commodity tips:-
MCX REPORT:-
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| Mcx Tips |
- Gold options to launch around Diwali: MCX .
- Copper Slips As Traders See Further Correction .
- MCX Crude Rises Well Above Rs 3200 Mark.
- Aluminium market under long liquidation; Support seen at 131.
- Zinc market under long liquidation; Resistance seen at 199.
- Copper market under long liquidation; Resistance seen at 432 .
- MCX Natural Gas expected to trade between 200-187 level.
- Crude Oil market under short covering; Support seen at 3150.
Special News:-
Gold ETFs register Rs 300 crore outflow in Apr-Aug FY18
Gold exchange traded funds (ETFs) continued losing sheen as an investment class with investors pulling out over Rs 300 crore from the
instrument in April- August of this fiscal, preferring equities over them.
Trading in gold EFF segment has been tepid during the last four financial years. It has witnessed outflows of Rs 775 crore in 2016-17,
Rs 903 crore in 2015-16, Rs 1,475 crore in 2014-15 and Rs 2,293 crore in 2013-14.
On the other hand, equity and equity-linked saving scheme (ELSS) saw an infusion of more than Rs 61,000 crore during the first five
months (April-August) of the current financial year. This included an investment of over Rs 20,000 crore in last month alone.
"While demand from India has traditionally buttressed gold prices globally, sound rally in the Indian equity markets has meant that gold as
an asset class has not been favoured. The global rate tightening and a strong Indian equity market may mean a sober outlook for gold,"
Commodity Buzz :-
COMEX Gold Turns Around From Critical Level :-
COMEX Gold futures recently topped out around one year high above $1360 per ounce and tested a two week low yesterday before
edging up. The metal carved out sharp gains in intraday moves after rebounding from $1319 per ounce. The intraday swing from this level
marked a gain of nearly 20 dollars for the metal, underlining the importance of $1319 as a critical support level. The rebound was based on
a couple of decisive technical factors. The daily charts indicated that 20 day moving average for Gold was placed around $1319 mark
yesterday. Area around $1318/1320 levels also played a critical role for gold last year. In September 2016, COMEX Gold tumbled heavily
after breaking under this level. In November 2016, the metal failed to hold onto its intraday highs near the same level.
Copper Slips As Traders See Further Correction :-
Copper futures trading on the Comex market in New York suffered another sharp decline as analysts warned of a likely correction following
week of speculative buying. A week ago copper hit an intra-day high just shy of $3.18 a pound on COMEX markets. Indian Copper was
trading at Rs 421 per kg, unchanged on the day. The prices tested a high of Rs 422.75 per kg and a low of Rs 419.30 per kg.
The prospect of a weakening renminbi also emerged as a factor behind the pullback after Chinese policymakers this week relaxed rules to
curb speculation against the yuan which had been in place for nearly two years.
This week, Chinese data showed slower than expected growth in investment, factory output and retail sales. For COMEX Copper, a break
under the key $3 per pound level has also been a downright negative factor.
MCX Crude Rises Well Above Rs 3200 Mark:-
WTI Crude oil futures soared to a five week high near $50 on 15 September as a sharp rebound continued amid good buying support as
calls of strong global oil demand boosted sentiments. WTI Crude oil futures have been rallying after the US gasoline inventories fell the
most on record as refineries continued to be hampered by damage from Hurricane Harvey, according to the Energy Information
Administration (EIA). The commodity currently quotes at $49.74 per barrel, down around 0.30% on the day. MCX Crude oil futures gained
by 1.68% to end at Rs 3215 per barrel after hitting highs above Rs 3140 per barrel mark.
