Home > Financial > Commodity Research Report Ways2Capital 12 Mar 2019

Commodity Research Report Ways2Capital 12 Mar 2019

Added: (Tue Mar 12 2019)

Pressbox (Press Release) - BULLION
Gold in the European market settled on Monday near the highest in a week supported by the decline of the US dollar against a basket of currencies and thanks to this decline prices on Friday gained the biggest daily profit in the last three weeks.Gold prices rose 1.0% on Friday the first gain in three days with the biggest daily gain in three weeks and the highest in a week at $1,300.73 an ounce based on the decline of the dollar after disappointing job data in the United States.
ENERGY
Oil prices rose in the European market on Monday to bounce from the lowest level in three registered weeks on Friday this rise comes after the Saudi statements about the exclusion of stops OPEC cuts before June comes, in addition to the decline in drilling and exploration rigs in the United States for the third consecutive week.

Base Metals
Copper stabilized during the day as the dollar steadied against most major currencies and upon the outcome of trade negotiations between the USA and China. Although there have been positive developments in the trade talks between Washington and Beijing, markets are still waiting for any concrete results for a trade deal or agreement.

SPICES
Technically Jeera market is under short covering as market has witnessed drop in open interest by 0.15% to settled at 4062 while prices up 75 rupees. Now NCDEX Jeera is getting support at 15237 and below same could see a test of 15153 level, And resistance is now likely to be seen at 15377, a move above could see prices testing 15433.

OILSEEDS
Technically Ref. Soya Oil market is under fresh buying as market has witnessed gain in open interest by 5.45% to settled at 47190 while prices up 1.25 rupees. Now NCDEX Ref. Soya Oil is getting support at 738 and below same could see a test of 735 level And resistance is now likely to be seen at 744, a move above could see prices testing 747.




GUAR COMPLEX
A demand spurt from millers and exporters and a simultaneous supply deficit are likely to firm up Guar futures in the short term analysts and traders said. Supply of Guar in man dis is short but demand from exporters is still there and likely to continue in the coming months. Guar prices have started rising and are expected to remain firm said Damodar Prasad Saraswat a trader from the Jodhpur man dis in Rajasthan.

OTHERS
Technically Mustard Seed market is under short covering as market has witnessed drop in open interest by 9.18% to settled at 20180 while prices up 22 rupees.Now NCDEX Mustard Seed is getting support at 3818 and below same could see a test of 3789 level And resistance is now likely to be seen at 3872 a move above could see prices testing 3897.
Technically Turmeric market is under short covering as market has witnessed drop in open interest by -2.11% to settled at 10230 while prices up 70 rupees.

SOYABEAN APRIL FUT:
Overall trend of the commodity is sideways for long term . For short term it is bearish phase. Last week, it started on negative note and showed bearish movement throughout the week . On daily chart it is trading below its major support levels 3700. In intraday it has showed god selling from higher levels. If it manages to sustain below the levels of 3700 than further downside move can be seen in it.
For this week, traders can adopt sell on higher level strategy in it and below the level of 3685 it can test the level of Rs. 3565 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs.3755.
GUARSEED10 APR FUT:
Overall trend of the commodity is sideways for long term . For short term it is bullish phase. Last week, it started on positive note and showed bullish movement throughout the week . On daily chart it has formed double bottom price pattern and trading above its major resistance levels 4300. If it manages to sustain above the levels of 4365 than further upside move can be seen in it.
For this week, traders can adopt buy on lower level strategy in it and above the level of 4365 it can test the level of Rs. 4485 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.4295.

LEAD :- Last week, LEAD MAR Futures started the week on negative note and countinue the same .It made a low of 145.65 during the week and closed at 145.90 with the overall lose of 4.07% on weekly basis.Technically it given pullback on daily chart and also given pullback from 61.80% of fibonacci retracement. For this week, Traders can adopt buying on the basis of technical pattern and above the level of 148.10 it can test the level of 150.50 during the week.Traders can make buy position in it by maintaining a stop loss of 146.70
Last week, CRUDEOIL MAR Futures started the week on positive note but it failed to maintain it and all the gain were erase. It made a low of 3823 during the week and closed at 3886 with the overall lose of 2.15% on weekly basis .Technically it is consolidating and given trendline breakout on daily chart. For this week, Traders can adopt selling on the basis of trendline breakout strategy and below the level of 3280 it can test the level of 3700 during the week .Traders can make sell position in it by maintaining a stop loss of 3890.
Last week, JPYINR Mar Futures started the week on negative note and continued the same for the entire week. It made a low of 62.8775 during the week and closed at 63.3150 with the overall loss of 0.63% on weekly basis. Technically its sustaining near to the major psychological support level of 63.0000 with the negative RSI and for this week, we can expect further downside movement in it.
For this week, Traders can adopt selling on the basis of support level breakout strategy in it and below the level of 63.1500 it can test the level of 62.7525 during the week. Traders can make sell position in it by maintaining a stop loss of 63.4525

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