Mcx Commodity Report Sai Proficient

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MCX

COMMODITY REPORT DATE- April 28, 2016

COMMODITY NEWS

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WWW.SAIPROFICIENT.COM {DAILY COMMODITY REPORT (MAY 10, 2016)}

Gold prices dipped by Rs 250 to close at Rs 30,100 per 10 grams at the bullion

market today as the auspicious Akshaya Tritiya festival failed to enthuse the spirit of

buyers. Moreover, a weak global trend weighed on the precious metal. Silver also

turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced off take by

industrial units and coin makers.

Gold jumped 1 percent on Friday after U.S. non-farm payrolls data for April came in

weaker than expected, boosting expectations the Federal Reserve will delay further

interest rate increases.

Canadian officials showed some optimism on Sunday they were beginning to get on

top of the country's most destructive wildfire in recent memory, as favorable

weather helped firefighters and winds took the flames southeast, away from oil

sands boomtown Fort McMurray.

China should urgently deal with its steel overcapacity problem, the European

Union's ambassador to China said on Monday, as the world struggles with weak

demand of the material, much of which comes from China.

Seven countries or blocs, including the United States and the EU, called last month

for action to address global steel overcapacity, but have failed to agree common

measures with China.

EU Ambassador to China Hans Dietmar Schweisgut told reporters at a briefing that

China's measures to address steel overcapacity were "not going quite far enough".

MARKET OUTLOOK (TUESDAY, MAY 10)

China is to release data on consumer and producer price inflation.

New York Fed President William Dudley, the official viewed as most

closely aligned with Fed Chair Janet Yellen, is due to participate in a

panel discussion about the international monetary system, in Zurich.

The American Petroleum Institute, an industry group, is to publish its weekly

report on U.S. oil supplies

COMMODITY NEWS

DAILY COMMODITY REPORT

http://www.saiproficient.com/


“Crude Oil again tries hitting our highest level 3064”

Energy Overview: - Crude Oil prices couldn’t sustain at its intraday highs at 3064 levels

yesterday. The counter has immediate support between 2910—2890 levels. Weakness below

these zones will open downside targets of 2853/2805 levels in crude oil. Momentum above 2975

will see prices bounce towards 3022 levels again.

Date Commodity Expiry Open High Low Close

MAY 10, 2016 CRUDE OIL MAY 19,2016 3000 3046 2970 2972

Recommendation: BUY ABOVE 2935, TARGET- 2965/2985 with the S/L-

2905.

Resistance 2 Resistance 1 Pivot Point Support 1 Support 2

3045 3002 2945 2905 2865

MCX CRUDE OIL



“Gold fails to glitter on Akshaya Tritiya”

Bullion Overview: - Gold witnessed a gap-down opening and the counter is trading

around 30200 levels. The counter needs to sustain above 30300 levels to advance further

towards 30500 levels. Failure to trade above this level will push prices lower towards

29860 levels again. A daily close below 30036 will extend the correction towards 29750

levels.

Recommendation: BUY above 30150 levels with a stop loss placed 29940 levels for

target of 30280/30410 levels. (OR) SELL BELOW 29820, target- 29710/29610, SL- 30005.


MAY 10, 2016 GOLD June 3, 2016 30215 30215 29932 29971


30348 30150 29960 29751 29560

MCX GOLD



“MCX Copper may down trend, support at 313-315 levels”

Market Outlook: - Copper prices to find support in the range of 313 – 315 levels.

Trading consistently below 313 levels would lead towards the strong support at 308 levels

and then finally towards the major support at 302 levels.


MAY 10, 2016 COPPER JUNE30, 2016 319.50 319.50 313.50 314.90


322 318.50 316.25 312 310.50

Recommendation: BUY above, 317 levels with a stop loss placed 314.75 levels

for target 320/322 levels. (Or) sell below 313, target 310/308, SL- 316

COPPER



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