Daily commodity prediction report by tradeindia research 08 11 2017

08/11/2017

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Crude oil futures decline marginally ahead of inventory data: Crude oil futures cooled a bit on Tuesday ahead of the inventory data and after Opec said it expected a surge in North American shale output to cap demand for the cartel’s crude oil. Opec in its 2017 World Oil Outlook revised upwards North American shale oil to 5.1 million barrels per day (bpd) from 4.1 million bpd, citing the recent rally in crude prices as one of the catalysts to drive up shale output. The U.S. Energy Information Agency in separate report also revised upwards its estimate for domestic crude oil production.

Copper futures edge higher on firm trend overseas: Copper futures edged higher on MCX as participants enlarged their holdings amid firm trend overseas on expectations of healthy demand from the electric vehicle sector.

Further, pick-up in demand in the spot market too supported copper prices.

Gold futures trade higher on MCX: Gold futures traded higher on MCX due to rising demand of the precious metal from jewellers and retailers at the spot market.

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08/11/2017

TECHNICAL ANALYST

GOLD

OUTLOOK: TREND: - UP RESISTANCE: - 29600, 29750.

SUPPORT: - 29400, 29250.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

MCX Gold futures edged up amid soaring Crude oil prices as the inflationary edge of the metal swung into action. COMEX Gold futures are trading at $1277 per ounce, marginally lower on the day after a sharp rebound yesterday. MCX Gold futures are trading at Rs 29400 per 10 grams, up 0.20% on the day. The local futures have edged up after testing lows near Rs 29K levels.

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SILVER

OUTLOOK: TREND: - UP RESISTANCE: - 40000, 40200.

SUPPORT: - 39500, 39300.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK The Prices of silver were down on Tuesday from the previous close. And at end of the day the prices were settled at 39594 per 30 kilogram. On the higher side Rs 40034 per 30 kilogram as resistances were noted while lows were at Rs 39544 per 30 kilograms as support noted. The metals remain under a volatile zone.

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08/11/2017

COPPER

OUTLOOK: TREND: - UP RESISTANCE: - 447.50,450.

SUPPORT: -442.50, 440.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK Asian equities mostly slipped. European stocks witnessed lax moves even as banks gained ground on growth optimism after ECB President Mario Draghi said there is little evidence that negative rates are undermining banking profitability. In other key commodities, Copper extended losses amid steady profit selling. The metal is down 0.65% at $3.13 per pound. MCX Copper futures are also down 0.30% at Rs 449.60 per kg.

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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3740, 3770.

SUPPORT: - 3670, 3640.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK WTI Crude oil futures are lingering around $57 per barrel - their highest levels in nearly two years, extending its recent break above $50 in a surreal manner. Oil has soared on political upheaval Saudi Arabia. Media reports noted that dozens of Saudi princes and senior officials and businessmen were arrested as part of a purported corruption investigation. Saudi Arabia is the world's largest exporter of oil.

MCX Crude oil futures are up 1.1% to trade at Rs 3730 per barrel.

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