Commodity Outlook on Nickel Market

Nickel:-

The Nickel is in perfect downtrend. The oscillator is on SELL signal and Nickel is coming down from overbought level .In last 1 month volatility is very less and fresh sell can be considered in the Nickel if it close above  685.80 or sell with strict stop at  708. The oscillator is on SELL signal and Nickel is coming down from overbought level for short term the current position is sell .Position ally Support for the Nickel is 704 immediate resistances for Nickel is 681.

nickel

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Commodity Outlook on Lead Market

Lead:-

Lead performing well on the buyer side and gave a good profit booking to buyers from last three days. Analyzing the daily chart we feel a cool up in the prices of lead as it closed near the opening of the week. Since the commodity closed with dominant sellers, so a rising up can be seen in coming week where support falls at 145 and resistance at 151.

lead4

 

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Commodity Outlook on Zinc Market

Zinc :

Zinc prices are following trend line from a long time and we can see that the price can pull back up to major support 176. Sustaining on overbought zone, pullbacks can be we are expected in Zinc. From last week we can see that there were some corrections taking place. This can lead to 176 handle. Analysts said the weakness in zinc at futures trade was mostly attributed to trimming of positions by speculators amid a weak trend at the domestic spot markets but firm overseas trend capped the losses

zinc 5

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Commodity Outlook on Copper Market

Copper:

Indian Copper was trading at Rs 409.7 per kg, declining in evening trades. The prices were down 0.41% when last checked. Meanwhile, Global Copper major Glencore is betting on Copper and Zinc. Diversified global miner Glencore has significant growth options in copper and zinc, the prices of which are benefiting from the roll-out of electric vehicles and energy storage, as per the CEO Ivan Glasenberg.

copper

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Commodity Outlook on Crude Oil Market

Crude:-

WTI oil prices declined by 2 percent on Thursday to close at $48.6 per barrel on fears of slowing demand amid lingering concerns over a global over supply of crude. U.S. stock indexes fell sharply on Thursday, with the Dow and the Nasdaq posting triple – digit point declines, as investors fretted over escalating tensions between the U.S. and North Korea. OPEC said its oil output rose by 17 3,000 bpd in July to 32.87 million  bpd, led by the exempt producers plus top exporter Saudi Arabia,  citing figures it collects from secondary sources. Crude prices are down nearly 7 percent so far this year, pressured by concern that output cuts by OPEC and its partners may not eliminate the global crude glut. On the MCX, oil prices declined by 0.9 percent to close at Rs.3128 per barrel.

oil-prices-edge-higher-after-us-stockpile-fall

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Commodity Updates-Oil prices drop as oversupply concerns linger

Oil prices fell on Friday, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in US crude inventories.

Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea.

oil-prices-drop-as-oversupply-concerns-linger

Brent crude, the global benchmark, was at $51.62 a barrel at 0652 GMT, down 28 cents, or 0.54 per cent from its last close. That was the lowest since Aug. 1.

US West Texas Intermediate (WTI) crude was down 32 cents, or 0.66 per cent, at $48.27 per barrel, reaching the lowest since July 26.

Oil prices touched 2-1/2 month highs on Thursday, but retreated to close down around 1.5 per cent, with US prices slipping back below $50 per barrel amid ongoing oversupply concerns.

“Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories,” ANZ bank said in a note.

Supply-side issues also weighed on prices, with data showing Libyan production in July hit its highest level for the year.”

Meanwhile, US President Donald Trump stepped up his rhetoric against North Korea again on Thursday, saying his earlier threat to unleash “fire and fury” on Pyongyang if it launched an attack may not have been tough enough.

“I think the issue that is affecting the market is the general risk sentiment of sabre-rattling between Washington and Pyongyang,” said Michael McCarthy, chief market strategist at CMC Markets.

Official data showed crude inventories in the United States, the world’s top oil consumer, fell sharply by 6.5 million barrels in the week ending to Aug. 4, as refiners ramped up run rates to the highest in 12 years due to strong demand.

But doubts remain over whether enough crude would be consumed to end a global glut after the Organization of the Petroleum Exporting Countries (OPEC) reported on Thursday another increase in the oil cartel’s production, even though it raised outlook for oil demand in 2018.

OPEC said its oil output rose by 173,000 barrels-per-day (bpd) in July to 32.87 million bpd.

Faced with lingering global glut woes, OPEC and some non-OPEC members including Russia in May extended oil production cuts to reduce 1.8 million bpd.

Saudi Arabia’s Energy Minister Khalid al-Falih said the kingdom does not rule out additional oil production cut, the Saudi-owned Al Sharq Al Awsat newspaper reported on Friday.

Meanwhile, Russian oil producer Gazprom Neft is considering resuming production in mature fields after the OPEC-led production cut agreement, a representative of the company said on Thursday.

Rising output from Nigeria and Libya is further undermining the oil producers’ attempt to limit oil production. Nigeria and Libya are exempted from curbing output as they seek to restore supplies hurt by internal conflicts.

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STARINDIA Research MCX METAL PREMIUM TIPS UPDATE

UPDATE:-

KINDLY BOOK PARTIAL PROFIT IN ZINC SELL CALL 1ST TGT 185.75 HAS ACHIEVED PROFIT RS. 5000/- IN 2 LOTS

zinc 5

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