25th MAY 2020 - Sky Commodities Commodity.pdf · Weekly Commodity Report 21st-May-2018 Commodity...

1 Commodity Weekly Report

8th JUNE 2020

2

Fundamental News: Gold futures fell nearly 3% Friday, falling off

their $1,700 perch, after the Labor Department said in its nonfarm

payrolls report that 2.5 million Americans re-entered the

workforce in May.

Technical Outlook: Gold has witnessed a profit booking rally. So,

Buy near 44600 with TGT 44800 & 47000 SL 44400 or else Short

near 47299 with TGT 47095 & 46856 SL 47500.

Data to Watch: EUR ECB President Lagarde Speaks, US CPI m/m,

US Core CPI m/m, US FOMC Economic Projections, US FOMC

Statement, US Federal Funds Rate, EUR Eurogroup Meetings, US

Core PPI m/m, US PPI m/m, US Unemployment Claims, US Prelim

UoM Consumer Sentiment.

Weekly Commodity Report

30th-DEC-2019

Commodity Weekly Report

R1 46856 R2 47299 R3 48016

S1 45331 S2 44979 S3 44696

MCX GOLD Daily Chart

GOLD Commentary

Weekly View

Medium term View

MCX SILVER Daily Chart SILVER Commentary

Fundamental News: The Federal Reserve, the U.S. Treasury and

Congress have jointly approved and disbursed trillions of dollars in

loans, grants and outright aid to businesses and individuals in

recent months because of the Covid-19-triggered economic

downturn.

Technical Outlook: Silver has witnessed a profit booking rally. Go

long near 46820 with TGT of 47120 & 47500 and maintain SL of

46500 or else Sell near 50143 with TGT 49855 & 49515 and keep

SL of 50500 level.


US Core CPI m/m, US FOMC Economic Projections, US FOMC

Statement, US Federal Funds Rate, EUR Eurogroup Meetings, US

Core PPI m/m, US PPI m/m, US Unemployment Claims, US Prelim

UoM Consumer Sentiment. Weekly View

Medium term View

R1 50143 R2 51123 R3 52711

S1 46967 S2 45987 S3 44399

4

Fundamental News: OPEC and its allies led by Russia meet on

Saturday to approve extending record oil production cuts and to

push countries such as Iraq and Nigeria to comply better with

existing curbs.

Technical Outlook: Crude Oil has remain in a positive mode. Go

long near 2937 With TGT of 3014 & 3095 and keep Sl of 2861 or

else short below 2784 with TGT of 2707 & 2612 and keep stop

loss of 2861.


US Crude Oil Inventories, US FOMC Economic Projections, US

FOMC Statement, US Federal Funds Rate, EUR Eurogroup

Meetings, US PPI m/m, US Unemployment Claims, US Prelim UoM

Consumer Sentiment.


21st-May-2018


R1 3014 R2 3109 R3 3205

S1 2707 S2 2612 S3 2459

MCX CRUDE OIL Daily Chart CRUDE OIL Commentary

Weekly View

Medium term View

MCX NATURAL GAS Daily Chart NATURAL GAS Commentary

Fundamental News: We are now in the summer season, and the demand for cooling will rise from June through September. Natural gas is the primary input in power generations in the US. A hot summer would cause increased demand for the energy commodity as production has declined.

Technical Outlook:

Natural Gas may expect a range bound trade. Go long above

138.2 with TGT of 139.9 & 142 and keep stop loss of 136.5 Or

else go short below 134.9 with TGT of 133.2 & 131.1 and Keep SL

of 136.5 level.

Data to Watch: US Natural Gas Storage. Weekly View

Medium term View

R1 139.9 R2 142 R3 145.3

S1 133.2 S2 131.1 S3 127.7


30th-DEC-2019

5

Fundamental News: LME base metals prices rallied by ECB

stimulus; copper clears $5,600/t.

Technical Outlook: Copper may expect a profit booking on higher

levels. So, go long near 432.1 with TGT of 435.75 & 440.3 and

maintain Stop loss of 428.4 or else go short below 424.7 with

TGT 421.05 & 416.5 and keep sl of 428.4 level.

Data to Watch: EUR German Industrial Production m/m, EUR ECB

President Lagarde Speaks, US CPI m/m, US Core CPI m/m, US

FOMC Economic Projections, US FOMC Statement, US Federal

Funds Rate, EUR Eurogroup Meetings, US Core PPI m/m, US PPI

m/m, US Unemployment Claims, GBP GDP m/m, GBP

Manufacturing Production m/m, US Prelim UoM Consumer

Sentiment.


21st-May-2018


R1 435.75 R2 440.3 R3 447.65

S1 421.05 S2 416.5 S3 409.15

MCX COPPER Daily Chart

COPPER Commentary

Weekly View

Medium term View

MCX ALUMINIUM Daily Chart ALUMINIUM Commentary

Fundamental News: The alumina price in China continued to

remain flat over the week .

Technical Outlook: Aluminium may expect a profit booking on

higher levels. So, go long near 135.1 with TGT of 135.9 & 137.1

keep SL of 134.2 & Go short below 133.3 with TGT 132.4 & 131.3

and keep Sl of 134.2.





m/m, US Unemployment Claims, GBP GDP m/m, GBP

Manufacturing Production m/m, US Prelim UoM Consumer

Sentiment.

Weekly View

Medium term View

R1 136 R2 137.1 R3 138.85

S1 132.4 S2 131.3 S3 129.55


30th-DEC-2019

6

Fundamental News: Lead's rise tops complex because of US jobs

report may prompt a reality check. So, go long near 139.1 with

TGT of 140.55 & 142.35 and keep SL of 137.6.





m/m, US Unemployment Claims, GBP GDP m/m.


21st-May-2018


MCX LEAD Daily Chart

LEAD Commentary

Weekly View

Medium term View

MCX ZINC Daily Chart ZINC Commentary

Fundamental News: Zinc physical markets on the back of pick-up

in demand. So, long near 163.85 with TGT of 165.45 & 167.35 and

SL of 162.3.





m/m, US Unemployment Claims, GBP GDP m/m. Weekly View

Medium term View

R1 140.55 R2 142.35 R3 145.3

S1 134.65 S2 132.85 S3 129.9

R1 165.45 R2 167.35 R3 170.5

S1 159.15 S2 157.2 S3 154.1

MCX NICKEL Daily Chart NICKEL Commentary

Fundamental News: Chinese stainless steel prices steady despite

soft demand, rising nickel cost. So, go long near 971.6 with TGT of

979.1 & 988.3 SL of 964.1 level.


President Lagarde Speaks, US CPI m/m, US Core CPI m/m.

Weekly View

Medium term View

R1 979.1 R2 988.3 R3 1003.3

S1 949.1 S2 939.9 S3 924.9


30th-DEC-2019


Weekly MCX COMMODITY CHANGE

ECONOMIC CALENDER

Indices Close Change %

GOLD 45698.00 -1406 -2.98

SILVER 47351.00 -2767 -5.52

CRUDE OIL 2990.00 426 16.61

NATURAL GAS 135.80 -0.1 -0.07

COPPER 433.50 17.3 4.16

ALUMINIUM 135.60 3.9 2.96

LEAD 139.90 6.8 5.11

ZINC 164.30 5.3 3.33

NICKEL 974.70 34.3 3.65

Country Economic Event Forecast Previous Date &Time

JAPAN Current Account 0.23T -0.78T 9th June (5.20 AM)

JAPAN Final GDP q/q 1.4% 1.5% 9th June (5.20 AM)

CANADA Housing Starts 185K 195K 9th June (5.45 PM)

AUD RBA Gov Stevens Speaks - - 9th June (9.00 PM)

GBP BRC Retail Sales Monitor y/y - 4.2% 10th June (4.31 AM)

JAPAN Tertiary Industry Activity m/m -3.3% 2.4% 10th June (5.20 AM)

AUD Home Loans m/m 0.3% -0.9% 10th June (7.00 AM)

CHINA CPI y/y 2.4% 1.8% 10th June (7.00 AM)

CHINA PPI y/y -1.5% -2.0% 10th June (7.00 AM)

EUR French Industrial Production m/m 0.3% -0.7% 10th June (12.15 PM)

CHINA New Loans 750B 775B 10th — 14th June

GBP Manufacturing Production m/m 0.4% 0.5% 10th June (2.00 PM)


21st-May-2018

Source : Forex Factory


30th-DEC-2019


ECONOMIC CALENDER


21st-May-2018



30th-DEC-2019



21st-May-2018

RESEARCHED & PREPARED BY

B.KESAVAMOORTHY— SENIOR RESEARCH MANAGER

EMAIL ID: [email protected]

CONTACT NO: 0422-4700840

LAL’S

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30th-DEC-2019

25th MAY 2020 - Sky Commodities Commodity.pdf · Weekly Commodity Report 21st-May-2018 Commodity...

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