Daily Commodity Report - Dec 24, 2014 : Geofin

24 DEC 2014
Daily Commodity Report
Daily Metals & Energy update
Investors in the world’s biggest exchange-traded product backed by bullion
sold the most gold in 18 months as the U.S. economic recovery cut demand
for a haven.Bullion for immediate delivery is heading for the first back-to-back
annual decline since 2000. Spot Gold is currently trading at $1179. MCX Gold
Feb is currently at `26630, it is trading up by `5 points for the day. Comex
Silver is currently trading at $15.80 whereas MCX Silver Mar is currently
trading at `36505,it is up by `82.
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund,
is holding 712.90 tonnes as per latest available data on their website.
Copper rebounded with base metals after data showed the economy of the
U.S., the second-biggest consumer of the metal, grew at the fastest pace
since 2003 last quarter. Copper climbed as much as 0.4 percent after
dropping for two days. Gross domestic product grew at a 5 percent annual rate
from July through September, up from a previously estimated 3.9 percent,
according to the revised figures from the Commerce Department yesterday.
The dollar was 0.1 percent from the strongest in two years versus the euro
before U.S. data forecast to show jobless claims were near the lowest since
October, giving the Federal Reserve more reason to raise interest rates.The
greenback has advanced at least 4 percent against all its 16 major
counterparts this year and extended gains yesterday after a report showed the
world’s biggest economy grew at the fastest pace in more than a decade.
Oil traded near the highest price in almost two weeks as the U.S. economy
expanded at the fastest pace in more than a decade, signaling fuel demand
may increase in the world’s biggest consumer.Oil is heading for the biggest
annual decline since 2008 amid a global glut exacerbated by the highest U.S.
output in more than three decades and as the Organization of Petroleum
Exporting Countries resisted supply cuts to defend market share. MCX Crude
Oil Jan is currently trading at `3629, it is trading up `20 for the day.
Geofin Comtrade Ltd.
805, Dev Plaza,
Base metals are trading on a mixed note today.
Opp. Irla Fire Brigade,
S.V. Road, Andheri West,
Mumbai - 400058.
Important data to be released today: Unemployment Claims, Crude Oil
Inventories, Natural Gas Storage.
GEOFIN RESEARCH DESK | www.geofin.co.in
.
24 DEC 2014
TECHNICAL UPDATE
MCX GOLD FEB ( `26635)
The above hourly chart of Gold suggest that price is making lower highs and low. RSI is still below its previous
high. Expecting price to correct down till 26350.
Trading Call: Sell around 26650 levels with a stop loss placed above 26780 levels for target of 26350
levels.
MCX SILVER MAR ( `36570)
The above hourly chart of Silver suggest that price is making lower highs and lows. RSI is still below its previous
high. Expecting price to give correct upto 35850 level.
Trading Call: Sell around 36550 levels with a stop loss placed above 36700 levels for targets of 35850
levels.
GEOFIN RESEARCH DESK | www.geofin.co.in
.
24 DEC 2014
TECHNICAL UPDATE
MCX CRUDE OIL JAN ( `3623)
The above hourly chart of Crude Oil suggest that price trading in wide range of 3450 to 3730. RSI is in flat mode.
We expect prices to correct down til 3520 level again.
Trading Call: Sell around 3650 levels with a stop loss placed above 3730 levels for targets of 3520 levels.
MCX NATURAL GAS DEC ( `201.50)
The above hourly chart of Natural Gas suggest that price is trading in flat range of 197-206. Either side breakout
will give 8-10/- jump.RSI suggests that price may still hold bearish trend.
Trading Call: Sell below 197 levels with a stop loss placed above 204 levels for targets of 190 levels.
GEOFIN RESEARCH DESK | www.geofin.co.in
.
24 DEC 2014
TECHNICAL UPDATE
MCX COPPER FEB ( `406.75)
The above hourly chart of Copper suggests that price is taking resistance near Upper trendline level. Expecting
price to correct till 403 level.
Trading Call: Sell around 406.75 levels with a stop loss placed above 409.50 levels for targets of 403
levels.
MCX NICKEL DEC ( `983.50)
The above hourly chart of Nickel suggest that price is taking resistane at 1000 level. RSI is in sell mode. It should
correct down till 960 level.
Trading Call: Sell around 983 levels with a stop loss placed above 1000 levels for targets of 960 levels.
GEOFIN RESEARCH DESK | www.geofin.co.in
.
24 DEC 2014
TECHNICAL UPDATE
MCX LEAD DEC ( `117.50)
The above hourly chart of Lead suggest that price is taking resistance near 119.50 level. RSI failed to cross its
previous high level. It may correction down till its previous low.
Trading Call: Sell around 117.50 levels with a stop loss placed above 119.50 levels for targets of 115.80
levels.
MCX ZINC DEC ( `137.65)
The above hourly chart of Zinc suggest that price is taking resistance at 138.50 level. Expecting price to correct
below its previous low level.
Trading Call: Sell around 137.65 levels with a stop loss placed above 138.50 levels for targets of 136
levels.
GEOFIN RESEARCH DESK | www.geofin.co.in
.
24 DEC 2014
TECHNICAL UPDATE
MCX ALUMINIUM DEC ( `117.70)
The above Daily chart of Aluminium suggest that price is unable to cross 119 level. It is making lower highs and
lows. RSI is taking resistance on trendline level.
Trading Call: Sell around 117.90 levels with a stop loss placed above 119 levels for targets of 116.50
levels.
ECONOMIC DATA FOR THE DAY
COUNTRY
INDICATOR
TIME
USD
7:00pm
USD
9:00pm
USD
10:30pm
Unemployment Claims
Crude Oil Inventories
Natural Gas Storage
SURVEY PRIOR
291K
289K
-2.4M
-0.8M
-81B
-64B
24 DEC 2014
GEOFIN RESEARCH DESK | www.geofin.co.in
.
Research Department - Institutional Desk
Geofin Comtrade Ltd.
Vaibhav P Chudasama CMT
805 Dev Plaza
Opp. Irla Fire Brigade,
S.V. Road, Andheri West,
Mumbai - 400058.
Contact:
022-61312127
Disclaimer:
The information contained here was gathered from sources deemed reliable; however, no claim is made as to
accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time,
nor should any examples presented be deemed as such. There is a risk of loss in commodity trading and
commodity options and you should carefully consider your financial position before making a trade. This is not,
nor is it intended, to be a complete study of chart patterns or technical analysis and should not be deemed as
such. Geofin Comtrade Ltd. does not guarantee that such information is accurate or complete and it should not
be relied upon as such. Any opinions expressed reflect judgements at this date and are subject to change
without notice. For use at the sole discretion of the investor without any liability on Geofin Comtrade Ltd.
GEOFIN RESEARCH DESK | www.geofin.co.in
.
`