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Commodity Research Report Ways2Capital 17 April 2018

Commodity Research Report Ways2Capital 17 April 2018

India, 17 April 2018 -- Gold future rose in American trade as the dollar index traded flat following earlier data from china the world’s largest metal consumer and the us. Gold prices couldn’t sustain upside

BULLION
Gold future rose in American trade as the dollar index traded flat following earlier data from china the world’s largest metal consumer and the us. Gold prices couldn’t sustain upside
momentum that it got initially but managed to settle the week with nearly 1 percent gains.As per technical indicators MACD has turned flat that shows weakness in the prevailing trend. On the downside major support comes in at 30400 break below the same can encourage serious sell off in metal.

ENERGY

its report on US crude stocks showing a buildup of 3.3 million barrels in the week ending April 6 compared to a 4.6 million deficit in the previous reading while analysts expected a 0.6M drawdown with total inventories now up to 428.6 million barrels remaining below average for this time of year. 
Natural Gas prices trended sideways in a five point range for the complete week after strong rally in the previous week.
Base Metals
Aluminium continues to dominate the base metals complex with the Rusal sanction continuing to gyrate market expectations on future supply. The broadbased recovery in the base metals continue to rely on the trade rhetoric from the US and China. Rmseed and nickel were down by 0.5% and 0.4% respectively at the time of writing while the rest were mostly unchanged the exception being tin which was up by 0.5% at $21,030 per tonne.
SPICES
Trend remained volatile for Jeer with many mandis closed. Prices however found strong support at these lower levels. High arrivals amidst some fall in demand kept sentiments down but traders anticipate the exports to pick up in coming weeks that could support prices in medium term.
Moderately firm trend persisted for Turmeric as it found immediate strong support at these lower levels after the recent fall.With harvesting over the demand for the new crop is picking up on the export and domestic front More uptrend likely.

OILSEEDS
Soybean futures traded range bound initially before finishing slightly lower. The most active May contract closed at a support of 3850 indicating a dicey solution. But considering stronger fundamentals buying to be considered if May soybean fails to stay below another strong support of 3825.
Mentha Oil Traders anticipate prices have fallen a lot over last few months and further fall may be unsustainable.Higher sowing figures amidst lack of strong demand had kept any strong uptrend limited.
GUAR COMPLEX
Guar failed to hold on to the higher levels as profit booking set in after the recent uptrend. Firming up of Crude oil prices supported market sentiments. However high stocks lack of strong export demand amidst reports of good Monsoon could keep up trend limited. Normal monsoon predictions by Sky met good for Guar sowing prospects from June onwards.
Others
Sluggish trend persisted in soya oil and it seems that the domestic trade participants preferred factoring in the inputs available from Tuesdays USDA report. The report was neutral to slightly bearish for soya oil. The US soya oil production and end stock was revised slightly higher. On the other hand global soya oil Argentina soya oil and domestic soya oil was estimated lower.

RM seed ended lower on the midweek. The recent news of UP government to procure soon checked the downward movement during greater part of the day. Since there are frequent reports of new season crops entering with improving quantity in the key mandis of Rajasthan every week futures might not sustain at higher levels in coming sessions.
RMSEED
The primary trend of RMSEED is negative and from last couple of trading weeks market is trading with negative sentiment. It made a low of 3905 during the week and closed at 3927 with the overall lost of 1.68% on weekly basis. Technically for this week, we can expect downside movement in it as its sustaining below the major psychological support level of 4000 with the negative bias. For this week, if it breaks the level of3890 then it can test the level of 3740 during the week. One can make sell position in it by maintaining a SL 3951.
GUARSEED10
Last week Guarseed10 May Futures started the week on negative note and continued the same for the entire week. It made a low of 4033.50 during the week and closed at 4111.50 with the overall of loss of 0.41% on weekly basis. Technically for this week, we can expect downside movement in its forming negative divergence on the in RSI and sustaining below the support level breakout. For this week, if it breaks the level of 4033 then it can test the level of 3893during the week. One can make sell position in it by maintaining a SL 4093.

Copper
Last week Copper Apr Futures started the week on positive note and continued the same for the entire week. It made a high of 453.80 during the week and closed at 442.75 with the overall gain of 1.00% on weekly basis. Technically for this week, we can expect positive movement in it as it sustaining above the resistance trend line appear on the above image with the positive RSI. For this week, if it breaks the level of 448 then it can test the level of 462 during the week. One can make buy position in it by maintaining a SL 441

Crudeoil
Last week Copper Apr Futures started the week on positive note and continued the same for the entire week. It made a high of 4419 during the week and closed at 4401 with the overall gain of 9.23% on weekly basis. Technically for this week, we can expect correction on oil prices as it is forming Head & shoulder pattern on higher level indicating negative movement for short term basis For this week, if it breaks the level of 4310 then it can test the level of 4180 during the week. One can make buy position in it by maintaining a SL 4371.

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Submitted by ways2capital, Ways2Capital Investment Advisory Company on Tuesday, 17 April 2018 at 5:13 PM
Category: Business
 
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