Forex & Commodity Update

Forex Update

Feb 3

Posted by FxCommcalls in Forex Update | No Comments

€

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3965 level and was supported around the $1.3885 level. The common currency gained some ground on news the European Commission will support Greece’s deficit-reduction program that will be published tomorrow. Greece’s budget deficit was 12.7% of GDP last year and is struggling to convince the markets it can bring that down to 3% by 2012. Greek debt is now trading at a massive 400bps premium at the ten-year level over German bunds, the highest level since 1998. Most traders expect the European Central Bank will keep monetary policy unchanged on Thursday. Data released in the eurozone today saw EMU-16 producer price inflation up 0.1% m/m and off 2.9% y/y. Also, January PMI construction improved to 48.6 from 47.1 and German December retail sales were up 0.8% m/m and off 2.5% y/y. Some dealers were spooked into selling the euro last night after Reserve Bank of Australia surprised the markets by not raising interest rates last night on the premise that higher-yielding currencies like the Australian dollar could be weaker.

In U.S. news, traders will pay close attention to testimony today from former Fed Chairman Volcker who will indicate hedge funds and private equity funds should be allowed to profit and fail. Volcker is also a proponent of limiting the size of banks so that none are “too big to fail” and create unmanageable systemic risk. Data released in the U.S. today saw December pending home sales print as expected at 1.0% m/m and up 10.5% y/y. Tomorrow’s data will include MBA mortgage applications, January Challenge job cuts, and January ISM non-manufacturing data.

The big news this week will be Friday’s January non-farm payrolls data.

Euro bids are cited around the US$ 1.3740 level.

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥90.25 level and was capped around the ¥90.90 level. Finance minister Kan urged Bank of Japan to continue implementing “appropriate and flexible policies” and work closely with the government to combat deflation.
Kan also said “it is possible that the yuan will be one of the agenda items. I will discuss it on the understanding that stable growth in China is desirable for Japan.” Notably, bids fell short of the BoJ’s offer today in its open market operation as part of the central bank’s lending program announced in December. Prime Minister Hatoyama said the budget environment in 2011 will remain “severe.” Bank of Japan Chief Economist Momma yesterday reported “the risk that the Japanese economy will fall off from a cliff is small, but there is still a long way to go. Even if the global economy continues to recover, the spread of that to capital spending and the labour market will be limited.”
The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥125.80 level and was capped around the ¥126.80 level.
The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥143.85 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥85.45 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8271 in the over-the-counter market, down from CNY 6.8275.

A rumour circulated through the market last night that China will permit the yuan to appreciate after July. People’s Bank of China adviser Fan Gang yesterday reported China’s “real worry” remains asset bubbles that could emerge as China’s economy emerges from a crisis period into a “boom time.”

₤

The British pound moved higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.5995 level and was supported around the $1.5900 figure level. The big question facing traders is whether Bank of England’s Monetary Policy Committee will scale back, pause, or extend its bond purchase program when its monetary policy announcement is made on Thursday.

Many data were released in the U.K. yesterday.
First, January manufacturing PMI improved to 56.7 from 54.6, a fifteen-year high.
Second, December mortgage approvals decreased to 59,020.
Third, net lending to individuals rose by ₤1.2 billion in December. Fourth, Hometrack January house prices were up +0.1%. Cable bids are cited around the US$ 1.5720 level.
The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.8760 level and was supported around the ₤0.8710 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0540 level and was capped around the CHF 1.0605 level. There was talk in the European session that Swiss National Bank lifted the euro/ Swiss franc cross to keep a lid on the Swiss franc. Data released in Switzerland today saw the SECO consumer climate indicator improve to -7 from -14. The media this week reported Swiss National Bank is unlikely to abandon its policy to keep a lid on the Swiss franc even though the domestic economy continues to improve. U.S. dollar offers are cited around the CHF 1.0760 level. The euro moved higher vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.4740 level while the British pound moved lower vis-à-vis the Swiss franc and tested bids around the CHF 1.6800 figure.

Technical Outlook at 1330 GMT (EDT + 0500)

(Bid Price) (Today’s Intraday Range)

EUR/ USD     1.3901                 1.3934, 1.3851
USD/ JPY      90.82                  90.87,   89.87
GBP/ USD     1.5904                  1.5977, 1.5849
USD/ CHF     1.0596                   1.0624, 1.0565
AUD/USD      0.8866                0.8877, 0.8787
USD/CAD      1.0645               1.0720, 1.0637
NZD/USD      0.7101                0.7117, 0.7042
EUR/ JPY      125.93                 126.68, 125.80
EUR/ GBP     0.8735               0.8760, 0.8708
GBP/ JPY      144.11                  145.18, 143.83
CHF/ JPY      85.47                 86.02,   85.43

Support Resistance Support Resistance

EUR/ USD USD/ JPY

L1. 1.3795 1.4340 86.95 93.20

L2. 1.3480 1.4495 84.85 95.50
L3. 1.3085 1.4835 82.30 98.85

GBP/ USD USD/ CHF

L1. 1.5755 1.6215 1.0350 1.0830

L2. 1.5355 1.6530 1.0040 1.1045

L3. 1.4950 1.6890 0.9920 1.1315

AUD/ USD USD/ CAD

L1. 0.8755 0.8960 1.0400 1.0780

L2. 0.8555 0.9190 1.0150 1.0960

L3. 0.8225 0.9425 0.9920 1.1140

NZD/ USD EUR/ JPY

L1. 0.6915 0.7295 122.45 128.90

L2. 0.6750 0.7430 118.50 131.50

L3. 0.6585 0.7645 115.65 132.85

EUR/ GBP EUR/ CHF

L1. 0.8500 0.9175 1.4575 1.4875

L2. 0.8320 0.9290 1.4305 1.5010

L3. 0.8190 0.9430 1.4110 1.5450

GBP/ JPY CHF/ JPY

L1. 141.10 149.20 83.35 91.60

L2. 135.85 150.60 81.40 93.60

L3. 129.35 152.20 78.95 97.95

Popularity: 4% [?]

Tags: currency future report, EUR/GBP, EUR/USD, Forex News, Forex Update, GBP/USD, INR/USD, USD/JPY

MCX Gold Update

Jan 29

Posted by FxCommcalls in Bullion Update | No Comments

Domestic Gold futures continued to shed as the Indian Rupee gained today ahead of the RBI monetary policy meeting tomorrow in which the central bank is expected to hike the CRR by 50 basis points.

India MCX February gold futures down 0.3% at INR16,395/10 grams on strong INR; at nearly two-month low. “The market is expected to stoop down toward INR16,350 levels in the near term,” says JRG Wealth Management in note; for day, likely to move in INR16,389-INR16,610 range. However, slight gains in overseas gold markets could aid recovery in domestic prices.

The Reserve Bank of India (RBI) will announce the third quarter review of the Annual Monetary Policy tomorrow. The repo rate (4.75%) and reverse repo rate (3.25%) are expected to be kept unchanged while the reserve requirement, i.e., cash reserve ratio (CRR, 5%), is likely to be increased by 50bps.

MCX	Gold
Symbol	GOLD
Expiry Date	05 Aug, 2010
Last Traded Price	16708
Unit	10 GRMS
Net Change	0
Percentage of Change	0%
High	0
Low	0
Best Buy Price	16542
Best Buy Quantity	1
Best Sell Price	16588
Best Sell Quantity	2
Open Price	0
Close Price	16708
Open Interest	44

MCX- Other Gold Contracts

MCX	Gold
Symbol	GOLD
Expiry Date	05 Aug, 2010
Last Traded Price	16708
Unit	10 GRMS
Net Change	0
Percentage of Change	0%
High	0
Low	0
Best Buy Price	16542
Best Buy Quantity	1
Best Sell Price	16588
Best Sell Quantity	2
Open Price	0
Close Price	16708
Open Interest	44

NCDEX-Other Gold Contracts

MCX	Gold
Symbol	GOLD
Expiry Date	05 Aug, 2010
Last Traded Price	16708
Unit	10 GRMS
Net Change	0
Percentage of Change	0%
High	0
Low	0
Best Buy Price	16542
Best Buy Quantity	1
Best Sell Price	16588
Best Sell Quantity	2
Open Price	0
Close Price	16708
Open Interest	44

————-

Popularity: 9% [?]

Tags: gold update, precious metals

Gold Update

Jan 25

Posted by FxCommcalls in Bullion Update | No Comments

After bringing good returns for investors late last year, gold exchange traded funds (ETFs) and gold funds are making a slow retreat.
Is it a time to start selling gold?

With prices of the yellow metal softening, returns from gold ETFs and funds have declined in the last two months. While gold ETFs have declined by 2.2% to 2.4%, gold funds that invest in stocks of gold mining companies have fallen by 3% to 7.8%.

Gold is currently in a consolidation phase. Trends are favouring the dollar on a short-term basis and so there is some sluggishness in gold. After hitting a record high of $1,226.1 an ounce in December , gold prices have come down to around $1,100 now.

MCX Gold prices recovered by INR 50 to INR 16,485 per ten grams at the Gold bullion market here today on fresh buying by stockists and jewellers despite weak trend in overseas gold markets.

On the other hand, silver prices dropped further down on lack of demand from industrial users.

Stockists grabbed the opportunity to buy the Gold at current level, which moved the prices moderately up on the MCX gold market .They are expecting further fall in gold prices internationally, seeing overall bearish global trend.

In New York, gold for February delivery finished down by USD 13.50, or 1.2 per cent, to USD 1,089.70 an ounce on the Comex division of NYMEX.

Silver for March delivery fell down by 40 cents to USD 16.93 an ounce.

Popularity: 10% [?]

Tags: gold update, precious metals, silver update

Gold & Silver Update

Jan 19

Posted by FxCommcalls in Bullion Update | No Comments

MARKET REPORT

Gold futures fell 1 percent on Friday, finishing the week on a weak note as a dollar rise dampened investor sentiment, but palladium rose sharply on strong investment demand related to the U.S. exchange traded funds. Silver holded its nerve in restricted its losses and ended a tad higher on COMEX.

NEW BITES

The world’s largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings stood at 1,112.836 tonnes as of Jan 17, down 0.914 tonnes or 0.08 percent from the previous business day.
The world’s largest silver-backed exchange- traded fund, the iShares Silver Trust, said its silver holdings stood at 9,339.19 tonnes as of Jan 15, same as the previous business day.
Purchases from gold jewellers in India stirred up physical trade in Asia, while a drop in bullion prices ignited demand from other consumers in the region and kept premiums steady, dealers said on Friday.
Red Back Mining Inc said it forecast higher gold production in 2010 following the completion of major plant expansions at both its Chirano mine in Ghana and Tasiast mine in Mauritania. The African-focused gold miner expects total production for 2010 in the rage of 485,000 ounces to 525,000 ounces at a cash operating cost between $390 and $420 per ounce.
Gold jewellery exports from Italy likely declined 20 percent in value in 2009, figures produced for the Fiera di Vicenza jewellery trade fair showed on Saturday.
Italian jewellers are focusing on high-end design and innovation to fight off competition from mass-market manufacturers and see China as a key source of customers, according to the World Gold Council.

We expect dollar to trade firm for the day which may weigh on the rise in precious metals prices.

Popularity: 15% [?]

Tags: gold update, metal update, precious metals, silver update

Currency Update: USD-CHF GBP-USD AUD-USD & 6 Month Chart Of EUR-USD

Jan 19

Posted by FxCommcalls in Forex Update | No Comments

USD-CHF @ 1.0258/61

R: 1.0290 / 1.0330-50 / 1.0380
S: 1.0250 /1.0200-1.0180 / 1.0130

The Resistance at 1.0290 is continuing to keep Swiss pressured on the downside. However, a break below the Support at 1.0250 was not seen during the day. As the broader picture continue to remain bearish, we expect the Resistance at 1.0290 to hold in the coming session and see a break below the Support at 1.0250. AS mentioned earlier a break below 1.0250 might pull it down towards 1.0200-1.0180. However, if the immediate Support at 1.0250 continues to hold and it gains upside momentum, a break above 1.0290 might see 1.0330-50 on the upside.

We expect the market to remain silent as the US market is closed today on account of Martin Luther King’s day.

GBP-USD @ 1.6340/44

R: 1.6403 / 1.6500
S: 1.6338 / 1.6293 / 1.6216

Cable has risen during the day, slightly above the Resistance zone we had been speaking of over the last 3 days. It has come down since then. A significanct rise above the Resistance zone is likely to lead the pair towards the upper end of the long term range which is at 1.6750. If during the next couple of days, the Resistance is not breached significantly, the pair may come down towards 1.61. For today, the Projected Max High and Low is at 1.6403 and 1.6216 respectively. Today, the US is on a holiday and hence there ought to be thin volumes during the US session.

Over the last several months, the pair has been largely oscillating in a long term range 1.5800-1.6750 with small spikes outside the range.

AUD-USD @ 0.9255/58…Holding Long

R: 0.9280 / 0.9330 / 0.9410
S: 0.9200-0.9180 / 0.9130 / 0.9070

Aussie has risen during the day and is keeping up the overall bullish sentiment intact. As mentioned earlier we might see a rise towards the significant Resistance region 0.9300-30 in the coming sessions, A strong break above 0.9330 might take it further up towards the previous high of 0.9405 (16-Nov-09). Any sharp downmove is not looking likely now and we expect the Support in 0.9200-0.9180 region continue to hold.

We expect the market to remain silent as the US market is closed today on account of Martin Luther King’s day.

Popularity: 15% [?]

Tags: currency future report, Dollar Update, EUR/USD

Way to tackle sun outage

Jan 18

Posted by FxCommcalls in Commodity Update | No Comments

Commodity exchanges finding way to beat sun outage. The NCDEX is asking its members to connect through an alternative mode instead of VSAT (very small aperture terminal) starting February 20.

MCX has managed to overcome sun outage problem by using advance Data Networking technology jointly provided by the BSNL and MTNL for the last five years.

Sun outage occurs when a satellite and earth are in perfect position. During this period, the interference in satellite signals disturbs VSAT, a two-way satellite ground station, through which trading terminals are connected. Exchanges have been changing or suspending trade timing by 45 minutes during sun outage.

“The exchange has decided that during the sun outage period market would not be suspended and trading would continue in the normal course,” NCDEX said in a circular.

Barring VSATs, leased lines through point of presence, multi-protocol label switching and Internet remain unaffected during the sun outage, NCDEX added.

Popularity: 20% [?]

Tags: commodity news, Tackle sun outage

Latest Commodity Update

Jan 11

Posted by FxCommcalls in Bullion Update, Commodity Update | No Comments

Crude oil

Crude oil prices rose to a new 15 month high on speculation that fuel demand will rebound as freezing temperatures in the northern hemisphere and weakening dollar also supported the prices.
The oil advanced for the second day as Chinese crude imports climbed to a record 203.8 million metric tons last year weighing over weak last weeks weak US NFP data. Chevron corp, the second largest US energy producer said the Makaraba-utonana pipeline it operates in the southern Nigeria’s delta state was breached on Jan 8, affecting 20,000 barrels of crude oil production a day. Attacks by armed groups in Nigeria’s oil rich delta region have cut the country’s output by more than 25 percent since 2006. Crude Feb month contract was trading at $83.5 gaining 1.57 percent. Crude oil mcx Dec contract was trading at Rs 3790 gaining 0.03 percent.

Base Metals

Copper futures prices rallied for the first time in last three days as Chinese imports and weak dollar boosted investors confidence in the metal. The china imported 369,368 metric tons of copper and its products in December, 27 percent increase from November. The Chinese exports of all products climbed for the first time in 14 months, according to census bureau. LME copper inventories rose by 4575 metric tons and mcx copper is trading at 348.10 gaining 0.96 percent.

Technical Trends

GOLD MCX Feb

While above 17000 prices could stay firm and could target 17080/17125 followed by 17250 levels. Unexpected fall below 16978 could see a move lower towards 16920 followed by 16870 levels.
Res: 17080/ 17160 Supp: 16970/16920

Silver MCX Mar:

As long as 28320 holds, prices could move up and find resistance at 28600 initially followed by 28730/29000 levels. If unable to hold 28300 expect a corrective move towards 28150/27980.
Res: 28610/28730 Supp: 28300/ 27980

CRUDE MCX Jan

Dips to 3763 may find support for a rise towards 3805 initially. Rallies above 3812 could invite fresh rallies towards 3848/3878. Falls below 3752 may cause doubts on the bullish view.
Res: 3812/3870 Supp: 3762/3736

Natural Gas MCX Jan

As long as support at 251/249 holds prices could stay firm and edge higher towards 258/261 followed by 264. Falls below 249 may negate the view and target 241.
Res: 258/264 Supp: 254/247

Copper MCX Feb

Dips to 347/345 hold downside expect to move up and find resistance at 349/350.50 followed by 354. If unable to hold 345 drag prices lower towards 343/341 levels.
Res: 349/351 Supp: 347/ 345

Lead MCX Jan

As long as 118.70/120 caps the upside expect a corrective fall towards 117/116 followed by 115.30. Needs to break 120 to negate the view.
Res: 118.70/120 Supp: 117/ 116

Nickel MCX Jan

Moves to 844 may find resistance for a fall towards 831/826. Break below 825 could invite fresh sell off towards 814/802. Needs to break 847 to negate the view.
Res: 845/862 Supp: 831// 824

Zinc MCX Jan

If 118 cap the upside expect a fall towards 116.50/115.50. Need to break 118.70 to negate the view.
Res 118/119 Sup: 116.70/115

Aluminium MCX Jan

If 105 expects to move up and target 106/106.80followed by 107.60 Needs to break 104.20 to negate the view.
Res: 106.20/107 Sup: 105/104.40

Popularity: 41% [?]

Tags: commodity news, crude oil, gold update, mcx, MCX Crude, metal update

USD-INR Currency Future Report (Traded @ NSE)

Jan 8

Posted by FxCommcalls in Forex Update | No Comments

VOLUMES

There has been a consistent month on month increase in the number of contracts traded in Currency Futures segment at NSE. The number of contracts traded in the last five days is as follows:

Trade Date	Total Contracts	Total Value (Rs. Cr)	RBI Reference Rate
07-Jan-10	3551774	16,264.38	45.87
06-Jan-10	3122643	14,404.19	46.12
05-Jan-10	2789552	12,904.65	46.20
04-Jan-10	3004576	13,968.32	46.51
01-Jan-10	998024	4,662.09	46.65

Avg Daily Volumes

Dec’09	USD	1952.59 Mio
Nov’09	USD	1689.75 Mio
Oct’09	USD	1613.40 Mio
Sep’09	USD	1171.15 Mio
Aug’09	USD	933.63 Mio
Jul’ 09	USD	864.70 Mio
Jun’09	USD	714.75 Mio
May 09	USD	684.12 Mio
Apr’09	USD	490.72 Mio
Mar’09	USD	521.43 Mio

Price watch on 7-01-2010

Contract	Best Bid		Best Ask		Spread	LTP	Volume	Value(crores)	OI	No. of Trades
USDINR 270110	1000	45.725	45.733	257	0.0075	45.733	3466001	15870.69	397054	49204
USDINR 240210	4	45.8	45.843	80	0.0425	45.81	78018	358	83162	1352
USDINR 290310	200	45.855	45.94	100	0.085	45.935	6813	31.32	51007	172
USDINR 280410	50	46	46.08	3	0.08	46.06	799	3.68	42349	65
USDINR 270510	2	45.95	46.25	50	0.3	46.2	91	0.42	2752	6
USDINR 280610	1	45.88	46.42	1	0.54	46.28	10	0.04	2422	9
USDINR 280710	1	46.153	46.79	1	0.6375	46.2	25	0.11	987	3
USDINR 270810	1	46.053	46.92	36	0.8675	46.5	10	0.04	449	2
USDINR 280910	3	46.313	46.89	1	0.5775				600
USDINR 271010	1	46.21	46.698	1	0.4875	46.5	5	0.02	167	2
USDINR 261110	1	46.41	46.99	2	0.58	46.42	1		237	1
USDINR 291210	1	46.13	47.12	1	0.99	46.5	1		37	1
	Total						3551774	16264.32	581223	50817

CLIENT/ MEMBER LEVEL POSITION LIMITS

At Client level 6% of OI or USD 10 million whichever is higher At Member level 15% of OI or USD 50 million whichever is higher At Bank level 15% of OI or USD 100 million whichever is higher

The client level position limit for 08.01.10 is USD 35.00 Mio The member level position limit for 08.01.10 is USD 87.49 Mio The Bank level position limit for 08.01.10 is USD 100.00 Mio

Client/Member level position limit for last five days are given below:

———-

	Open Interest	30 Day Moving Average of Currency Futures (million USD)	Client position limit for the next trading day ( million USD)	Member position limit for the next trading day ( million USD)
07-Jan-10	583267	9621.73	35.00	87.49
06-Jan-10	530557	1999.37	31.83	79.58
05-Jan-10	514323	1939.84	30.86	77.15
04-Jan-10	493837	1909.09	29.63	74.08
01-Jan-10	425183	1860.64	25.51	63.78

————-

Popularity: 42% [?]

Tags: currency future report, Dollar Update, Forex Update, INR/USD

Commodity Update

Jan 8

Posted by FxCommcalls in Bullion Update, Commodity Update | No Comments

Gold prices fell as the dollar rose broadly ahead of a key U.S. employment report and as bullion investors took profits after recent gains. Prices had climbed 4 per cent in the first three trading sessions of 2010. “With the employment report coming in tomorrow, there is a lot of caution in all the markets,” said Bill O’Neill, partner at Logic dvisors. “Gold has had a nice run since the beginning of the year and is due for some consolidation.”

Gold futures fell Thursday for the first session in the past five as jitters that China may raise interest rates and cut global growth pressured commodities and lifted the dollar, reducing the metal’s investment appeal.

Copper and Aluminium Open Interest – Price-wise, 2010 has started with a bang, with both copper and aluminium making strong gains. Interestingly, while open interest for aluminium has picked up in conjunction with rising prices, indicating new long positions have been added, copper open interest has fallen slightly, suggesting that some of the red metal’s recent strength has been due to short covering activity.

• Gold is running into resistance at $1140—$1,142. We expect the market to remain cautious ahead of tomorrow’s non-farm payroll data and as a result profit-taking ahead of the data release might take place.

• We expect large dips in platinum and palladium to be bought.

• After the bearish data, which registered a large build in crude and gasoline inventories, and only a small draw of 233K barrels in the middle distillates, it appears many market participants had to cover short positions.

• The base metals had a very strong day price-wise on Wednesday, with much of the complex making impressive gains. Aluminium had another exceptionally busy day, with over 14,400 lots trading on LME Select, while copper and lead also saw very good volumes. The base metals are a little softer this morning, with prices pulling back after yesterday’s rally.

Gold is running into resistance at $1140—$1,142. We expect the market to remain cautious ahead of tomorrow’s non-farm payroll data and, as a result, profit-taking may emerge ahead of the data. There was good physical selling in gold this morning in Asia. Shanghai arbitrage selling added to the downwards pressure in gold. Support is at $1,126 and $1,116.

After a good rally yesterday platinum and palladium are both trading lower. Both metals have seen a rise in speculative interest ahead of the expected launch of the US based ETF’s as well as gaining support from positive auto sales numbers. We expect large dips in platinum and palladium to be bought. Platinum support is at $1,525 and resistance at $1,575. US ADP employment numbers registered a decline of 84K jobs in December, slightly below the expected decline of 75K. ADP employment figures and tomorrow’s non-farm payroll numbers are highly correlated. However, since March, when markets bottomed, ADP figures have been lower than the NFP numbers every month – by an average of 72K. Should this trend continue in the December figures, we could look at a non-farm payroll number of between 0 and -12K. The market expects zero
change in December.

A better-than-expected non-farm payroll number could see equity markets rally. Looking at the recent correlation between equity markets and precious metals, we expect platinum and palladium to benefit most from good employment numbers.

Popularity: 39% [?]

Tags: commodity news, Commodiy Updates, gold update, metal update

Crude Oil Tips @ MCX

Jan 6

Posted by FxCommcalls in Commodity Update | 1 Comment

Crude oil rose as cold weather was seen boosting heating demand, Russia and Belarus feuded over oil pricing and signs of manufacturing strength fed hopes for more energy demand.

Global oil consumption will average 85.22 million barrels a day this year, the Energy Department said in its monthly Short- Term Energy Outlook on Dec. 8. That is down 1.1 p.c. from a record 86.14 n barrels a day in 2007.

Crude oil for far-month March contract rose by Rs 20, or 0.52 per cent, to Rs 3,845 per barrel with an open interest of 190 lots.

The oil for delivery in January also edged up by Rs 16, or 0.42 per cent, to Rs 3,782 per barrel in 13,364 lots.

Marketmen said increased buying activity on firming global trend mainly led to rise in crude oil futures prices.

Now support for the crude is seen at 3731 and below could see a test of 3697. Resistance is now likely to be seen at 3789, a move above could see prices testing 3813.

Trading Tips:

Crude trading range is 3700-3820.
Crude oil rose as cold weather was seen boosting heating demand
Crude oil is now having support at 3740 and resistance at 3802 level
Global oil consumption will average 85.22 million barrels a day this year

BUY CRUDE JAN AT 3750-3765
SL 3732
TGT 3778-3790-3805-3835.

Popularity: 53% [?]

Tags: crude oil, crude oil future, heating oil, MCX Crude

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