Commodity Research Report Ways2Capital 22 Aug 2018


Posted August 21, 2018 by w2cstocktips

Gold prices edged higher in early trade on Friday as dollar held steady but the metal remained on track to post its biggest weekly decline since May 2017.

 
BULLION
Gold prices edged higher in early trade on Friday as dollar held steady but the metal remained on track to post its biggest weekly decline since May 2017. Spot gold rose 0.3 percent at $1,177.38 an ounce. In the previous session the metal hit a 19-month low at $1,159.96. The metal was down 2.8 percent for the week and set to record a sixth consecutive weekly decline. U.S. gold futures were unchanged at $1,184 an ounce.
ENERGY
Oil prices fell on Fridaywith U.S. crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products. Brent crude oil futures were down 5 cents at $71.38 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 4 cents to $65.42 a barrel.
Natural gas September futures fell nearly one percent to $2.91 per million British thermal units marking August 8 lows while the dollar index inched down 0.05% to 96.65 against a basket of major rivalswhile still near 14-month highs hit recently. 
Base Metals
London copper prices ticked lower on Friday shedding last session's gains which were triggered by reports of WashingtonBeijing trade talks and a recovery in Turkey's currency. The benchmark copper on the LME was down 0.3 percent at $5,920.50 a tonne after climbing more than 2 percent in the last session, while most-traded contract on the Shanghai Futures Exchange added 0.3 percent to 47,870 Yuan ($6,965.34) a tonne.
SPICES
Jeer kept trading with high volatility with prices bouncing back after the recent dips. Short term trend still looks volatile with traders waiting for some dips before initiating fresh demand in mandis. Even as overall sentiments remained firm on rising export and incoming Festive season domestic demand amidst falling stocks in Indian and International markets some more short term dips are not ruled out as traders wait for corrections before initiating fresh demand in the mandis
OILSEEDS
Overall sentiments remained firm for Mentha even as prices found immediate Resistance at these levels on rising demand and falling arrivals.With harvesting getting over the export and domestic demand for the new crop is on the rise.This could support prices in the medium to long term. Rains in growing regions of UP have reportedly adversely affected harvesting process leading to firm prices.
GUAR COMPLEX
Markets shot up for Guar as it touched the psychological 10,000 mark on strong fundamentals. Lower sowing area amidst lower rains in Rajasthan, firmness in Crude oil prices and in Dollar Vs Rupee kept trend up for Guar. Lower export figures so far are however keeping up trend limited.

OTHERS
Soy bean was positive yesterday amid positive global cues. In near term further strengthening of international markets and adverse Monsoon reports could lend support to the prices as the week comes to an end. Reports of fresh buying interest and nominal export query for soy meal kept trend upwards. Demand prospects is likely to improve in near term at these lower levels.

ZINC
From last couple of trading weeks market is trading with negative sentiment. It made a low 163.80 and facing support near the level of 165 and getting bounce back from lower level. Last week Zinc made a low of 163.80 and closed at 168 with overall marginal loss of 4.75% on weekly basis. On its hourly chart market is recently broken its resistance trend line sustaining above it we positive RSI indicating positive trend for this week. For this week, if it breaks the level of 168.70 on the upper side then it can test the level of 175.50 during the week. One can make buy position in it by maintaining a SL at 167.50

NICKEL
Last week Nickel open with negative sentiment buy found enough support near the level of 910. As we can see market is facing support of important psychological number of 900 and we can expect bounce back from lower level. Last week Nickel made a low of 915 and closed at 946.60 with overall marginal loss of 0.60% on weekly basis. For this week, if it breaks the level of 950 on the upper side then it can test the level of 1020 during the week. One can make buy position in it by maintaining a SL at 938

DHANIYA
Last week Dhaniya open with negative sentiment but found enough support near the level of 4800. Last week Dhaniya made a low of 4828 and closed at 4884 with overall marginal loss of 2.88% on weekly basis. On its daily market is continuously trading above the level of 5000 with positive RSI indicating bounce back from lower level. For this week, if it breaks the level of 4980 on the upper side then it can test the level of 5110 during the week. One can make buy position in it by maintaining a SL at 4925.

TURMERIC
Last week TMC made a low of 6950 and closed at 6978 with overall marginal loss of 3% on weekly basis. The secondary trend of TMC is bullish on chart and market is facing support near the level of 7000 and forming double bottom formation on lower level indicating short term positive trend in it. For this week, if it breaks the level of 7080 on the upper side then it can test the level of 7310 during the week. One can make buy position in it by maintaining a SL at 6980
GBPINR
From last couple of trading week GBPINR trading with negative sentiment and we still believe that market can continue its negative trend. Last week GBPINR made a low of 88.0200 and closed at 89.3700 with overall marginal gain of 1.34% on weekly basis. On its hourly chart market is resist by its downtrend line indicating negative trend for this week. For this week, if it breaks the level of 89.0800 on the lower side then it can test the level of 88.5025 during the week. One can make sell position in it by maintaining a SL at 89.4025
USDINR
The secondary trend of USDINR is negative on chart and 70.000 level reacted as a strong resistance zone for USDINR. From higher level we can see some profit booking in it and market can correct it. Last week USDINR made a high of 70.4925 and closed at 70.3100 with overall marginal gain of 1.91% on weekly basis. For this week, if it breaks the level of 69.8500 on the lower side then it can test the level of 69.3525 during the week. One can make sell position in it by maintaining a SL at 70.2025

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Last Updated August 21, 2018