Tag Archives: metals trading

Commodity Market Outlook 12 Sep’2012 – Metal Trading, Crude & Natural Gas Trading

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GOLD:
Gold trading range for the day is 31747-32131.
Gold settled flat on profit booking after disappointing U.S. payrolls data boosted hopes that FED could unveil new stimulus. Gold imports by China from Hong Kong rose to 75,842 kilograms (about 76 metric tons) in July holdings of gold-backed exchange-traded funds rose to an all-time high of 72.492 million ounce. Gold trading range for the day is 31721-32051. Gold ended with weak node as rupee firmness weighed on prices but downside was limited as the dollar fell. Gold also benefits from rising expectations that a German court will back the euro zone bailout fund Record high domestic gold prices have deterred buying in India, and could cut imports. Gold is trading above 50DMA, which is at 30428, now intraday gold is holding support at 31721 and resistance at 32051.

SILVER:
Silver trading range for the day is 63259-64563.
Silver ended with weak node on some profit booking ahead of key German Constitutional Court ruling
Pressure seen on higher side as investors looked ahead to a key conclusion of the Fed’s two-day policy meeting
Moody’s warned it might downgrade US AAA rating, and expectations of QE3 implementation increased.
Silver is trading above 50DMA, which is at 57209, with intraday support seen at 63259 and resistance at 64563.

CRUDE:
Crude trading range for the day is 5304-5398.
Crude rose as expectations that the U.S. Federal Reserve this week will provide additional monetary stimulus.
OPEC said its production rose by about 260,000 barrels per day in August
Today crude oil inventories: EXP: -1.8M PREV: Actual is at 8.00PM
Crude is holding with a support at 5304 and resistance will be likely at 5398.

COPPER:
Copper trading range for the day is 447.4-457.4.
Copper settled flat on positive cues from currency markets and looked ahead to key policy decisions in Europe and U.S.
Investors look to Germany court decision, Fed meeting with cautious optimism
Moody’s warned it might downgrade US AAA rating, and expectations of QE3 implementation increased.
Warehouse stock for Copper at LME was at 214600mt that is down by -50mt.

ZINC:
Zinc trading range for the day is 107.98-111.88.
Zinc dropped as market remained cautious prior to the decision of ESM by German constitutional court
Market is looking at a positive outcome from the German constitutional court vote.
Zinc daily stocks at Shanghai exchange came up by 1367 tonnes
Warehouse stock for Zinc at LME was at 933100mt that is down by -5175mt

NICKLE:
Nickel trading range for the day is 917.17-937.
Nickel settled flat as Germany parliamentarians’ request of postponing ESM vote weighed market sentiment
Nickel prices after slipped recovered as German Constitutional Court held an emergency meeting
Market sentiment is expected to be cautious before the Germany Constitutional Court’s vote over ESM
Warehouse stock for Nickel at LME was at 120810mt that is down by -6mt.

NATURAL GAS:
Natural Gas trading range for the day is 146.73-177.13.
Natural Gas shoots up ahead of supplies report and on news that 10% of gas production still remained shut.
Hurricane Isaac has nearly cut’s 10% of gas production as production still remained shut till Sunday.
Technical buying also contributed to gains, after futures moved in to oversold territory.

ALUMINIUM:
Aluminium trading range for the day is 111.72-114.82.
Aluminium gains despite risk appetite faded and investors are staying cautious ahead of rulings by Germany’s Constitutional Court
Also supporting commodities was a series of spending and subsidy announcements by China
Germany parliamentarians submitted appeal opposing ECB’s bond-buying and asked constitutional court to postpone ESM vote
Warehouse stock for Aluminium at LME was at 4862825mt that is down by -7100mt.

MENTHA OIL:
Mentha Oil trading range for the day is 1282.5-1379.1.
Mentha Oil spot is at 1483/-.Spot market is down by Rs.39/-.
Mentha Oil plunged in the wake of strong supplies by cultivators in the local mandies
Total production of mentha oil in the current year is estimated at 37000 tonnes against 29000 tonnes
The total arrivals of mentha oil reported at around 600-700 drums.

Today Commodity Advises:
• SELL MENTHA OIL MCX SEPT BELOW 1308 SL 1320 TGT 1298-1290-1284.
• BUY SOYABEAN NCDEX OCT ABV 3815 SL 3790 TGT 3838-3860.
• BUY SOYABEAN NCDEX OCT ABV 3815 SL 3790 TGT 3838-3860.
• BUY LEAD MCX SEPT @ 116.70 SL 115.50 TGT 117.40-118.20-119.20

Commodities Out Look 11 Sep’2012

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GOLD:

Gold trading range for the day is 31747-32131.

Gold settled flat on profit booking after disappointing U.S. payrolls data boosted hopes that FED could unveil new stimulus

Gold imports by China from Hong Kong rose to 75,842 kilograms (about 76 metric tons) in July

Holdings of gold-backed exchange-traded funds rose to an all-time high of 72.492 million ounces.

SILVER:

Silver trading range for the day is 63277-64987.

Silver prices ended with gains tracking gains in base metals and crude prices

Downbeat US nonfarm payrolls in August also pushed hopes for QE3 by Fed in its interest rate meeting this Wednesday

Holdings at ishares silver trust gained by 69.32 tonnes to 9803.55 tonnes.

CRUDE:

Crude trading range for the day is 5259-5387.

Crude gains as supportive expectations that the U.S. Federal Reserve will act to stimulate the economy supported prices

Saudi Arabia Oil Minister Ali al-Naimi said that the recent rise in oil prices is not due to any lack of supply

U.S. crude oil stockpiles likely fell last week, with U.S. Gulf Coast oil production and imports still reeling after Hurricane Isaac

Crude is holding with a support at 5259 and resistance will be likely at 5387.

COPPER:

Copper trading range for the day is 444.6-459.

Copper rose driven by the increased likelihood of more economic stimulus in China and the United States

China’s August copper imports fell 2.9% from the previous month

The Chinese data “highlight the continued weakness in demand in the largest global consumer of commodities”.

Warehouse stock for Copper at LME was at 214650mt that is down by -1300mt.

ZINC:

Zinc trading range for the day is 106.78-112.88.

Zinc gains following their global counterparts as hopes of monetary stimulus from China and US firmed sentiments.

China’s industrial production rose 8.9% in August from a year earlier, lower than July’s 9.2%,

Downbeat US nonfarm payrolls in August also pushed hopes for QE3 by Fed in its interest rate meeting this Wednesday

Warehouse stock for Zinc at LME was at 938275mt that is down by -3925mt.

NICKLE:

Nickel prices ended with gains as risk appetite grew amid stimulus from the US and the EU

The growing expectation over QE3 after disappointing nonfarm data and ECB’s bond-buying plan boosted confidence

German Constitutional Court’s decision on whether or not grant ESM is a risk window this week.

Warehouse stock for Nickel at LME was at 120816mt that is down by  -264mt.

NATURAL GAS:

Natural Gas trading range for the day is 145.83-155.83.

Natural gas ended higher despite of forecasts for cooler temperatures

Also supportive was the aftermath of Hurricane Isaac, which shut much of the natural gas production in the Gulf of Mexico.

Any significant gains were likely to be capped amid ongoing concerns over bloated U.S. inventory levels.

ALUMINIUM:

Aluminium trading range for the day is 110.17-115.17.

Aluminium ended higher as raising expectations for policy easing by the People’s Bank of China supported prices

China’s imports unexpectedly dropped 2.6% YoY in August while exports grew only 2.7% YoY, both missing forecasts

Downbeat US nonfarm payrolls in August also pushed hopes for QE3 by Fed in its interest rate meeting this Wednesday

Warehouse stock for Aluminium at LME was at 4869925mt that is down by -1500mt..

MENTHA OIL:

Mentha oil trading range for the day is 1356.1-1383.5.

Menthaoil spot is at 1522/-.Spot market is down by Rs.16/-.

Menthaoil dropped on profit booking tracking weakness in spot market demand.

Delhi government slaps ban on all gutka products

The total arrivals of mentha oil stood steady at 600-650 drums.

TODAY’S COMMODITY ADVICE:

  • BUY SILVER MCX DEC ABOVE 64140 SL 63940 TGT 64320-64560-64720.
  • BUY GOLD MCX OCT ABOVE 31950 SL 31870 TGT 31990-32035-32095.
  • BUY NATURAL GAS SEPT ABOVE 153.50 SL 150.50 TGT 155.20-157.50-159.