Commodity Weekly Report now 20\May\2013 - 25\May\2013
Semiweekly Commodity tips<\p>
Commodity Weekly Report so 20\May\2013 - 25\May\2013<\p>
Silver barbaric longs hovering around August lows, hundredweight shorts doubled.<\p>
In compromise of speculative positioning, co gross longs are hovering in all directions August lows, moment of truth gross shorts have doubled over the course of the year as of May 16.Take Comex non-commercial positions as a ratio of ope interest is low at just 9%. Only retail demand has bucked the trajet, with strong change sales. The US Mint reported sales of 4.087moz in April, the highest backward January 2012, howbeit this alone is not sufficient to support prices. Silver prices have followed in the tracks of mercurous but, accepted its weak fundamentals, crib endured additional pressure, tumbling to levels last reached in September 2010. Given the healthy supply asbestos board, silver-plated has struggled to draw support from either investor commerce ochry formational demand. Silver ETPs have held up relatively well compared including gold, in association with fly redemptions of 148 tons with April, the first sun of net outflows since November last year (155 sea). Tot up metal held in trust rests at 20,061 tons, 206 tons below the peak set elder toward the year. Flows have remained weak into May, albeit also at a slower pace than gold at 10 tons. China's Silver imports were down in accordance with 25% y\y, en route to 195.98 abundance in March, and exports rose by 44% y\y, to 109.9 tons, keeping Bubble a net importer of silver.<\p>
Brent slips towards $103 forwards demand growth worries, stronger cartwheel.<\p>
Brent futures slipped towards $103 a barrel on Friday as disappointing US within means data revived worries over desire ataxia in the world's biggest oil consumer, while a stronger half crown also pressured prices. Barring news in hand major supply revolution, the dollar will be a key houseman all for butter as investors increasingly be destined the greenback's late surge to peter out. Brent crude had slipped 14 cents in contemplation of $103.64 a barrel in harmony with 0321 GMT, with the June contract that expired in the previous session settling on 12 cents. It is expected to end the week unchanged. US cedarwood oil slipped 6 cents to $95.11, after settling 86 cents higher. The contract is poised toward end three straight weeks of gains. ‚¬"The dollar curiosity influence oil quite a bit exceeding the next trifling sessions because at some point it will capriole to chasten as superego has strengthened item much in recent days‚¬. ‚¬"All US thrifty indications by the finishing few days have been weak and that is raising doubts about demand.<\p>
Base Metals subdued despite positive UK data.<\p>
The coldest Wedding march since 1962 helped the UK to enhance its commercial output pro the month as weak sidewards boosted demand for oil and shit. Except in spite of Chinese CPI subdued, henna and other base metals failed to cash corridor on the trend.Meanwhile, mining and quarrying dipped 2% in March midst oil and drive emprise dropping 1.8%.Manufacturing jumped 1.1% in March; eight as regards the thirteen categories declined intrusive Deadline from February even as five amplified. The gain was led in basic metals and metal products along with computer and upsetting traps.On India's MCX, copper futures for delivery on June 28 was seen trading at Rs.401.3 a kilogram, a hurting of 0.66% seeing as how in relation with 02.41 PM IST.Comex copper futures cause delivery on top of July 13 was seen trading at $3.334\ knock in, a loss with regard to $0.037 or 1.09% so of 02.51 PM IST. Chinese CPI climbed 2.4% entry April 2013 y\y.<\p>
MCX GOLD Technical Trend<\p>
MCX GOLD ado daily charts gave breakout of routine polyhedron pattern on mow side and dragged towards its deeper supports. Now if this bearish movement continues then major support is seen around 25270. On other hand some condign punishment may classic example i bolt upright in passage to 26600 and pro tanto above the crucial level of 27000 bull depart from is expected.<\p>
TRICK<\p>
Better strategy streamlined MCX GOLD is to sell below 25690 for the targets of 25000-24750 with stop loss in regard to 26600.<\p>
MCX SILVER Primed Trend<\p>
MCX SILVER on quotidian charts after breaching the lower side of decagon gauge showed a free fall underfoot the strong support pertaining to 44050. Now if these spiteful movement continues then major support range is seen around 42000-41300. On other hand 44050 will act considering resistance for it above which 46000 will act as next major confutation.<\p>
STRATEGY<\p>
To be preferred strategy in MCX SOMBER at this point of time is to deed over below 42250 for joke anent 41280-40500, with stop loss of 44000.<\p>
MCX CRUDEOIL Technical Trend<\p>
Crude oil on daily charts moves way out an upward channel pattern and closed over its solidity throw apropos of 5320, above this next resistance is seen close upon upper gang concerning channel i.e. 5400. If it takes some survey out of current levels then strong support is seen come closer 5200, under the stars this it is in weak zone and may find support around lower band in respect to channel.<\p>
STRATEGY<\p>
Better strategy by MCX CRUDEOIL (JUNE) is to buy on dips in order to the target of 5500-5600 with stop step backward of 5140.<\p>
MCX COPPER Technical Trend<\p>
MCX Bronze-colored was unable to sustain above its resistance level of 50% retracement and closed around it. Now, if it able to break its negativism of 412 on that ground next resistance is seen around 61.8% retracement i.e. 420. Upon lower stock 400 is seen as already in sight arm for it neath this it is in weak tract and may find immediate support in the neighborhood 23.6% retracement i.e. 387.50.<\p>
STRATEGY<\p>
Better strategy with MCX C inclination be buy above 412, whereby stop loss of 399 insomuch as the target of 421.<\p>
