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Investment Guru India 2019-08-13 01:08:57

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Crude

International

Overseas Oil futures on Brent and NYMEX fell marginally this Tuesday morning in Asian trade as sluggish demand forecasts countered expectations that maior producers would prop up oil prices by limiting crude oil output.

US. oil output from seven maior shale formations is expected to rise by 85,000 barrels per day lbpd) in September, to a record 8.77 million bpd, the US. EIA forecasted in a report.

Money managers raised their net long U.S. crude futures and options positions in the week to August 6, data from CFTC showed. Speculators raised its combined futures and options position in New York and London by 8,660 contracts to 169,582 during the period.

Support/Resistance for Brent September is 57.90-56.75/59.l5-60.40.

Support/Resistance for NYMEX September is 53.55-52.90/55.50-56.70.

Domestic

Domestic crude on NICX started marginally lower this Tuesday morning, tracking weak overseas prices. Weak Rupee limited weakness.

Support/Resistance for MCX Crude August is 3840—3750/3960—4010

 

Bullion

International

International Gold and silver remained firm this Tuesday morning in Asian trade supported by safe haven bid amid fears of global economic slowdown.

Reflecting increased investor interest in gold, holdings of SPDR Gold Trust fund iumped 0.9% to 847.77 tonnes on Monday from Friday.

Hedge funds and money managers raised their bullish stance in COMEX gold and trimmed net long positions in silver contracts in the week to Aug. 6, data from CFTC showed.

Speculators raised gold net long positions by 53,716 contracts to 285,082contracts. Meanwhile, speculators cut silver net long positions by 15,789 contracts to 49,538 contracts in the week to Aug. 6.

Support/Resistance for LBMA Gold spot is 1507.00—1499.00/152600—153400.

Support/Resistance for LBMA Silver spot is 17.10—16.85/17.50—17.70.

Domestic

Domestic gold and silver on MCX started higher this Tuesday morning tracking firm overseas prices. Weak Rupee also supported prices.

Support/Resistance for MCX Gold October is 38250-38150/38610—38760.

Support/Resistance for MCX Silver September is 43700—43360/44280—44540.

 

Base Metals

International

Most base metals started lower on LME this Tuesday morning in Asian trade.

However, Shanghai aluminium rose on Tuesday morning, as a typhoon in China affected the world's top aluminium producer, raising concerns about supply disruptions.

Shanghai Zinc and Nickel prices were higher, while Copper and Lead were lower. Speculators raised copper net short positions by 34,225 contracts to 74,597 contracts in the week to Aug. 6.

Support/Resistance for LME 3M Copper is 5710 -5660/5770-5800.

Support/Resistance for LME 3M Nickel is 15440-15060/16150-16700.

Domestic

Domestic base metals have started lower this Tuesday morning.

Support/Resistance for MCX Copper August is 442.80-440.00/447.30-449.80

Support/Resistance for MCX Nickel August is 1106-1087/1145-1161.

 

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