Commodity Research Report Ways2Capital 25 June 2018

 

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BULLION
Gold prices inched up early on Friday after hitting a 6-month low the session before, with the dollar retreating from an 11-month peak. Spot gold was 0.1 percent higher at $1,268.24 an ounce. It touched its lowest since Dec. 19 at $1,260.84 on Thursday. U.S. gold futures for August delivery were nearly unchanged at $1,270.20 per ounce.The Gold is bearish for mediumlong term.Currently Gold is showing some down move and trend is strong and supported with good volume.The oscillator is showing sell signal For short term Gold is in hold shortáposition.Immediate support for Gold is 30500.Resistance for the Gold is 30900.

ENERGY
Oil prices rose by more than 1 percent in early Asian trading on Friday pushed up by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day. Brent crude oil futures were at $74.04 per barrel up 99 cents or 1.4 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $66.49 a barrel, up 95 cents or 1.5 percent.

Base Metals

Chinese research analysts whose work depends upon trade data from the world's top metal producing and consuming country told Metal Bulletin they have been only granted very limited access to trade data since the end of April.The last files we got are the March monthly data. We are all worried if the suspension in data publication carries on.Now our research can only be based on estimates and market newsa Guarseed10 and lead analyst in China said.

SPICES

Slight weakening of Monsoon reports additionally supported the prices. However as Monsoon is expected to pick up in coming days a strong recovery is unlikely. Earlier good monsoon reports had kept pressure on prices on better sowing prospects. But rise in export and domestic demand could support prices and prevent too much fall from these levels.
Jeer broke the 17000 mark as overall sentiments remained strong. Rising export and domestic demand amidst falling arrivals in the mandis supported prices.Adverse report on Monsoon too is additionally supporting market sentiments


OILSEEDS
Trend remained strong for Mentha Oil even as new crop arrivals prevented strong recovery. However supplies are unlikely to improve this week since harvests have just started and this implies possibility of some recovery from strong support levels in coming days. June Mentha oil has a strong support region between 1090-1100.
On going trade restrictions between China and USA currently puts pressure over the soya oil market. Weakening rupee against the dollar is the other key bearish factor at present. Markets had firmed up for the entire oil complex sector last week as Indian Govt. hiked import duty on crude and refined soft edible oils.

GUAR COMPLEX
Guar prices failed to recover even as uncertainties persisted over the slow progress of Monsoon towards the critical areas of NorthWest India. However prospects of rains in coming days in growing state of Rajasthan may well limit further gains. Rains at this point would be bearish factor. Clearer skies would be bullish for the short term.

OTHERS
July RM seed finished slightly below previous days close yesterday. RM Seed trading in last few sessions has been in a moderate range. Light volatility might be due to slowing arrival impact being countered through limited buying inquiries
Sentiments stood slightly positive amid lack of any fresh bearish news in global markets and domestic edible oils. The Govts import duty hike on edible oils last week could limit the downside to some extent. The delayed Monsoon reports might effect the sowing process and could see prices showing some upside in soybean as of now.


COCUDAKL
Currently Cocudakl is trading with sideways movement. The oscillator is showing buy signal . If we observe the last 1 month we can see the less volatility in the market with and can consider fresh buy position in the market. If Cocudakl close above the level of 1500 we can see positive movement In short term to mid term basis in it. On the other side 1430 act as a strong support level zone. Investors or traders can make the buy position above the level of 1490 with the stop loss of 1430 for the target of 1620.

GUARSEED10
The primary trend of Guarseed10 is bearish for medium term to long term basis. Currently Guarseed10 is in strong downtrend with technically it consolidating on the chart with the negative bias & RSI and for this week .we can expect downside movement in it .The oscillator is showing sell signal for short term Guarseed10 is in sell position. Immediate support for Guarseed10 is 3530 .Resistance for Guarseed10is 3650.


Lead
Market is continuously sustaining above the major support level of 160 indicating positive movement in it for short term to mid term basis. It made a low of 160.10 during the week and closed at 16390 with over all marginal gain of 0.06%. For the next week we can expect further positive movement in it as technically market is sustaining above its support trend line and if market break the level of 164.50 market can continue its positive trend to the level of 168 and then 170. It is having important support at the level of 163.50


Natural Gas
After strong bull rally market is resist by the strong psychological level at 200 and unable to sustain above it. Last week It made a high of 207 during the week and closed below the level of 200 with over all marginal loss of 3%. For the next week we can expect further negative movement in it as technically market is sustaining below its resistance level and if market break the level of 198 market can further go down to the level of 188 and then 180. It is having important resistance at the level of 204


GBPINR
Last week GBPINR Jun Futures started the week on negative note and after that it witnessed positive movement for the remaining part of the week. It made low of 89.7950 during the week and closed at 90. 5625 with the overall loss of 0.41% on the weekly basis. Technically it consolidating above the resistance level with the positive RSI and for this week, we can expect further upside movement in it.
For this week, if it breaks the level of if it breaks the level of 90.8000 on the upside then it can test the level of 91.3925 during the week. One can make buy position in it by maintaining a SL 90.4950


Last week EURINR Jun Futures started the week on negative note and after that it witnessed sideways movement for the remaining part of the week. It made low of 78.9500 during the week and closed at 79.4250 with no changes on the weekly basis. Technically it consolidating on the lower levels and forming double bottom formation on chart of with the positive RSI and for this week, we can expect further upside movement in it.

For this week, if it breaks the level of if it breaks the level of 90.8000 on the upside then it can test the level of 91.3925 during the week. One can make buy position in it by maintaining a SL 90.4950

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