Commodity Research Report Ways2Capital 27 Nov 2018
Added: (Tue Nov 27 2018)
Pressbox (Press Release) -
Gold prices traded on flat note on Thursday after rising to a two week high in the previous session as the dollar slipped with uncertainty on the pace of interest rate hikes by the U.S. Federal Reserve also supporting the metal. Spot gold traded at $1,226.61 per ounce at the time of writing having hit its highest since Nov. 7 at $1,230.07 in light trading ahead of the Thanksgiving holiday.The dollar has been under pressure this week as cautious comments by Fed officials about a potential global slowdown raised doubts on the pace of rate hikes.
Oil prices dipped on Thursday after U.S. crude inventories increased to their highest level since December 2017 amid concerns of an emerging global glut although an expected supply cut by producer cartel OPEC prevented further drops.U.S. West Texas Intermediate (WTI) crude futures were at $53.38 per barrel at the time of writing 25 cents or 0.5 percent below their last settlement.The Energy Information Administration reported a deficit of 134 billion cubic feet in US natural gas inventories in the week ending November 16 compared to a build of 39 billion in the previous reading while analysts expected a draw down of 105 billion.
Copper prices slid and other base metals traded in narrow ranges on Thursday with festering Sino U.S. trade tensions stoking worries over the outlook for global economic growth. Trade conflict and higher interest rates are slowing the international economy though there are no signs of a sharp downturn for now said the Organisation for Economic Cooperation and Development.
Market sentiments remained weak for Jeer as good sowing reports kept up trend limited. However a rise in demand and falling arrivals at these lower levels could support the falling rates for Jeer even as favourable cooler weather in Gujarat and Rajasthan amidst reports of improved sowing kept pressure on prices. Turmeric found immediate support at these lower levels even as lack of strong demand limited the up trend amidst higher stocks in mandis. Good sowing reports had kept sentiments negative. Traders though anticipate that with prices at very low levels further fall may be limited.
After consecutive lower circuits Mentha started recovering as demand started rising at these lower levels. Overall sentiments are likely to recover during the winter season as market sources indicate the recent dips in prices to be good Buying opportunities. Lack of selling offers and strength in cpo markets helped soya oil to recover previous losses. Positive tone in soy bean added to the tone. Despite the current weakness it has been noted during previous weeks the buying interest in spot market improves significantly whenever prices decline for two or more consecutive days.
Trend weakened further for Guar as higher arrivals amidst lack of strong demand in mandis kept pressure on prices. New crop arrival pressure continued to weigh on market sentiments. Traders anticipate the demand to grow in coming days on the export front. Prospects of lower production from less rains received in Rajasthan supported prices.
Strength in other essential oil complex generative buying interest in the derivative market. Selling intentions amongst stockists are currently subdued and at prevailing lower rates mandi sellers are avoiding negotiations for fresh deals. Up trend was limited in soy bean even as moderate recovery was noted after morning dip. Reports of Govt initiating steps to purchase Oilseeds at MSP likely to support prices for the Oil complex sector however.
From last couple of trading days Chana is trading with sideways trading range and consolidating on higher level. Last week Chana made a high of 4791 and closed at the level of 4691 with overall marginal gain of 2.80% on weekly basis. Technically Chana is trading above its resistance level of 4700 and we are expecting that market can continue its main trend for this week also. For this week if it is break the level of 4760 on upper side then it can test the level of 4890. One can make buy position in it with SL of 4698.
From last couple of trading days Dhaniya trading with negative sentiment and unable to sustain above the major resistance level of 6500. Last week Dhaniya made a low of 6239 and closed at the level of 6239 with overall marginal loss of 3.39% on weekly basis. Technically Dhaniya recently broken its head & shoulder pattern and sustaining below it indicating correction movement in it . For this week if it is break the level of 6170 on lower side then it can test the level of 6030. One can make sell position in it with SL of 6225
Last week JPYINR Nov Futures started the week on negative note and continue the same for whole week, market closed below its support level of 64.0000 and it closed at 63.0900 with the overall loss of 1.14 per cent on weekly basis. Technically it consolidating below the major psychological support level of 65.0000 with the negative RSI and for this week, we can expect further downside movement in it. For this week, if it breaks the level of 62.4600 on the lower, then it can test the level of 62.0125 during the week. One can make sell position in it by maintaining a SL 62.7025
Last week USDINR Nov Futures started the week on negative note and made a low of 70.9125 and it closed at 71.037500 with the overall loss of 1.64 per cent on weekly basis. Technically it consolidating near support level of 70.0000 breakout with negative RSI and for this week, we can expect profit booking in it from the higher levels. For this week, if it breaks the level of 70.5400 on the downside, then it can test the level of 70.0525 during the week. One can make sell position in it by maintaining a SL 70.8025
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