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Transcript of Daily Commodity Roundup as on - Systematix â€؛ Commodity â€؛ SYSTEMATIX... Daily Commodity...

  • Daily Commodity Roundup as on Wednesday, October 17, 2018

    Date : Wednesday, October 17, 2018 URL : www.systematixshares.com Page No : 1

  • 14.62 CRUDE $

    71.92

    -0.22 -0.07 0.20

    I N

    T E R

    N A

    T I O

    N A

    L M

    A R

    K E T U

    P D

    A T E GOLD $

    1221.93 SILVER $

    USDJPY 112.35

    -0.1 -0.04 0.06 EURUSD

    1.1561 GBPUSD

    1.31746

    LME

    NICKEL

    12510

    -0.39 0.25 -0.2

    LME

    COPPER

    6209 LME

    ZINC

    2606

    $ INDEX 95.19

    -0.29 -0.53 0.09

    LME ALUMINIUM

    2032 LME

    LEAD

    2055

    DJIA 25251

    0.85 0.69 -0.35 SENSEX

    35162 NIFTY

    10585

    Date : Wednesday, October 17, 2018 URL : www.systematixshares.com Page No : 2

    NIKKEI 22872

    -0.41 -0.59 1.43 USDINR

    73.62 S&P

    INDEX

    2751

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    MCX Gold Dec 2018

    Gold dropped as firmness in Rupee weighed despite price seen supported as risk-averse investors sought refuge amid rising political tensions and economic uncertainty.

    Gold on MCX settled down -0.62% at 31868 as pressure seen after Indian

    Rupee climbed 35 paise to end at nearly two-week high of 73.48 per

    dollar amid softening crude oil prices and easing concerns over the trade

    deficit. While Comex Gold prices settled slightly higher ended with gains

    of $0.70 to settled at $1,231.00 an ounce as the dollar stayed sluggish

    against some major currencies, ahead of the release of the minutes of the

    FOMC's September meeting. It appears uncertainty about near term

    global economic growth and geopolitical worries prompted traders to pick

    up the yellow metal. Despite rising geopolitical worries after the

    disappearance of Saudi Arabian journalist Jamal Khashoggi and the

    subsequent spat between the U.S. and Saudi Arabia, stock markets are

    moving higher, due largely to some better than expected earnings. Gold

    is still down about 9% from its April peak, as the dollar had benefited

    from early signs of the Fed’s preference for a higher-for-longer interest

    rate plan. US President Donald Trump’s renewed attacks on the Fed’s

    policy tightening have also highlighted the political pressure on the U.S.

    central bank. Former Fed Chief Janet Yellen reportedly warned Monday

    that the president’s remarks were “essentially damaging to the Fed and

    to financial stability,” adding that she did not believe that it was “a

    desirable thing for a president to comment so explicitly on Fed policy”.

    From physical side in India demand is very low this year as the higher

    prices are trimming the amount of gold being bought. Technically market

    is getting support at 31760 and below same could see a test of 31651

    level, And resistance is now likely to be seen at 32069, a move above

    could see prices testing 32269.

    OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

    32072

    SUPPORT 3

    32378 32269 32069 31760 31651 31451

    32160 31851 31868 -0.62 13370

    RESIST 3 RESIST 2 RESIST 1 SUPPORT 1 SUPPORT 2

    Date : Wednesday, October 17, 2018 URL : www.systematixshares.com Page No : 3

    Trading Ideas : Gold trading range for the day is 31651-32269.

    Prices recently seen supported amid rising tensions between Western powers and Saudi Arabia and concerns over the pace of global economic growth.

    U.S. retail sales barely rose in September as a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years.

    Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.55 percent to 748.76 tonnes.

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    MCX Silver Dec 2018

    Silver prices dropped on profit booking amid firmness in Rupee after prices seen supported as a sea of global troubles kept safe-haven demand churning.

    Silver prices dropped on profit booking amid firmness in Rupee after

    prices seen supported as a sea of global troubles kept safe-haven demand

    churning. The U.S. dollar index dropped to more than two-week lows on

    Tuesday while emerging market currencies outperformed, and rising

    stock markets reflected improving risk appetite. The consumer price

    index (CPI) rose 2.5% from a year earlier, the largest annual growth in

    seven months, according to data from the National Bureau of Statistics.

    US industrial production increased for a fourth straight month in

    September, boosted by gains in manufacturing and mining output, but

    momentum slowed sharply in the third quarter. Past U.S. presidents have

    been reticent to criticize the central bank because its independence is

    seen as important for economic stability. But Trump in the past week has

    called the Fed “crazy,” “loco,” “ridiculous,” and “too cute”. The U.S. Trade

    Representative’s office told Congress it intends to open trade talks with

    the European Union, the United Kingdom and Japan. U.S. industrial

    production increased for a fourth straight month in September, boosted

    by gains in manufacturing and mining output, but momentum slowed

    sharply in the third quarter. Chinese exporters are mostly confident they

    can weather a trade war with the United States, but worry about

    collateral damage it might cause throughout the global economy.

    Technically market is under fresh selling as market has witnessed gain in

    open interest by 5.11% to settled at 23428 while prices down -289

    rupees, now Silver is getting support at 38692 and below same could see

    a test of 38520 level, And resistance is now likely to be seen at 39174, a

    move above could see prices testing 39484.

    OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

    39150 39312

    39656 39484 39174 38692 38520 38210

    38830 38864 -0.74 23428

    RESIST 3 RESIST 2 RESIST 1 SUPPORT 1 SUPPORT 2 SUPPORT 3

    Date : Wednesday, October 17, 2018 URL : www.systematixshares.com Page No : 4

    Trading Ideas : Silver trading range for the day is 38520-39484.

    The consumer price index (CPI) rose 2.5% from a year earlier, the largest annual growth in seven months, according to data.

    US industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output.

    Chinese consumer inflation in September accelerated for a fourth month, with food prices gaining the most since February.

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    MCX Crudeoil Oct 2018

    Crude oil gains on evidence of falling Iranian exports, but gains were limited by fears of another outsize U.S. crude build in weekly storage data.

    Crude oil gains on evidence of falling Iranian exports, but gains were

    limited by fears of another outsize U.S. crude build in weekly storage

    data. U.S. crude inventories fell by 2.1 million barrels last week,

    compared with expectations for a build of 2.2 million barrels, American

    Petroleum Institute data showed. Gasoline stocks dropped by 3.4 million

    barrels, compared with for a 1.1 million-barrel decline. Distillate fuel

    stockpiles, which include diesel and heating oil, declined by 246,000

    barrels, compared with expectations for a 1.3 million-barrel drop, the API

    data showed. U.S. President Donald Trump has urged the Organization of

    the Petroleum Exporting Countries to raise output to help cover a shortfall

    due to new U.S. sanctions on Iran. The market has been supported by

    reports that Iranian crude exports may be falling faster than expected

    ahead of Nov. 4, the date sanctions on the commodity are due to start.

    Meanwhile, OPEC Secretary-General Mohammad Barkindo urged oil

    producing companies to increase capacities and invest more to meet

    future demand as spare oil capacity shrinks worldwide. OPEC and its allies

    including Russia agreed to reduce output by 1.8 million barrels per day

    (bpd) from the start of 2017 with Moscow pledging to cut some 300,000

    bpd. As oil prices hit $80 per barrel in recent months and with global oil

    inventories shrinking fast, Saudi Arabia and Russia agreed to ease

    restrictions although they never said the exact levels they would target.

    Technically market is under fresh buying as market has witnessed gain in

    open interest by 5.71% to settled at 7901 while prices up 9 rupees, now

    Crudeoil is getting support at 5224 and below same could see a test of

    5167 level, And resistance is now likely to be seen at 5328, a move

    above could see prices testing 5375.

    OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

    5310 5318

    5432 5375 5328 5224 5167 5120

    5214 5282 0.17 7901

    RESIST 3 RESIST 2 RESIST 1 SUPPORT 1 SUPPORT 2 SUPPORT 3

    Date : Wednesday, October 17, 2018 URL : www.systematixshares.com Page No : 5

    Trading Ideas : Crudeoil trading range for the day is 5167-5375.

    OPEC Secretary-General Mohammad Barkindo said global spare oil capacity was shrinking, adding that producers and companies should increase their production capacities.

    U.S. crude stockpiles were forecast to have risen last week for the fourth straight week, by about 1.1 million barrels

    In the first two week of October, Iran expor