Commodity Research Report Ways2Capital 2 April 2018


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Gold futures titled lower in American trade away from February 16 highs, even as the dollar index lost ground following data from the US the world's largest economy.


BULLION

Gold futures titled lower in American trade away from February 16 highs, even as the dollar index lost ground following data from the US the world's largest economy. Gold holdings at SPDR Gold Trust the world's largest gold-backed investment fund settled at 846.12 tonnes on Wednesday the lowest since March 16, after rising 3%, or 23.63 tonnes in 2017, while gold prices rose 13% last year the second yearly rise in a row. 

 

ENERGY

US crude stocks showing a build up of 1.6 million barrels in the week ending March 23, compared to a 2.6M draw down in the previous reading and beating expectations of a 0.5M increase with total stocks now rising to 429.9 million barrels remaining within the medium term on average in this time of year. 

The Energy Information Administration released its report on US natural gas storage showing another drawdown of 63 billion cubic feet the week ending March 12, down from 86 billion in the previous reading while analysts expected a 75M drop.

 

Base Metals

Base metals traded on the Shanghai Futures Exchange were broadly stronger during Asian morning trading on Thursday March 29, with positive data from the United States overnight and a continued decline in geopolitical risk providing support.Lead and zinc prices were the laggards both little changed with a slightly weaker bias while copper led the rest of the complex higher.

 

SPICES

Jeer traded sideways last week ahead of the long weekend and financial year ending as most mandis remained closedthus adversely affecting the trading. Markets are however likely to open on a firm note as traders anticipate the demand to rise significantly on the export and domestic front.

Low trading activities in mandis ahead of Financial year ending kept pressure on Turmeric prices last week. Prices faced strong resistance near the 7000 mark. However falling arrivals amidst rise in demand at these lower levels are likely to support prices in coming weeks.

 

 

 

OILSEEDS

Trade sources estimated that last year total area under Mentha planting had fallen by 20% to 1.75 lakh ha this season resulting into a proportionate drop in Mentha oil production .

The recent week passed on easy note and buying interest was poor mainly because of reports of soy bean import deals from African markets. All in all the long term fundamentals are bullish therefore a moderate recovery was noted. Moving forward bullish tone in soy meal shall continue helping prices to bounce from support levels.

 

GUAR COMPLEX

Even as Guar ended on a weak note last week from lower trading from Financial year ending and with IMD recent bulletin on possibilities of good Monsoon this year markets are expected to bounce back this week.

 

Others

RM seed trade sentiments overall remain bearish and reports of new season arrivals in regions of Rajasthan are likely to weigh over futures prices in coming sessions. Nevertheless from a broader perspective bullish outlook soy bean and palm oil higher import duty on mustard oil latest news of government to start procurement and drop in the crop acreage shall keep the downside in check.

Prices stabilized at these lower levels for Cotton / Kapas as reports of an expected lowering of production from crop damage in India could lend some support to prices. Firmness in International markets could support Indian prices this

 

 

TURMERIC

The main trend of Turmeric is bearish on charts. Last week Turmeric Apr Futures started the week on positive note and found enough resistance at the level of 6700 and continue its main movement for the most part of the week. It made a high of 6736 during the week and closed at 6614 with the overall loss of 0.96% on weekly basis. Technically for this week, we can expect downside movement in it as it sustaining below the major psychological support level of 6500 with the negative bias. For this week, if it breaks the level of 6440 then it can test the level of 6195 during the week. One can make sell position in it by maintaining a SL 6592.

 

 

 

CHANA

Last week Chana Apr Futures started the week on positive note and after that it witnessed positive movement for the most part of the week. It made a high of 3788 during the week and closed at 3769 with the overall gain of 5.16% on weekly basis. Technically for this week, we can expect upside movement in it as its sustaining above the major psychological resistance level of 3700 with the positive bias. For this week, if it breaks the level of 3800 then it can test the level of 3930 during the week. One can make buy position in it by maintaining a SL 3728

 

GBPINR

Last week GBPINR Apr Futures started the week on positive note and after that it witnessed choppy movement for the most part of the week. It made a high of 92.7050 during the week and closed at 92.5250 with the overall gain of 0.30% on weekly basis. Technically for this week, we can expect upside movement in it as its sustaining above the major psychological resistance level of 92.000 with the positive bias. For this week, if it breaks the level of 92.8000 then it can test the level of 93.3975 during the week. One can make buy position in it by maintaining a SL 92.3975

 

EURINR

Last week EURINR Apr Futures started the week on positive note and after that it witnessed choppy movement for the most part of the week. It made a high of 81.1900 during the week and closed at 81.1100 with the overall gain of 0.55% on weekly basis. Technically for this week, we can expect upside movement in it as it sustaining above the major psychological resistance level of 80.0000 with the positive bias. For this week, if it breaks the level of 81.2000 then it can test the level of 81.6975 during the week. One can make buy position in it by maintaining a SL 80.8475

 

 

Silver

As we can see market is trading in tight range of 39500 to 38000 from last couple of months. And market is getting back from the level of 38000 reacted as a demand zone and investors are looking interested to buy Silver from lower level. Technically for this week, we can expect upside movement in it as it was unable to break major support level of 38600 and trading with positive bias. For this week, if it breaks the level of 39000 then it can test the level of 39300 during the week. One can make buy position in it by maintaining a SL 38400

LEAD

Last week Lead Apr Futures started the week on positive note and made a high of 158.30. Technically for this week, we can expect positive movement in it as it was unable to sustain below the major support level of 155 and trading above the 200Days EMA. For this week, if it breaks the level of 157.60 then it can test the level of 159.60 during the week. One can make buy position in it by maintaining a SL 156.60

 

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