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Date Created: 12/21/15
Weekly Commodity tips Commodity Weekly Report for 29/April./2013 – 04/May./2013 Silver coin investment demand in China surges; industrial demand in India too. Silver coin minting in China in 2012 posted a strong increase, realizing a 47 percent gain over 2011 even as India recorded a 4 percent gain in silver industrial demand while China experienced a small increase.The latter is in the backdrop of global industrial silver fabrication slipping by 4 percent to 465.9 Moz, the result of the challenging economic environment seen in many industrialized countries.Globally, buoyant investor interest was also seen in demand for coins & medals at 92.7 Moz in 2012, the third highest level ever recorded. Besides, growing consumption in India and China for silver jewelry offset softer western markets, The Silver Institute noted in a report „World Silver Survey 2013′Investors remained significant net buyers of silver in 2012, as evidenced by the 21 percent increase in implied net silver investment (which includes physical bar investment, exchange traded funds and fund activity on Comex) to set an all-time high of 160.0 Moz. By comparison, in 2004, the level of implied net silver investment was 5.4 Moz. Brent Crude Oil climbs above $100/bl; WTI gets support from weak inventory data. Brent crude oil futures on the Globex platform of NYMEX is trading above $100 per barrel on Wednesday, while a less than expected fall in US crude oil stock-piles has lifted WTI crude oil futures to some extent.US Energy Information Administration (EIA) is scheduled to release its crude oil stock-piles data at 14.30 GMT (08.00 PM IST) today and crude oil traders may get trading clues from the data. WTI crude oil futures for June delivery on NYMEX was also up by 0.56% at $89.67 per barrel as of 10.54 AM IST on Wednesday. “We are getting support from the inventory numbers,” “The trend is slightly improving from a demand perspective,” predicting WTI may face resistance at about $90 a barrel.American Petroleum Institute‟s (API) data showed that US crude stock-piles declined 845,000 barrels in the week to April 19, when compared to the expectations for an increase of 1.5 mn barrels. 2013 Brent crude oil price forecast to $105.00 from $110.00, on likely fall in Chinese demand, lower than expected crude oil appetite from European. Comex Copper slightly up capped by low China manufacturing data. Copper futures on Globex division of Comex is slightly up as US homes sales data recorded a higher than expected up-tick. The data has buoyed the base metal pack as a whole.Besides, short covering by traders is cited as yet another reason behind upward bias in copper futures.New homes sales rose 1.5 % in March to a 417,000 annual pace. Record low mortgage rates have supported the industry to register the strongest quarter since 2008. German Ifo Business Climate Index is scheduled to be released at 08.00 GMT (01.30 PM IST) today which is compiled by the Ifo Institute for Economic Research. Also, US core durable data is scheduled to be released later today and may impact the base metal futures. “Metals seem to be due for a rebound after the steep losses recently,” “Any upside may be limited if data from China and the U.S. at the beginning of May fail to show improvement,” A less than expected manufacturing data from China has limited gains in copper. MCX GOLD Technical Trend MCX GOLD gave decisive breakout above the short consolidation of 26150 level and maintained on higher levels for the whole week. Now, 27450 is seen as major resistance where the gap filling is expected till 27680. Any reversals from higher side will find support around 26850 below which free fall is expected towards the next support of 26540. STRATEGY Better strategy in MCX GOLD is to buy above 27500 for the targets of 28100 with stop loss of 26800. MCX SILVER Technical Trend MCX SILVER last week showed upward movements, gave closing above trend line and traded above 50% retracement on weekly chart. Now, if bull continues then next resistance level is seen around 48300. On other hand weakness will be seen below 44300 and if it sustains below this level then strong support is seen near 42300. STRATEGY Better strategy in MCX SILVER at this point of time is to buy above 46000 for the target of 47500, with stop loss of 44000. MCX CRUDEOIL Technical Trend Crude oil last week showed a bull rally for consecutive eigth sessions and took resistance of 5100 i.e. 50% retracement on daily chart. If it is able to break the resistance of 5100 then next resistance level is seen around 5200. Support zone for the week is seen near 38.2% retracement of 4980-4950. STRATEGY Better strategy in MCX CRUDEOIL is to buy above 5100 for the target of 5200 with stop loss of 4980. MCX COPPER Technical Trend MCX Copper was unable to sustain on lower levels and positive sentiments were seen last week. But, still the trend doesnt seems to be strong. Strength is confirmed if it maintains above 392 in the coming week. If it sustains below 23.2% retracement of 378 then next major support is seen around 365. STRATEGY Better strategy in MCX COPPER will be sell below 378, with stop loss of 392 for the target of 367. For more info click here Stock Tips Commodity Tips Mcx Tips
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