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NEWS IN DETAIL
Crude Oil Trims Losses, Traders Eye EIA Weekly Update (22/02/2018)
  WTI Crude oil futures stayed under pressure amid weak equities but cut losses after testing near one week low as traders eyed the release of the weekly EIA inventories data today. European equities saw heavy selling as the latest Federal Reserve meeting minutes rekindled worries of inflation and higher interest rates and the day's economic releases also hurt the sentiments. Survey data from IFO institute showed that Germany's business sentiment index fell more-than-expected to 115.4 in February from 117.6 in January. Further, a government report showed the UK economy expanded by 0.4% in the fourth quarter, down from the 0.5% preliminary estimate released last month. FTSE is down 0.92% while DAX has slipped 0.76% on the day. WTI Crude oil futures are currently trading down 0.37% at $61.45 per barrel after testing lows under $61 mark earlier in the day. MCX Crude oil futures fell sharply in early moves but recovered to trade at Rs 4002 per barrel, almost unchanged on the day. Powered by Commodity Insights
   
Gold Extends Downside On Fed's Inflationary Talk (22/02/2018)
  MCX Gold futures moved lower in choppy trades yesterday and are expected to ease further today on downbeat global cues. The local futures dropped 0.13% to close at Rs 30500. COMEX Gold fell to a fresh one week low and currently quotes around the same mark following the continued inflationary talk by the US Fed. The Federal Reserve is on track to raise interest rates gradually over the course of the year, according to the minutes of the central bank's most recent meeting. The Fed raised its projection for inflation, noting that core personal consumption expenditure index would rise notably faster this year from its 1.5% rate in December. COMEX Gold is currently trading at $1325 per ounce, down 0.40% on the day. Though the policymaking Federal Open Market Committee chose not to hike its target rate at the Jan. 30-31 meeting, members indicated clearly that the path ahead for rates was higher. Almost all participants saw inflation moving up to the Fed's 2% inflation goal over the medium term as growth remained above trend and the labor market stayed strong. The US dollar extended gains following this and gained further from a three year high, breaking above the key 90 level threshold.
   
Copper Sees Good Bargain Buying (17/02/2018)
  Copper has continued to gain this week as a recovery from near two month lows triggered some good buying. Large speculators slightly cut their net positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 52,955 contracts in the data reported through Tuesday February 6th. This was a weekly fall of -884 contracts from the previous week. The metal has gained this week though and gains in equities seem to be supporting it today as well. The COMEX Copper futures are currently quoting at $3.251 per pound, up marginally on the day. MCX Copper futures ended around Rs 458 per kg yesterday and should edge up towards Rs 460 mark yet again. Powered by Commodity Insights
   
Gold Stays Supported, Dollar Index Near Three Year Low (17/02/2018)
  Gold saw good bargain buying today after falling in last session as a weak US dollar supported the sentiments. The metal slipped on strength in equities. Dow witnessed good buying to rebound above 25000 levels. Strong gains emerged in European and Asian markets as well. However, the buying momentum is supportive and the COMEX Gold futures are currently up 0.58% at $1363.10 per ounce. This is the highest level in nearly three weeks for the counter. MCX Gold futures are currently trading at Rs 30803 per 10 grams, up 0.73% on the day. Meanwhile, it was a sloppy session for the US dollar today. The US currency slipped below its January low against a basket of major currencies to reach its lowest mark in nearly three years. The dollar index dropped near 88.40 mark today, spurring commodities and keeping the undertone supported for risky assets in general. Powered by Commodity Insights
   
UK Construction Growth Weakest In 4 Months In January (03/02/2018)
  UK IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell more-than-expected to 50.2 in January from 52.2 in December, survey results from IHS Markit showed Friday. It was expected to fall to 52.0. However, any reading above 50 indicates expansion in the sector. Among sub-sectors, house building activity, the main driver of growth in recent months, declined for the first time in seventeen months. At the same time, commercial building sector returned to growth territory in January and civil engineering activity rose slightly. Powered by Commodity Insights
   
US Manufacturing Growth Eases, Construction Spending Hits Record High (03/02/2018)
  Growth in US manufacturing activity saw a modest slowdown in the month of January, according to a report released by the Institute for Supply Management (ISM) on Thursday. The ISM said its purchasing managers index (PMI) edged down to 59.1 in January from 59.3 in December. Construction spending in the US edged up to a new record high in the month of December. The Commerce Department said construction spending increased by 0.7% to an annual rate of $1.253 million in December. Eurozone manufacturing activity expanded markedly at the start of the year, driven by solid expansions of both production and new orders, survey data from IHS Markit showed. The final factory PMI dropped to a three-month low of 59.6 in January from December's record high of 60.6.
   
US Crude Oil Output Running Near Five Decade High (03/02/2018)
  US crude oil production reached 10.038 million barrels per day (b/d) in November 2017, according to EIA’s latest Petroleum Supply Monthly. November’s production is the first time since 1970 that monthly U.S. production levels surpassed 10 million b/d and the second-highest U.S. monthly oil production value ever, just below the November 1970 production value of 10.044 million b/d. Within the Lower 48 states, November 2017 production reached a record high in Texas at 3.89 million b/d, followed by North Dakota at 1.18 million b/d. Production in the Federal Gulf of Mexico reached 1.67 million b/d, up 14% from the October 2017 level as the region recovered from Hurricane Nate. The production values presented here are based on EIA’s monthly survey of crude oil production, which, for reasons explained in a webinar presented earlier this week, are considered more comprehensive and reliable values of U.S. crude oil production than the preliminary estimates presented in EIA’s Weekly Petroleum Status Report. U.S. crude oil production has increased significantly over the past 10 years, driven mainly by production from tight rock formations including shale and other fine-grained rock using horizontal drilling and hydraulic fracturing to improve efficiency. EIA estimates of crude oil production from tight formations in November 2017 reached 5.09 million b/d, surpassing a previous high of 4.70 million b/d in March 2015. These formations also produce considerable volumes of natural gas associated with the crude oil. Liquid production—both crude oil and condensate—from tight rock currently accounts for about 51% of total production. A decade ago, in November 2008, production from tight formations accounted for only 7% of total U.S. production. Non-tight oil production has been mostly constant over the previous decade. Powered by Commodity Insights
   
Gold Steady In World Markets, Investors Eye Bitcoin (03/02/2018)
  MCX Gold stayed supported today amid steady global cues. The plunge in Bitcoins continued as media reports stated that the US Commodity Futures Trading Commission (CFTC) is reportedly working on a heightened review process for cryptocurrency futures. Gold is holding flat around $1350 per ounce levels. MCX Gold futures are currently trading at Rs 30543 per 10 grams, up 0.32% on the day. Global markets mostly turned lower as investors eyed the release of the US nonfarm payrolls data. Bitcoin is down nearly 8% at $8300 levels right now. A torrid drop in digital currency Bitcoin clubbed with India’s surcharge in Gold import duty pushed the metal up in world markets yesterday. MCX Gold futures soared yesterday amid positive global cues and the introduction of a surcharge on import. The Finance Minister in his budget speech Union Budget 2018-19 mentioned that the Gold imports will now be attracting 3% social welfare surcharge. This will be applicable on the aggregate duties of customs, stated the budget document.
   
Gold Slides On MCX As Drop From Near Rs 30K Extends (20/01/2018)
  COMEX Gold futures flipped back from a four month high yesterday but witnessing some buying after the US stocks corrected after recent spurt. US equities came off record highs concerns about a potential government shutdown. Good Indian demand prospects also turned out to be a key factor yesterday. The metal is currently trading at $1231 per ounce, up 0.30% on the day. MCX Gold futures ended at Rs 29630 per 10 grams, down 0.43% on the day as a drop from highs near Rs 30K extended. India's gold imports rose 53% to 846 tonnes last year on strong domestic demand and lower global prices, according to MMTC-PAMP India, media reports stated. The world's second largest gold consumer had imported 550 tonnes of the metal in 2016. In December 2017, gold imports rose to 70 tonnes from 49 tonnes in the year-ago period. This is likely to keep the metal supported in near term, capping downside pressure.
   
Copper Steady Just Above Rs 450 On MCX (20/01/2018)
  COMEX Copper futures edged up in Asia amid supportive cues from equities. The metal has corrected this week on concerns about speculative demand as prices hovered just below four year highs. Large metals speculators trimmed their net positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 62,284 contracts in the data reported through Tuesday January 9th. This was a weekly reduction of -1,628 contracts from the previous week which had a total of 63,912 net contracts. The speculative position of copper had seen four straight weeks of gains before the latest pull back. COMEX Copper is currently quoting at $3.209 per pound, up 0.28% on the day. MCX Copper futures should open higher following these cues. The metal closed at Rs 452.50 per kg yesterday, up 0.40% on the day. Powered by Commodity Insights
   
US Crude Oil Inventories Slip For Eighth Week (11/01/2018)
  Crude oil futures continued to stay supported Wednesday, extending 4-year highs amid further signs the global oil market is tightening. US crude inventories fell 4.9 million barrels last week, more than the 3.9-million decline forecast. It was the eight week in a row that inventories slipped. The WTI Crude rose 61 cents, or 1%, to settle at $63.57 a barrel yesterday. MCX Crude oil futures closed up 0.87% at Rs 4038 per barrel. Meanwhile, India's fuel product consumption or sales surged 7.6% to 17.41 mt in December 2017 over a year ago. Diesel jumped 10.4% to 7.26 mt, petcoke 15.7% to 1.91 mt, others 35.3% to 0.62 mt, petrol 8.1% to 2.12 mt and LPG 3.1% to 2.00 mt. The consumption of bitumen also improved 7.7% to 0.62 mt, light diesel oil (LDO) 32.8% to 0.05 mt and lubes/greases 2.1% to 0.30 mt. The consumption of ATF was flat at 0.64 mt, while that of kerosene declined 21.3% to 0.31 mt, and fuel oil 7.5% to 0.57 mt and naphtha 2.6% to 1.01 mt in December 2017. Consumption or sales of fuel products increased 3.9% to 152.01 mt in April-December 2017 over April-December 2016. Sales of diesel increased 5.9%, petrol 8.6%, LPG 8.1%, and petcoke 6.9%. Consumption of others moved up 11.9%, ATF 7.8%, lubes/greases 2.1% and LDO 4.6%. However, the consumption of kerosene declined 31.1%, naphtha 9.8%, fuel oil 8.4% and bitumen 2.2% in April-December 2017. Powered by Commodity Insights
   
Copper Gains, Sentiments Supported (09/01/2018)
  COMEX Copper futures stayed supported on speculative buying after Friday’s profit selling. The global copper futures soared to four year highs after a massive rally in last year. Positive Chinese data, an emerging global supply deficit and signs that future technologies such as electric vehicles and solar power will lead to a big demand increase are acting in favour of the red metal from a medium term view. COMEX Copper is holding up around $3.23 per pound right now. MCX Copper futures ended just under Rs 454 levels yesterday and should edge up towards Rs 456/457 levels today.

Large metals speculators sharply increased their bullish net positions in the Copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 63,912 contracts in the data reported through Tuesday January 2nd. This was a weekly advance of 10,643 contracts from the previous week which had a total of 53,269 net contracts. Speculative positions have risen for four straight weeks

   
United States Geological Survey came with U.S. mine and plant production data for 14 selected minera (06/01/2018)
  WTI Crude oil futures stayed supported yesterday after US EIA reported another drop in US oil inventories. US commercial crude oil inventories decreased by 7.4 million barrels from the previous week, the EIA said in a weekly update. Stockpiles have been falling for last two months and WTI futures scored big on this, hitting near three month highs around $62.50 per barrel. At 424.5 million barrels, US crude oil inventories are in the middle of the average range for this time of year. However, with a massive cold wave keeping drivers off the roads during the holidays, total motor gasoline inventories increased by 4.8 million barrels last week, and are above the upper half of the average range. MCX Crude oil futures closed around Rs 3920 per barrel and should see a mixed outing ahead of the weekend. US stocks hit another record high on supportive jobs data and rising commodity prices. A report released by payroll processor ADP on Thursday showed private sector employment in the US soared much more than expected in the month of December. ADP said employment in the private sector surged up by 250,000 jobs in December after climbing by a downwardly revised 185,000 jobs in November. British services activity growth exceeded expectations at the end of 2017 despite the Brexit-related uncertainty weighing on business investment. The IHS Markit/Chartered Institute of Procurement & Supply services Purchasing Managers' Index rose to 54.2 in December from 53.8 in November, survey data from IHS Markit showed.
   
US Aluminium Production Essentially Unchanged in Q3 2017 (06/01/2018)
  United States Geological Survey came with U.S. mine and plant production data for 14 selected mineral commodities. The combined production of construction materials (cement, construction sand and gravel, crushed stone, and gypsum) in the third quarter of 2017 was 7% higher compared with that in the second quarter of 2017. Production of secondary aluminum remained essentially unchanged in the third quarter of 2017 and has remained that way since the first quarter 2016, copper production decreased by 6%, whereas iron ore and zinc increased slightly and by 16%, respectively, compared with that in the second quarter of 2017.During the third quarter of 2017, gold and silver production decreased by 10% each compared with production in the second quarter of 2017. The continued strike at a polymetallic silver and lead mine in Idaho contributed to the decreased silver production. Powered by Commodity Insights
   
Gold Near Three Month High After Breaking $1300 Mark (03/01/2018)
  Supportive buying momentum, weak US dollar and upbeat technical cues after the breach of $1300 per ounce are keeping Gold afloat at the start of the New Year 2018. The commodity is currently trading at $1315 per ounce – its highest mark in nearly three months. Prices gained around 6% last year –clocking their best annual performance in seven years. MCX Gold futures closed at around Rs 29160 per 10 grams, up 0.13% on the day. Expect buying to emerge as long as Rs 29K remains in place. Large metals speculators added to their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 113,795 contracts in the data reported through Tuesday December 26th. This was a weekly gain of 6,727 contracts from the previous week. Powered by Commodity Insights
   
Global Aluminium Output Down 8% On Year In November (03/01/2018)
  International Aluminium Institute latest numbers for Aluminium showed a sharp dip in the production of the metal. China has been one of the strong trigger in this dip as production in World Aluminium dropped by more than 5%. The data estimates from International Aluminium Institute (IAI) showed that Aluminium production was up to 4.714 million tonnes in November 2017, from 4.957 million tonnes in October 2017. On a yearly basis, Aluminium production shrinked by 8.3% from 5.145 million tonnes in November 2016. China Aluminium production was 2.35 million tonnes in November 2017, up from 2.54 million tonnes in October 2017. Powered by Commodity Insights
   

 

 
Commodity D
  Strategy Day Total (21/02/2018)
  Entry Price .
  Target .
  Stop Loss .
Commodity CRUDEOIL
  Strategy Buy (21/02/2018)
  Entry Price 3975
  Target tg14010 tg24035 tg34060
  Stop Loss 3940
Commodity GOLD
  Strategy Sell (21/02/2018)
  Entry Price 30460
  Target tg1 30375 tg2 30342 tg3 30285
  Stop Loss 30525
Commodity D
  Strategy Day Total (01/02/2018)
  Entry Price .
  Target .
  Stop Loss .
Commodity GOLD
  Strategy Sell (01/02/2018)
  Entry Price 30300
  Target TG1 30210 TG2 30145 TG330080
  Stop Loss 30385
Commodity D
  Strategy Day Total (18/01/2018)
  Entry Price .
  Target .
  Stop Loss .
Commodity GOLD
  Strategy Sell (18/01/2018)
  Entry Price 29655
  Target TG1 29602 TG2 29575
  Stop Loss 29705
Commodity D
  Strategy Day Total (17/01/2017)
  Entry Price .
  Target .
  Stop Loss .
Commodity NICKEL
  Strategy Buy (17/01/2018)
  Entry Price 798
  Target tg1 806 tg2810 tg3 814.70
  Stop Loss 790
Commodity COPPER
  Strategy Sell (17/01/2018)
  Entry Price 454.20
  Target tg1 452.20 tg2451.20 tg3449.60
  Stop Loss 456.20
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