COMMODITY OUTLOOK on Crude Oil

Crude:-

Oil futures were mixed on Friday as the dollar index rebounded from December 6 lows for the second session, following a basket of data from the US the world’s largest energy consumer. Earlier this week the Federal Reserve voted to increase interest rates by 25 basis points for the third time this year while updating their three-year forecasts for growth inflation unemployment and interest rates. On Wednesday the Energy Information Administration released its report on US crude stocks showing a deficit of 5.1 million barrels in the week ending December 8, adding to a 5.6M drop in the previous reading, while analysts expected a 3.6M decline with total stocks now reaching 443 million barrels, remaining within the upward range on average in this time of year. Otherwise, gasoline stocks rose 5.7 million barrels while distillate stocks, including heating fuel fell 1.4 million barrels, remaining within the lower range on average in this time of year.

crude

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Commodity Outlook on Natural Gas

Natural Gas: –

Natural gas futures fell nearly five percent even as the dollar index gave up ground, following earlier data from the US the world’s largest energy consumer including the EIA report that showed a less-than-expected natural gas inventory drawdown. Chicago PMI fell to 63.9 in November from 66.2 in October missing expectations of 62.2 while Federal Reserve Governor Randal Quarles is due to speak about payment systems at the Financial Stability and Fintech Conference in Washington DC as Federal Reserve Bank of Dallas President Robert Kaplan is also due to participate in a panel discussion at the Real Estate Council, in Dallas. Otherwise the Energy Information Administration released its report on US natural gas storage, showing a drawdown of 33 billion cubic feet in the week ending November 24 compared to a 46B drop in the previous reading, while analysts expected a 37M drawdown. Total stocks have now fallen to 3.693 trillion cubic feet from 3.726 trillion in the week ending November 17 which is below the total of the same period in 2016 at 4.002 trillion, and also below the five year average at 3.800 trillion.

Resistance & Support

Resistance Support
207 179

 

 

natural gas

 

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Commodity Outlook on GOLD Market

GOLD:-

Gold futures tilted higher in American trade even as the dollar index gained ground following a basket of data from the US, the world’s largest economy, while markets look forward to the Senate tax reform vote later today. Earlier US data showed the ISM Manufacturing PMI down to 58.4 in November from 58.7 in October while ISM Manufacturing Prices fell as well to 67.0 from 68.5, as construction spending accelerated to 0.5% from 0.3% in September. Now markets await the Senate’s vote on the tax reform bill supported by President Donald Trump, amid concerns about its impact on the federal deficit, and accusation by the FBI against former Trump national security adviser Philip Flen of perjury. Federal Reserve Bank of Dallas President Robert Kaplan participated in a panel discussion at the Border Economic Development and Entrepreneurship Symposium, in Texas, while Federal Reserve Bank of Philadelphia President Patrick Harker spoke about approaches to economic growth at a policy forum hosted by the Federal Reserve Bank of Philadelphia.

Resistance & Support

Resistance Support
29750 29000

Gold Bullion

 

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COMMODITY OUTLOOK on Lead Market

Lead:-

Lead prices were down 0.61 per cent to Rs 162.35 per kg amid muted domestic demand in futures trading today as participant’s trimmed exposure. Lead for December declined by Re 1 or 0.61 per cent to Rs 162.75 per kg in a business turnover of 6 lots. Similarly the metal for delivery in November shed 90 paisa or 0.55 per cent to Rs 162.35 per kg in 954 lots. Market men said the fall in lead futures was triggered by a weak trend at the domestic spot markets due to sluggish demand from consuming industries particularly battery makers.

lead4

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COMMODITY OUTLOOK on Silver Market

Silver:-

Silver futures fell in American trade even as the dollar swooned to the lowest since September 26 following a basket of data from the US the world’s largest economy. Earlier US data showed the first reading for the November services PMI down to 54.7 from October’s 55.3 missing expectations of 55.5 amid low market liquidity due to the US Thanksgiving holiday. On Wednesday the Federal Reserve released the minutes of its last meeting at which policymakers voted to hold interest rates between 1.00% and 1.25% which paved the way for a December rate hike. However due to softening inflation the Fed is unlikely to carry on its relatively-brisk pace of policy tightening in 2018 in turning nudging the dollar index to eight-week lows.

silver

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Commodity Market Trends

Commodity  Trends

  R1 S1
GOLD 30100 29150
SILVER 40500 39100
NATURAL GAS 214 199
CRUDE 3770 3470
COPPER 449 429
LEAD 165 154
ALUMINIUM 138 134
ZINC 213 204

 

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Commodity Market update-Gold Rate Today: Gold, silver up in morning deals

Gold and silver were trading higher on Monday morning on account of demand of precious metals by jewellers, industries and retailers.

gold-rate-today-gold-silver-up-in-morning-deals

MCX Gold futures were up 0.05 per cent, or Rs 15, at Rs 29,506 per 10 gram around 11 am (IST), while MCX Silver futures were up 0.21 per cent, or Rs 83, at Rs 39590 per 1 kg at around the same time.

Angel Commodities said, “We expect gold prices to trade higher as weakness in global equities will be supportive. Also, increased concerns regarding delay in the implementation of tax play by the US government coupled with a weak dollar index will act as positive factors.”

Meanwhile, domestic equity indices were trading in red following weak Asian cues.

Domestic macro-industrial output data point released on Friday and heavy selling in capital goods counter, further eroded investors’ risk taking appetite in morning trade on Monday.

The BSE Sensex was down 119 poitns, or 0.36 per cent, at 33206 around 11 am (IST), while NSE Nifty index was down 50 points, or 0.48 per cent, at 10,272 at around the same time.

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