DAILY COMMODITY MARKET NEWS & LEVELS - 21 JUN 2016

BULLION:
Gold staged a mild rebound in Asia on Tuesday as investors looked ahead to further remarks on Fed policy this week. On the Comex division of the New York Mercantile Exchange, gold for August delivery rose 0.24% to $1,295.50 a troy ounce. In the euro area, major stock indices soared on Monday as the "Remain" campaign ratcheted up support over the weekend ahead of a controversial referendum later this week.

BASE METAL:

LME copper will remain firm and range USD 4,610-4,660/mt during Asian trading hours Tuesday. Market attention will focus on June ZEW economic sentiment index for Germany and the euro zone today. Base metals on the SHFE rose overnight, except tin. However, most metals met resistance at moving averages. Some base metals are expected to fall back today. 

ENERGY:
Oil prices fell in early Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market participants to focus on supply issues. Saudi Arabia's crude oil exports also dropped despite high production levels, suggesting demand remains in a deficit to supply.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BEARISH
RESIST 2: 30850
RESIST 1: 30750
SUP 1: 30400
SUP 2: 30250
STRATEGY: SELL ON RISE

CS SILVER (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2: 42530
RESIST 1: 41970
SUP1: 41150
SUP2: 40670
STRATEGY : SELL ON RISE

CS CRUDE OIL (JULY) OVERVIEW:

TREND :BULLISH
RESIST 2:3420
RESIST 1:3400
SUP1:3335
SUP2:3270
STRATEGY: BUY ON DIPS

CS NATURAL GAS (JUNE) OVERVIEW:

TREND : BULLISH
RESIST 2:189
RESIST 1:187
SUP1:182
SUP2:179
STRATEGY: BUY ON DIPS

BASE METAL

CS COPPER (JUNE) OVERVIEW:

TREND :SIDEWAYS
RESIST 2:318
RESIST 1:315
SUP1:308
SUP2:304
STRATEGY: SELL ON RISE

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HSBC Report Says Gold Could Rally 10%

HSBC Report Says Gold Could Rally 10%

Gold was able to stay above the $1300 price level over the weekend as traders prepare for the “big” UK referendum on Thursday.

No one is sure what the outcome of the vote will be or of the ramifications to the Eurozone and the UK economy with either outcome.

For sure a vote to remain will have less impact, but traders are beginning to move to safety as the LEAVE camp seems to be gathering momentum.        

According to an HSBC report, if the UK votes to leave the European Union on June 23, the price of gold could rally by 10% to around $1400 an ounce as

investors look to the yellow metal to provide a safe haven in times of uncertainty. What's more, gold could also benefit from the reluctance of investors to move into sterling or even the euro following a 'leave' vote.
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DAILY COMMODITY MARKET NEWS & LEVELS - 20 JUN 2016

BULLION:
Gold eased in Asia on Monday as weekend polls showed momentum building for the "Remain" camp in this week's Brexit vote. Gold for August delivery on the Comex division of the New York Mercantile Exchange fell 0.25% to $1,291.50 a troy ounce. In Japan, the adjusted trade balance came in at ¥270 billion, wider than a surplus of ¥130 billion expected for May.

BASE METAL:

LME copper will range USD 4,540-4,585/mt during Asian trading hours Monday. Manufacturing PMIs from western economies for May will come under the spotlight this week. “Black swan” events may occur, including semiannual financial report by US Fed head Janet Yellen and referendum on UK exit from the EU, which will intensify risk aversion.  

ENERGY:
Oil extended gains in Asian trading on Monday as a weaker dollar and easing worries over Britain's possible exit from the European Union helped support crude. Campaigning for Britain's vote on EU membership resumed on Sunday after a three-day hiatus prompted by the killing of a pro-EU lawmaker. Oil prices continued to recover despite data showing U.S. energy firms adding oil rigs for a third week in a row, suggesting higher production to come.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BEARISH
RESIST 2: 30800
RESIST 1: 30650
SUP 1: 30300
SUP 2: 30100
STRATEGY: SELL ON RISE

CS SILVER (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2: 41750
RESIST 1: 41570
SUP1: 40800
SUP2: 40600
STRATEGY : SELL ON RISE

CS CRUDE OIL (JUNE) OVERVIEW:

TREND :BULLISH
RESIST 2:3420
RESIST 1:3370
SUP1:3260
SUP2:3190
STRATEGY: BUY ON DIPS

CS NATURAL GAS (JUNE) OVERVIEW:

TREND : BULLISH
RESIST 2:184
RESIST 1:181
SUP1:176
SUP2:174
STRATEGY: BUY ON DIPS

BASE METAL

CS COPPER (JUNE) OVERVIEW:

TREND :SIDEWAYS
RESIST 2:314
RESIST 1:312
SUP1:304
SUP2:300
STRATEGY: SELL ON RISE

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DAILY COMMODITY MARKET NEWS & LEVELS - 16 JUN 2016

BULLION:
Gold prices gained further in Asia, crossing the $1,300-level, on Thursday after the Fed held steady as expected and markets noted steady policy by the Bank of Japan. On the Comex division of the New York Mercantile Exchange, gold for August delivery gained 1.21% to $1,303.90 a troy ounce.

BASE METAL:

LME copper will edge up to USD 4,600-4,650/mt during Asian trading hours Thursday. May CPIs from Europe and the US as well as Philadelphia Fed’s manufacturing index in June will be released today. The US dollar index plunged this morning due to Fed’s dovish statement. Base metals rose across the board on positive macroeconomic news, and should fluctuate at highs today.

ENERGY:
Oil prices held weaker in in Asia on Thursday after data from the U.S. Department of Energy showed a weaker drop in stockpiles than expected and markets viewed remarks from the Fed as downbeat for demand prospects. On Wednesday afternoon, the Federal Open Market (FOMC), as expected, left the target range of its benchmark Federal Funds Rate unchanged at a level between 0.25 and 0.50%. It marked the fourth consecutive meeting the FOMC held rates steady at their current level

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BULLISH
RESIST 2: 31200
RESIST 1: 31000
SUP 1: 30400
SUP 2: 30300
STRATEGY: BUY ON DIPS

CS SILVER (JULY) OVERVIEW:

TREND : BULLISH
RESIST 2: 42750
RESIST 1: 42400
SUP1: 41600
SUP2: 41400
STRATEGY : BUY ON DIPS

CS CRUDE OIL (JUNE) OVERVIEW:

TREND :BEARISH
RESIST 2:3270
RESIST 1:3240
SUP1:3150
SUP2:3100
STRATEGY: SELL ON RISE

CS NATURAL GAS (JUNE) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:179
RESIST 1:177
SUP1:173
SUP2:171
STRATEGY: BUY ON DIPS

BASE METAL

CS COPPER (JUNE) OVERVIEW:

TREND :BEARISH
RESIST 2:315
RESIST 1:312
SUP1:307
SUP2:305
STRATEGY: SELL ON RISE

     

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Gold slips to Rs 29,650, silver dives by Rs 950/kg

Gold falls by Rs 600 to Rs 29,650 per 10 grams at the bullion market on Friday on fall in demand from jewellers at prevailing higher levels coupled with a weak trend overseas. Silver followed suit, falling by Rs 950 to Rs 41,100 a kg.

Globally, gold fell by $13.50 to $1,278 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 600 each to Rs 29,650 and Rs 29,500 per ten grams, respectively. The precious metal had surged Rs 580 yesterday.

Sovereign fell by Rs 200 to Rs 23,100 per piece of eight grams.

Tracking gold, silver recorded a fall of Rs 950 to Rs 41,100 per kg and weekly-based delivery by Rs 1,215 to Rs 41,150 per kg.

Silver coins plummeted by Rs 2,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

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DAILY COMMODITY MARKET NEWS & LEVELS - 17 JUN 2016

BULLION:
Gold soared nearly 2% to hit 22-month highs, as the Bank of Japan and Bank of England followed the lead of the Federal Reserve by standing pat at a pair of closely-watched central bank meetings on Thursday. Brexit vote next week was suspended following the murder on Thursday of UK member of parliament Jo Cox, who was a vocal advocate for Britain to stay in the European Union.

BASE METAL:

LME copper will fall back to USD 4,525-4,585/mt during Asian trading hours Friday.US housing starts and construction permits in May will be announced today. Base metals should remain weak today. The likelihood of a Brexit will leave the market cautious. A few base metals may gain ground. NAHB property market index strengthened in June, also boding well for US real estate outlook.

ENERGY:
Crude oil prices rose in early Asian trade on Friday for the first time in seven days as markets took a breather from concerns about the impact of Britain's possible exit from the European Union. The British pound rose from a two-month low after campaigning for next week's so-called Brexit vote next week was suspended following the murder on Thursday of UK member of parliament Jo Cox, who was a vocal advocate for Britain to stay in the European Union.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BEARISH
RESIST 2: 30680
RESIST 1: 30580
SUP 1: 30300
SUP 2: 30100
STRATEGY: SELL ON RISE

CS SILVER (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2: 41750
RESIST 1: 41570
SUP1: 40800
SUP2: 40600
STRATEGY : SELL ON RISE

CS CRUDE OIL (JUNE) OVERVIEW:

TREND :BEARISH
RESIST 2:3240
RESIST 1:3200
SUP1:3100
SUP2:3070
STRATEGY: SELL ON RISE

CS NATURAL GAS (JUNE) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:180
RESIST 1:178
SUP1:171
SUP2:169
STRATEGY: BUY ON DIPS

BASE METAL

CS COPPER (JUNE) OVERVIEW:

TREND :BEARISH
RESIST 2:312
RESIST 1:310
SUP1:304
SUP2:300
STRATEGY: SELL ON RISE

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CRUDE OIL NEWS UPDATES - 17 JUN 2016

Brexit vote next week was suspended following the murder on Thursday of UK member of parliament Jo Cox, who was a vocal advocate for Britain to stay in the European Union.

On Wednesday the Federal Reserve downgraded 2016 growth for the US and the Bank of Japan and the Bank of England followed along today.

Lower growth signals lower demand for crude while supply continues to rise as global producers pump and pump and pump more. 

Leave the European Union in the coming weeks. This situation has raised investors’ concerns over the outlook of the European Union and their devalued currency.

This separation could have a huge impact on the global economies, currency exchange rates and on the riskier assets like oil and other commodities.

Crude oil futures are completely in doldrums with several bearish reports.The recession in Europe, separation of Britain,slow demand from China and potential oil supplies are likely to put

more pressure on crude oil prices in the coming days. 

Canada, Libya and Nigeria are coming back to market. 

A note by Goldman Sachs weighed on sentiment in oil, with the Wall Street firm saying crude needs to stay within $45-$50 to ensure a supply deficit in the second half of 2016.

There is plenty of oil flowing into the market with Iran's exports on track to hit the highest in almost 4½ years in June. 

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DAILY COMMODITY MARKET NEWS & LEVELS - 16 JUN 2016

BULLION:
Gold prices gained further in Asia, crossing the $1,300-level, on Thursday after the Fed held steady as expected and markets noted steady policy by the Bank of Japan. On the Comex division of the New York Mercantile Exchange, gold for August delivery gained 1.21% to $1,303.90 a troy ounce.

BASE METAL:

LME copper will edge up to USD 4,600-4,650/mt during Asian trading hours Thursday. May CPIs from Europe and the US as well as Philadelphia Fed’s manufacturing index in June will be released today. The US dollar index plunged this morning due to Fed’s dovish statement. Base metals rose across the board on positive macroeconomic news, and should fluctuate at highs today.

ENERGY:
Oil prices held weaker in in Asia on Thursday after data from the U.S. Department of Energy showed a weaker drop in stockpiles than expected and markets viewed remarks from the Fed as downbeat for demand prospects. On Wednesday afternoon, the Federal Open Market (FOMC), as expected, left the target range of its benchmark Federal Funds Rate unchanged at a level between 0.25 and 0.50%. It marked the fourth consecutive meeting the FOMC held rates steady at their current level

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:

TREND : BULLISH
RESIST 2: 31200
RESIST 1: 31000
SUP 1: 30400
SUP 2: 30300
STRATEGY: BUY ON DIPS

CS SILVER (JULY) OVERVIEW:

TREND : BULLISH
RESIST 2: 42750
RESIST 1: 42400
SUP1: 41600
SUP2: 41400
STRATEGY : BUY ON DIPS

CS CRUDE OIL (JUNE) OVERVIEW:

TREND :BEARISH
RESIST 2:3270
RESIST 1:3240
SUP1:3150
SUP2:3100
STRATEGY: SELL ON RISE

CS NATURAL GAS (JUNE) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:179
RESIST 1:177
SUP1:173
SUP2:171
STRATEGY: BUY ON DIPS

BASE METAL

CS COPPER (JUNE) OVERVIEW:

TREND :BEARISH
RESIST 2:315
RESIST 1:312
SUP1:307
SUP2:305
STRATEGY: SELL ON RISE

     

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