17 February 2014

COMMODITY OUTLOOK FOR MONDAY 17-FEB-2014

 Trading Call for the day 
Buy Copper in the range 448.50-449 with Stop Loss 446 Target 452.
PRECIOUS METALS : On Friday’s trading session precious metals closed positive
On Friday’s trading session precious metals closed positive where Gold settled up 0.65% at 29375 as weak U.S. manufacturing output pressured the dollar and lifted bullion’s currency-hedge appeal. Silver settled up 3.76% at 46613 after a week of soft data sparked sentiments the Federal Reserve will very gradually taper its monthly bond purchases, which weaken the dollar by suppressing interest rates. The two commodities are expected to trade with positive bias but might buying can be done near support levels. Support for Gold is at 29320 & resistance at 29600. Support for Silver is at 46700 & resistance at 47660.
BASE METAL :On Friday’s trading session base metals closed with mixed views
On Friday’s trading session base metals closed with mixed views due to uncertainty about the demand outlook following soft US and Chinese economic data. The base metals have opened today above their key resistance levels and now these might rally further. Base metals are expected to trade with positive bias for the day.
CRUDE OIL : MCX Crude Oil settled down
MCX Crude Oil settled down -0.88% at 6198 pressured by weak manufacturing data attributed to the cold winter weather. Crude Oil tested the support of 6160 where it seems minor correction has completed and the commodity is ready to rise further. Intraday support for Crude Oil is at 6190 and resistance at 6280.
NATURAL GAS : MCX Natural Gas settled up
MCX Natural Gas settled up 1.79% at 324.4 after a weekly U.S. supply report revealed cold winter weather has taken its toll on the country’s stockpiles. The rally in this commodity seems to continue at least till the levels near 339 and if manages to hold above it then further rise can be seen till 355. Support for Natural Gas is at 332 and resistance at 339.
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