26 th June -30th June , 2017 WEEKLY COMMODITY REPORT · 26 th June -30th June , 2017 WEEKLY...
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Transcript of 26 th June -30th June , 2017 WEEKLY COMMODITY REPORT · 26 th June -30th June , 2017 WEEKLY...
INDIAN MARKET AS ON FRIDAY
SEGMENT
CURRENT VALUE
PRE.WEEK CLOSING
% CHANGE
GOLD
28753
28690
0.21%
SILVER
38488
38480
0.02%
CRUDEOIL
2781
2879
-3.40%
ZINC
174.40
162.30
7.45%
LEAD
142.85
135.35
5.54%
ALLUMINIUM
120.00
120.25
-0.20%
COPPER
373.80
365.45
2.28%
NICKEL
584.60
574.70
1.72%
NATURAL GAS
189.00
195.90
-3.52%
MCX NEWS OF THIS WEEK
Gold prices rose to their highest level this week, buoyed by renewed investor demand for
safe havens, after geopolitical tension resurfaced while a fed official downplayed rate hike
expectations. Gold futures for August delivery on the Comex division of the New York
Mercantile Exchange rose by $7.89 or 0.63%, to $1,257.27 a troy ounce. Better than
expected housing data eased concerns about a slowdown in the housing market, but failed to
offset demand for safe-haven gold as North Korea stoked geopolitical tension, after the Kim
Jong-uh led nation tested a rocket engine. Analysts had forecast U.S. existing home sales
rising 5.4% to a pace of 597,000 units last month. The return of demand for safe-haven gold
comes amid earlier comments by St. Louis Fed President James Bullard, who said that the
Fed can afford to stop raising short-term interest rates and wait and see how the economy
develops. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding
non-yielding assets such as bullion.
Crude Oil futures edged higher on Friday with a lift from a weaker dollar, but finished a fifth straight week lower as OPEC-led production cuts have failed to substantially reduce a global crude glut. Brent futures (LCOc1) settled up 32 cents, or 0.7 percent, to $45.54 a barrel. U.S. West Texas Intermediate crude (WTI) (CLc1) ended up 27 cents, or 0.6 percent, at $43.01 per barrel. For the week, both benchmarks lost 3.9 percent, and oil currently sits just off 10-month lows, beset by ongoing worries about rising production. The five-week slide represents the longest stretch of weekly declines for the front-month contracts since August 2015. "The higher rig count this week reflects decisions made a couple of months ago when oil prices were higher," said James Williams, president of WTRG Economics in Arkansas. He said he expects the current low prices to cause the count to fall in some weeks over the next month or two. Still, oil prices remain down about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting Countries to cut production 1.8 million barrels per day (bpd).
DATA OF THE WEEK
DATE DATA ACTUAL FORECAST PREVIOUS
Jun 21 Crude Oil Inventories -2.5M -1.2M -1.7M
Jun 22 Unemployment Claims 241K 241K 238K
UPCOMING DATA
DATE DATA FORECAST PREVIOUS
Jun 26 Core Durable Goods Orders m/m 0.4% -0.5%
Jun 27 CB Consumer Confidence 116.2 117.9
Jun 27 Fed Chair Yellen Speaks
Jun 28 Crude Oil Inventories -2.5M
Jun 29 Final GDP q/q 1.2% 1.2%
Jun 29 Unemployment Claims 240K 241K
ADVICE ON GOLD
Trend: BULLISH
Recommendation: BUY ABOVE 28720
Targets: 28870/29070
ADVICE ON CRUDE OIL
Trend: BEARISH
Recommendation: SELL BELOW 2730
Targets: 2670/2610
ADVICE ON ZINC
Trend: BULLISH
Recommendation: BUY ABOVE 172.80
Targets: 174.80/176.80
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