Commodity Research
Transcription
Commodity Research
Commodity Analysis & Opinion 01-JUNE-2015 Make Your Money Work for You ELITE COMTRADE RESEARCH DESK PRICE MOVEMENT 29-MAY-15 COMMODITIES OPEN HIGH LOW CLOSE GOLD 27100.00 27171.00 27025.00 26860.00 SILVER 38365.00 38550.00 38217.00 38349.00 CRUDE OIL 3670.00 3876.00 3670.00 3869.00 NATURAL GAS 174.20 175.10 169.50 169.80 COPPER 393.80 393.95 386.00 386.65 NICKEL 817.80 821.90 806.10 808.00 LEAD 127.95 128.20 123.50 124.45 ZINC 142.95 143.90 139.40 139.60 ALUMINIUM 112.60 113.00 110.05 110.10 MENTHA OIL 920.50 951.70 913.00 953.20 TECHNICAL LEVELS FOR 01-JUNE-15 SYMBOL EXPIRY CLOSE S2 S1 R1 R2 TREND GOLD AUGUST 26860.00 26860.00 27020.00 27260.00 27380.00 SIDEWAYS SILVER JULY 38349.00 38020.00 38240.00 38560.00 38840.00 SIDEWAYS CRUDE OIL JUNE 3869.00 3810.00 3840.00 3906.00 3960.00 UP NATURAL GAS COPPER JUNE 169.80 164.60 168.00 172.20 174.80 UP JUNE 386.65 382.00 385.60 390.30 393.30 NICKEL JUNE 808.00 792.00 804.00 821.00 834.00 SIDEWAYS TO UP SIDEWAYS LEAD JUNE 124.45 122.70 123.60 125.20 126.40 SIDEWAYS ZINC JUNE 139.60 138.00 139.00 140.30 141.60 SIDEWAYS ALUMINIUM JUNE 110.10 108.90 109.85 111.30 112.40 DOWN MENTHA OIL 953.20 912.00 927.00 952.00 968.00 SIDEWAYS JUNE GOLD FUNDAMENTAL ASPECT Gold prices are flat in early trade but remain supported as concerns over Greece remain and U.S. data remains weak. The U.S. economy contracted in the first quarter by 0.7% on a larger trade deficit and a smaller accumulation of inventories. Latest reports suggest that Greece missed a self-imposed Sunday deadline for reaching an agreement that would pave the way for it to receive its bailout tranche. TECHNICAL ASPECT Gold has entered into a rising channel with downward support at 26700 and upward resistance at 27600-800. So buying at the bottom of the channel at 26800 and selling at in range 27600 to 27800 should be the current strategy. SILVER FUNDAMENTAL ASPECT Silver futures for July delivery ended Friday's session at $17.49 a troy ounce. Silver surged 6.67% on the week, the third consecutive weekly advance. The US Dollar Index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at four-month lows of 93.29. TECHNICAL ASPECT Silver has formed a trading range of 36000-40500 with two distinct sub ranges. One range is between 38000-40500 and the other one is between 3600038000. Now it is hovering in the upper sub range with strong support around 38000 level. So buy around 38000 or sell around 40500 should be the current strategy. COPPER FUNDAMENTAL ASPECT Base metals are mostly higher in early trade as weaker Chinese data raised hopes of further easing by China. The official manufacturing PMI edged up to 50.2 from April's 50.1 but the HSBC PMI remained in contraction at 49.2 as new export business saw sharpest fall in 2 years. Copper on the LME recovered slightly from a four week low registered a monthly decline. Support on the downside may come on seasonal demand strength in the second quarter. TECHNICAL ASPECT Copper is looking technically weak with major resistance around 411. There is much more chances that copper may come down to 388 level. So for the time being, all rally should be used to sell copper with stop loss above 401 on closing basis for a target around 388-390 level. CRUDE OIL FUNDAMENTAL ASPECT Oil prices are lower today after recovering sharply on Friday as rig count in the US fell sharply again last week U.S. rig count posted a 25th consecutive week of decline, falling by 13 to 646. EIA data showed that inventories fell for a fourth straight week by 2.8 million barrels. API data earlier showed that crude inventories unexpectedly increased 1.3 million barrels. U.S. production show a big jump last week as output climbed to 9.56 mbpd as data was revised higher. This may keep a lid on prices. Investors will now await the OPEC meeting. TECHNICAL ASPECT Crude has given a first breakdown and closed above 3791. Now it has the potential to go to the range between 3960-4040 level. Now all decline to be used to create long position in crude with stop loss below 3760. EVENTS OF THE DAY TIME COUNTRY EVENT ACTUAL FORECAST PREVIOUS IMPACT 06:30 AM CHINA MANUFACTURING PMI -- 50.2 50.1 HIGH CHINA NON-MANUFACTURING PMI -- -- 5304 HIGH 07:00 AM AUSTRALIA BUILDING APPROVALS m/m -- -1.75 2.8% HIGH 07:15 AM CHINA -- 49.2 49.1 HIGH 12:45 PM EUROPE HSBC FINAL MANUFACTURING PMI SPANISH MANUFACTURING PMI -- 54.4 54.2 MEDIUM 01:15 PM EUROPE ITALIAN MANUFACTURING PMI -- 53.1 53.8 MEDIUM 01:25 PM EUROPE -- 51.4 51.4 MEDIUM 02:00 PM BRITAIN GERMAN FINAL MANUFACTURING PMI MANUFACTURING PMI -- 52.7 51.9 HIGH 06:00 PM US CORE PCE PRICE INDEX m/m -- 0.25 0.1% MEDIUM US PERSONAL SPENDING m/m -- 0.2% 0.4% MEDIUM 07:00 PM US FOMC MEMBER FISCHER SPEAKS -- -- -- MEDIUM 07:30 PM US ISM MANUFACTURING PMI -- 51.9 51.5 HIGH OPEN POSITIONAL CALLS 1. MCX NICKEL JUNE BUY CALL : BUY BETWEEN 826-828, TARGET 900, SL 780(CLOSING BASIS ) DISCLAIMER Private circulation only: The recommendation made herein does not constitute an offer to sell or a solicitation to buy any of the securities / commodities mentioned. Readers using the information contained herein are solely responsible for their actions. The information and views contained herein are believed to be reliable but no responsibility or liability is accepted for errors of act or opinion. Analysts may or may not have trading or investment positions in the securities / commodities mentioned herein. Data are provide “AS IS” for informational purpose and is not intended for trading purposes.