Weekly Commodity Report

Gold on track for weekly win after reasserting haven role

Gold futures edged lower Friday but were on track for a weekly win after seeing renewed haven demand as trade-war worries rose.Gold caught a flight-to-safety-inspired bid Thursday as U.S. stocks fell sharply, with the decline blamed on rising U.S.-China tensions that investors now fear could turn into a prolonged trade battle. A weaker U.S. dollar also provided support, as did a fall in bond yields.Gold and other commodities priced in dollars can benefit from a weaker greenback, making them less expensive to users of other currencies. Lower yields on bonds can be beneficial to assets like gold that offer no yield by reducing the opportunity cost of holding them.

Oil Rebounds but Looks at Biggest Weekly Loss Of 2019

Oil prices rose early on Friday, recovering from Thursday’s plunge that sent both WTI and Brent to their lowest levels in nearly two months, but prices are still poised to record the largest weekly decline of 2019 as rising U.S. crude inventories and fears of an economic slowdown have overshadowed signs of tightening global supply in recent days. Prices recouped on Friday some of the hefty losses from the previous day, when both benchmarks plunged in their worst one-day drop in six months.

Codelco confident of maintaining robust copper output over next decade

Codelco expects to maintain current copper output at around 1.68 million tonnes per year over at least the next decade, it said, despite operational changes and sector headwinds. Production will be slightly lower than it was in the past 10 years, during which it averaged 1.69 million tpy, the Chilean state-owned copper producer said in its business and development plan on Thursday May 23. Still, its copper output averaged 1.59 million tpy in the past decade.

TECHNICAL VIEW

MCX Gold last week showed strong bearish movement and test its major support level of 31200 but unable to sustains below this level. For upcoming week it will remain continue with downward trend and also it can tries to break 31200 levels and below this level 30900 will act as a next strong support. On higher side it has important resistance at 31750 as well as it can also takes some recovery from lower to higher side and after that 32000 will be next resistance level.

STRATEGY

Better strategy in MCX GOLD is to sell below 31200 for the target of 30700 with stop loss of 31700.

TECHNICAL VIEW

MCX Silver last week showed sideways to bearish movement and price test its psychological support i.e. 36000 levels. For upcoming session if price trades below 36000 then again bearish bias will active towards next support of 35500 and if it takes quick recovery from lower to higher side then this momentum can find resistance of its bearish resistance line i.e. 36900 levels and if price manages above this level then we expect reversal trend up to next immediate resistance level of 37300.

STRATEGY

Better strategy in MCX SILVER is to sell below 36000 for the target of 35000, with stop loss of 37000.

TECHNICAL VIEW

MCX Crude oil last week showed strong downside movement and also broke its bullish support line of 4300 as well as next major support of 4200 levels. For upcoming trading session if price sustains below 4000 then it can continue with bearish trend towards next support of 3900. On higher side, if price push for recovery then it can test important resistance of 4200 and above this level it manages then it can find next resistance level of 4300 as well as trend may also change.

STRATEGY

Better strategy in MCX CRUDE is to sell below 4000 for the target of 3800, with stop loss of 4200.

TECHNICAL VIEW

MCX Copper last week broke its strong support of 420 and showed strong downward side movement but unable to close below its next support level of its bullish support line i.e. 410 levels. For upcoming period we will keep bearish overview, if price breach 410 levels and after that this downside movement can take price towards next immediate support of 400 and higher side it has resistance at 425 and above this level 435 will act as a next resistance level as well as price takes recovery from lower to higher side.

STRATEGY

Better strategy in MCX COPPER is to sell below 410 for the target of 400, with stop loss of 422.

Guar gum showed bearish movement last week, and found its important support around the level of 8691. If the prices sustains below its support level of 8690 then the bearish momentum will take prices up to 8500 level. On other hand if the prices maintains above 9050 then prices may find the next resistance level of 9250.

 

Soyaref showed bullish movement last week and found the resistance level of 745. If the prices maintain above its resistance level of 748 then the bullish momentum will take prices up to 758 levels. On other hand if the prices sustain below 734 then prices may find the next support level of 724.

Turmeric showed sideways movement last week, and able to found its important support level of 7032. If the prices maintain above its resistance level of 7250 then the bullish momentum will take prices 7450 level. On other hand if the prices sustains below the support level of 6900 then prices find the next support level of 6700.

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