressure with increase in supply and lower demand from China while Aluminum kept upper trading range on declining production in China. We expect prices to maintain current trading range with copper support at 362, resistance at 368. Zinc support at 165.5, resistance at 168. MCX Copper Daily Chart MCX Lead Hourly Chart 5 P a g e
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