Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
03 July, 2015 22:49 IST
CapitalVia Global on weekly commodity outlook
Source: IRIS | 19 Nov, 2012, 11.02AM
Comments  |  Post Comment

Following is the weekly commodity outlook from CapitalVia Global Research.

Gold

Gold traded slightly lower on Friday, heading for a weekly loss of about 1 percent, as investors focused on uncertainty over global growth and worries over the so-called U.S. ''fiscal cliff''. Indian government has advanced import duty on gold and silver marginally to USD 561 a 10 grams and USD 1,058 per kg, respectively. Strong investment demand, higher gold prices on the back of monetary easing, rising inflation expectations and the persistence of ultra-low interest rates,'' are among the factors that will lure buyers to the safety of silver. Oil firmer at USD 108, Mideast violence escalates.

Silver

Technically, MCX Gold is in bullish trend and consolidating around higher levels. For the coming week 32,421 will act as a major resistance level and 30,366 will act as a major support level in MCX Gold Dec. Futures. Last week MCX Gold Dec futures was in down trend. For the next week traders can use buy on lower levels strategy, if MCX Gold Dec. Futures sustains above the level of 31,900 then it could test the level of 32,400. And if MCX Gold Dec. Futures sustains below the level of 31,200 then  it could test the levels 30,800 & 30,500.

Technically, MCX Silver is also bullish on the charts and consolidating around higher levels. For the coming week 65,800 will act as major resistance levels whereas 57,400 will act as major support in MCX Silver Dec. futures. Last week MCX Silver Dec. futures was sideways around higher levels. For the next week, traders can use buy on lower level strategy, if Silver Dec. futures sustains above 61,600 then it can test the levels of 63,325.

Copper

Overall MCX Copper futures is in consolidate phase and has given sideways movement for the whole week. For the coming week, 412 and 401 will act as major supports whereas 430 and 445 will act as major resistances in MCX Copper Nov. futures. For the next week in MCX Copper, traders can use sell on higher level strategy and if it sustains below the level of 418 then it can test  the levels of 412 / 401.

Crude Oil:

Technically MCX Crude oil is in consolidation phase and looking strong on charts. For the coming week 4,600 will act as major supports levels whereas 5,085 will act as major resistance in MCX Crude oil Dec. Futures. For the next week traders can use buy on lower levels strategy. If MCX Crude oil Dec. Futures sustains above the level of 4,875 then it can test the level of 4,965 / 5,050.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Related Articles
Shoppers Stop ties up with SAP hybris - 03-Jul-2015 16:48
Jindal Steel production climbs 38% in Apr-Jun'15 - 03-Jul-2015 16:09
SBI launches 'Project TATkal' to deliver home loan within 10 days - 03-Jul-2015 15:08
TVS Motor launches special edition 'TVS XL Super' - 03-Jul-2015 13:25
BHEL successfully achieves renovation, modernisation and uprating of 110 MW Unit - 03-Jul-2015 12:38
Persistent Systems acquires 100% stock of RGEN Solutions - 03-Jul-2015 12:05
L&T builds India's first 700mwe PHWR Nuclear Steam Generator - 03-Jul-2015 11:02
MCX inks MoU with Christ University - 03-Jul-2015 10:58
Infosys invests in Ireland following strategic partnership with AIB - 03-Jul-2015 10:55
ABB board approves to raise Rs 6 bn via NCDs - 03-Jul-2015 09:47
Spice Mobility arm acquires 26% stake in Creative Functionapps - 03-Jul-2015 09:12
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer