17/08/2017

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Crude futures extend decline on production rise:

Crude oil futures extended their weakness on

Wednesday on data showing U.S. crude production
rose to its highest in over two years. The report offset
a decline in supplies of U.S. crude for a seventh-
straight week. The Energy Information Administration
(EIA) reported that Inventories of US crude fell by
roughly 8.9m barrels in the week ended Aug 11.
Gasoline inventories unexpectedly rose by roughly
22,000 barrels, while distillate stockpiles rose by
702,000 barrels. The report also highlighted total
crude-oil production rose to 9.502m barrels per day,
an uptick of 79,000 barrels a day compared to last
week.

Copper futures end higher on

Wednesday:
Comex copper futures ended higher on Wednesday at
the highest level since November 2014, while London
copper prices too rose on strong global demand and
tight supplies. Further, sudden plunge in the US
Dollar too added support to copper prices uptrend.

Gold futures end higher on weaker dollar:

Gold futures ended higher on Wednesday as the
dollar slipped against a basket of major currencies
after the release of the minutes from Federal
Reserve's July meeting at which policymakers
voted unanimously to keep US interest rates
unchanged.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29250, 29350.

SUPPORT: - 29050, 28950.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Gold has edged up near two month highs in Asia, rebounding above $1290 per ounce levels amid sustained
buying as weak US dollar kept sentiments firm. The metal slipped yesterday as the geopolitical worries faded a bit
and equities edged up impressively. US stocks rose Wednesday, with the Dow Jones Industrial Average up for a
fourth day. However, the latest surge means Gold bulls are back in contention even as equities maintain their
winning streak in Asia. COMEX Gold is up 0.81% at $1294 per ounce. MCX Gold should fire up in early moves on this.
The counter closed at Rs 28950 per 10 grams yesterday, down 0.45% on the day.

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39500, 39750.

SUPPORT: - 39050, 38850.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The Prices of silver were down on Wednesday. And at end of the day the prices were settled at 39863 per 30
kilogram. On the higher side Rs 38988 per 30 kilogram as resistances were noted while lows were at Rs 38305 per
30 kilograms as support noted. The metals remain under a volatile zone.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 422.50,425.

SUPPORT: -417.50, 415.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The global metal prices are soaring to fresh highs. Copper is at a two and half year high while Zinc has spurt to 10
year highs. Mining and commodities trading giant Glencore noted last week that after years of challenging commodity
economic conditions and declining prices, the recovery seen in late 2016 continued into the first half of 2017,amid
the best growth momentum in the global economy in recent years. Global manufacturing PMIs recorded a six year
high in June supported by broad strength across developed and emerging markets. Benefiting from this momentum,
Chinese policy makers have used the stronger than expected data to tighten financial conditions. Although initially
unsettling markets in May, confirmation of higher than expected Q2 GDP growth of 6.9% has brought comfort and
provided policy makers with some head room to pursue financial reforms around property and credit.

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CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 3030, 3060.

SUPPORT: - 2970, 2940.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

rude oil futures crashed yesterday, despite a significant drop in US oil inventories on ideas that OPEC will fail to re-
balance global oil markets with its supply quota. WTI Oil extended a drop under $50 per barrel and broke through
$47 levels yesterday. The counter currently trades flat around $47 mark. MCX Crude plummeted on these cues,
sliding 2% to close around Rs 3000 per barrel mark. Some buying can emerge today if prices manage to hold above
the key levels of Rs 3K.

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