Free Commodity News for May's Third Week

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Transcript of Free Commodity News for May's Third Week

  • 18 MAY 22 MAY 2015

    \

    W E E K L Y

    R

    E

    P

    O

    R

    T

    Blow by Blow

    On

    Bullions,

    Base metals,

    Energy

    WWW.TRIFIDRESEARCH.COM

  • MAJOR EVENTS MCX Gold June future prices are trading bullish on negative economic data of US and

    weak USD/INR. Prices may accelerate further on weak US and Chinese data forecast.

    Comex Gold has been roar in previous session and sustain above crucial resistance of

    $1200. Comex Gold prices likely to trade higher till $1230 in near term.

    MCX Gold future prices likely to follow global trend and probable to trade higher till

    28000. Support: 27200/27000 and resistance: 27800/28000. Gold rose two percent to

    above $1,200 an ounce on Wednesday, heading for a second session of gains as the

    hit a near three-month low after disappointing U.S. employment data.

    U.S. retail sales were also unchanged in April as households cut back on purchases of

    automobiles and other big-ticket items, suggesting the economy was struggling to

    make a strong rebound after barely growing in the first quarter.

    A top Fed official said he did not know when interest rates would rise, but tempered

    that uncertainty by applauding an apparent consensus between markets and the U.S.

    central bank that it would happen later this year.

    MCX Crude Oil prices are trading bearish on profit booking seen by traders. Oil prices

    were unable to sustain above resistance of $60 BPL. Nigerian Oil at Akwa has began

    its production weigh on long bets by traders. PratikPatel, Research analyst at

    Commodity Online, said overall prices for Oil are likely to correct on increasing

    supply. MCX Crude Oil trading range: Support 3760/3720; resistance 3840/3880. On

    Friday(11.53 am), MCX Crude Oil May contract has been trading 0.58 per cent to

    3798 levels.

    Trading was choppy on Thursday as market participants tried to square bullish

    factors, including recent drops in U.S. inventories, spot demand for crude in Asia and

    Middle East unrest, with basic supply fundamentals of historically high inventories

    and ample production. China, the world's top energy consumer, lost more economic

    steam in April despite easing monetary policy, while Europe's largest economy,

    Germany, slowed in the first quarter. In the United States, retail sales were flat in

    April, curbing hopes of a sharp rebound in growth in the second quarter. A surprise

    increase in output in March from the No. 2 U.S. Oil producing state.

    MCX Crude Oil

    trading bearish on

    profit booking.

    Copper Output in

    China Falls To One

    Year Low.

    The copper producers in China have finally realized that there over enthusiasm in

    Copper will led them nowhere. Copper output is very likely to face tough times as

    producers have slashed there capacities. The reflection of the same was seen in the

    latest refined Copper production numbers from China. The production of Copper in

    China marked the lowest levels witnessed since April 2014. The total Copper

    production was 603498 tonnes in April 2015 compared to 636351 tonnes in March

    2014. The data was released by National Bureau of Statistics, China. It has been noted

    that the yearly numbers of refined Copper production was still higher. The April output

    was 6.8 per cent up from a year ago. In the first 4 months of 2015, the production rose

    11.9 per cent from a year ago to 2.44 million tonnes, the data showed.

    It has also been noted that maintenance activity will start by Copper producers in

    May-June months that can release Copper of the hook of bears. Meanwhile, prices

    have been riding choppy in last one week due mixed set of news in the markets about

    demand and supplies. Domestic Copper is failing to find its foot above Rs 420 at the

    moment, and had slipped in the last trading session on the back of profit booking. On

    the lower side, Copper is supported at Rs 405 per kg.

    MCX Gold to

    follow global

    trend; may trade

    higher till 28000.

  • E C O N O M I C C A L E N D E R

    DATE & TIME DESCRIPTION FORECAST PREVIOUS

    May 18 11:30am FOMC Member Evans Speaks

    7:30pm NAHB Housing Market Index 57 56

    May 19 6:00pm Building Permits 1.06M 1.04M

    6:00pm Housing Starts 1.02M 0.93M

    May 20 12:30pm FOMC Member Evans Speaks

    8:00pm Crude Oil Inventories -2.2M

    11:30pm FOMC Meeting Minutes

    May 21 6:00pm Unemployment Claims 267K 264K

    7:15pm Flash Manufacturing PMI 54.6 54.1

    7:30pm Philly Fed Manufacturing Index 8.3 7.5

    7:30pm Existing Home Sales 5.23M 5.19M

    7:30pm CB Leading Index m/m 0.3% 0.2%

    8:00pm Natural Gas Storage 111B

    11:00pm FOMC Member Fischer Speaks

    May 22 4:30am FOMC Member Williams Speaks

    6:00pm CPI m/m 0.1% 0.2%

    6:00pm Core CPI m/m 0.2% 0.2%

  • S1 S2 S3 R1 R2 R3

    27270 27000 26695 27600 27900 28250

    S1 S2 S3 R1 R2 R3

    39090 38250 37350 40600 41650 42750

    T E C H N I C A L V I E W

    MCX GOLD showed bullish movement,

    broke the resistance of 27000 and

    closed around its important resistance

    level of 27500. Now, if it is able to

    maintain above 27600 then next major

    resistance level is seen in the range of

    28000-28250. On other hand

    sustaining below 27000 bearish

    movement may drag it towards the

    support level of 26500.

    S T R A T E G Y Better strategy in MCX GOLD is to buy

    above 27700 for the targets of 28200-

    28500 with stop loss of 26900.

    PIVOT TABLE

    G O L D

    PIVOT TABLE

    S I L V E R

    T E C H N I C A L V I E W

    MCX SILVER on daily charts showed

    upward movement and after giving the

    breakout of trendline it tooks the

    resistance of psychological level 40000.

    Now, if it maintains above 40000-

    40600 then next resistance is seen in

    the range of 41500-42000. On lower

    side sustaining below 39000 will again

    drag it towards the support level of

    37500.

    S T R A T E G Y Better strategy in MCX SILVER at this

    point of time is to buy above 40200 for

    the target of 41500, with stop loss of

    38400.

  • C R U D E O I L

    C O P P E R

    S1 S2 S3 R1 R2 R3

    3715 3570 3425 3870 4000 4140

    S1 S2 S3 R1 R2 R3

    406.20 397.50 387.65 417 426.70 435

    T E C H N I C A L V I E W

    MCX Copper last week showed

    sideways movement and closed

    around its important support level of

    410. Now, if it maintains on higher

    level then next important resistance is

    seen around 421 above which next

    resistance level is 430. On the other

    hand if it sustain below the support

    level of 410 then it will drag towards

    the next support level of 400.

    S T R A T E G Y Better strategy in MCX CRUDEOIL is to

    sell below 3700 for the target of 3500,

    with stop loss of 4000.

    PIVOT TABLE

    T E C H N I C A L V I E W

    MCX Crude oil last week showed

    sideways movement but not able to

    hold above 4000 and steep fall drag it

    towards the support level of 3715.

    Now, if it sustain below 3700 in coming

    sessions then next important support

    level is seen around 3570. On the other

    hand 3850 will act as important

    resistance level above which again it

    will move towards the resistance level

    of 4000.

    S T R A T E G Y Better strategy in MCX COPPER is to buy

    on dips, with stop loss of 400 for the

    targets of 424-432.

    PIVOT TABLE

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