Commodity News

GOLD INTRADAY LEVELS:


Indian Business Trade

Buy at / above: 30143.58   Targets: 30171.91 --- 30215.34 --- 30258.80 --- 30302.30
Stoploss : 30100.19
Sell at / below: 30100.19   Targets: 30071.87 --- 30028.52 --- 29985.20 --- 29941.92
Stoploss : 30143.58

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SILVER INTRADAY LEVELS:


Indian Business Trade

Buy at / above: 39676   Targets: 39705.95 --- 39755.77 --- 39805.62 --- 39855.50
Stoploss : 39626.21
Sell at / below: 39626.21   Targets: 39596.26 --- 39546.51 --- 39496.80 --- 39447.12
Stoploss : 39676

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CRUDEOIL INTRADAY LEVELS:


Indian Business Trade

Buy at / above: 4222.42   Targets: 4236.57 --- 4252.85 --- 4269.17 --- 4285.51
Stoploss : 4206.19
Sell at / below: 4206.19   Targets: 4192.10 --- 4175.92 --- 4159.78 --- 4143.66
Stoploss : 4222.42

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NATURALGAS INTRADAY LEVELS :


Indian Business Trade

Buy at / above: 200.1   Targets: 203.55 --- 207.13 --- 210.74 --- 214.39
Stoploss : 196.57
Sell at / below: 196.57   Targets: 193.19 --- 189.73 --- 186.30 --- 182.90
Stoploss : 200.1

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COPPER INTRADAY LEVELS:


Indian Business Trade

Buy at / above: 456.32   Targets: 461.45 --- 466.83 --- 472.25 --- 477.70
Stoploss : 451
Sell at / below: 451   Targets: 445.93 --- 440.66 --- 435.43 --- 430.23
Stoploss : 456.32

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NICKEL INTRADAY LEVELS:

 

 

 


Indian Business Trade

Buy at / above: 868.2   Targets: 875.14 --- 882.55 --- 889.99 --- 897.47
Stoploss : 860.84
Sell at / below: 860.84   Targets: 853.96 --- 846.66 --- 839.40 --- 832.17
Stoploss : 868.2

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LEAD INTRADAY LEVELS:


Indian Business Trade

Buy at / above: 167.46   Targets: 170.64 --- 173.92 --- 177.23 --- 180.57
Stoploss : 164.25
Sell at / below: 164.25   Targets: 161.14 --- 157.98 --- 154.86 --- 151.76
Stoploss : 167.46

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ZINC INTRADAY LEVELS:


Indian Business Trade

Buy at / above: 229.1   Targets: 232.79 --- 236.62 --- 240.48 --- 244.37
Stoploss : 225.33
Sell at / below: 225.33   Targets: 221.71 --- 218.00 --- 214.33 --- 210.68
Stoploss : 229.1

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ALUMINIUM  INTRADAY LEVELS:


Indian Business Trade

Buy at / above: 144.59   Targets: 147.54 --- 150.59 --- 153.67 --- 156.79
Stoploss : 141.6
Sell at / below: 141.6   Targets: 138.71 --- 135.78 --- 132.88 --- 130.02
Stoploss : 144.59

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World Market News

Gold Prices Struggle to Advance Despite Rising Safe-Haven Demand


Indian Business Trade

Gold prices struggled to catch a bid on safe-haven demand despite rising trade tensions between the U.S. and its allies as expectations for a faster pace of U.S rate hikes kept a lid on the yellow metal's push higher.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $2.90 or 0.23%, to $1,267.80 a troy ounce.

Reports the U.S. was readying new trade restrictions against China stoked demand for traditional safe-havens like US Treasuries, the yen and Swiss franc, but safe-haven flows into gold were limited.

The U.S. is reportedly drawing up plans to block firms with at least 25% Chinese ownership from buying U.S. companies with industry changing technology, raising the risk of countermeasures from Beijing.

That comes just as the impact of the EU's tariffs on a slew of U.S. imported goods – which went into effect late Thursday – was witnessed Monday as Harley Davidson said it would move some production out of the United States.

Expectations for a faster pace of U.S. monetary policy, however, appeared to remain intact, raising the prospect of further dollar strength in the near-term, which some analysts have highlighted as the main headwind weighing on gold.

Expectations for a fourth rate hike at the Fed's December meeting remained at nearly 50%, according to Investing.com's Fed Rate Monitor tool.

Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding gold as it pays no interest.

In other precious metal trade, silver futures fell 0.81% to $16.33 a troy ounce, while platinum futures lost 0.46% to $871.00 an ounce.

Copper prices gained 1.41% to $3.01.

 

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Oil markets go tense on Libyan concerns, WTI still under $68


Indian Business Trade

  • Oil markets are feeling the pressure as Libyan output concerns are jamming up against OPEC production hikes.
  • OPEC planned production increases may be less than initially expected, but prices are still being pressured to the downside.

Oil market tensed up on Tuesday as Libyan forces exchanged oil ports with the National Oil Corporation, a company who counter-intuitively is not tied to Libya's state-run oil companies, and Libya has lost access to those oil ports. Market prices popped on the news, but OPEC's plans to increase production limits are keeping prices weighed down for now.

 OPEC will be set to lift daily oil production caps soon, though the limit lift will be for less than markets had initially feared, with Saudi Arabia pushing for a one million bpd production limit hike, though key OPEC countries like Iran are arguing for a comparably smaller increase of 600-800 thousand barrels. The move still represents a loosening of OPEC's tight controls on oil production, and prices have been hobbled by the news, which first came out of a Saudi Arabia-Russia joint statement some weeks ago.

WTI levels to watch

With crude slumping into yesterday's lows at 67.50, a further decline will see a long drop into last Friday's lows near 65.50, while a bullish recovery will have to break back over the 68 key handle before moving on to challenge the current week's high near 68.90.

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Oil prices edge up on Libya worries, but OPEC supply rise drags


Indian Business Trade

Oil prices inched up on Tuesday on uncertainty over Libyan oil exports, although plans by producer cartel OPEC to raise output continued to drag.

Brent crude futures , the international benchmark for oil prices, were at $74.81 per barrel at 0311 GMT, up 8 cents, or 0.1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $68.24 a barrel, up 16 cents, or 0.22 percent.

Traders said prices were mostly driven up by uncertainty around oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC).

Eastern Libyan commander Khalifa Haftar's forces have handed control of oil ports to a separate National Oil Corporation (NOC) based in the country's east.

The official state-owned oil company based in the capital Tripoli, also called NOC, will not be allowed to handle that oil anymore, he said.

In comments later confirmed to Reuters, Ahmed Mismari, spokesman of Haftar's Libya National Army (LNA), said on television that no tanker would be allowed to dock at eastern ports without permission from an NOC entity based in the main eastern city, Benghazi.

"The move increases the risk that Libyan oil output will be shut in as the NOC in Tripoli is the only legal entity with the right to sell oil," said Sukrit Vijayakar, director of energy consultancy Trifecta.

The uncertainty over Libya's oil exports comes after OPEC together with a group of non-OPEC partners including top producer OPEC announced a supply rise of around 1 million barrels per day (bpd) aimed at cooling oil markets.

Oil markets have tightened significantly since 2017, when OPEC and its partners started withholding supply to prop up slumping prices at the time.

"Despite the OPEC agreement (last week) we believe that tight supply is likely to drive oil prices higher during 2018," Jason Gammel of U.S. investment bank Jefferies said in a note

"We expect that Brent prices will be in excess of $80 per barrel in 2H18," he added.

Bank of America Merrill Lynch (NYSE:BAC) (BoAML) said tight market conditions would push Brent prices to $90 per barrel by the second quarter of 2019.

But BoAML warned of uncertainty as the impact of announced U.S. sanctions against Iran was not yet clear, and as the effects of the global trade dispute between the United States and major other economies including the European Union and China gradually take effect.

 

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NYMEX crude up in Asia as Brexit politics eyed, API data ahead


Indian Business Trade

Crude oil prices gained in ASia on Tuesday with industry data on U.S. stockpiles due later in the day and markets watching an expected long-drawn political process in the U.K. before any Brexit timetable becomes clear.

On the New York Mercantile Exchange, WTI crude for August rose 0.76% to $46.68 a barrel.

Later Tuesday, the American Petroleum Institute will release its estimates of crude and refined product stockpiles in the U.S. by the end of last week. On Wednesday, the U.S. Department of Energy releases more closely-watched figures.

Overnight, U.S. crude futures slid to near six week lows on Monday, as a broadly stronger dollar weighed on global oil prices while the shockwaves of last weeks historic Brexit referendum continued to be felt worldwide.

On the Intercontinental Exchange (ICE), brent crude for September delivery wavered between $47.31 and $49.48 a barrel, before settling at $47.85, down 1.24 or 2.43% on the day. Crude futures have slumped by approximately 8% since last Fridays shocking decision by U.K. voters to approve a departure from the European Union.

Despite the considerable two-day sell-off, U.S. crude futures are still up by more than 65% from their level in mid-February when they slid to a 13-year low at $26.05 a barrel.

In Mondays session, investors continued to pile into safe-haven assets such as government bonds, gold and the dollar, as the British Pound fell an additional 3% to touch a fresh 31-year low against the greenback. On Monday afternoon, Standard & Poors lowered its credit rating on U.Ks sovereign debt from AAA to AA, as it weighed the possibility of future contagion effects if other nations in the EU decide to leave the European bloc. In lowering its outlook for U.K. bonds to negative, S&P cited heightened risks of market deterioration on external financial conditions, as well as the wider constitutional issues surrounding a potential U.K. departure by Northern Island or Scotland.

In last weeks referendum, Scotland voters backed the Remain campaign by a 62-38% margin, triggering concerns that the country could look to leave the U.K. in the coming months. Shortly after the results were tallied, Scotland first minister Nicola Sturgeon said she would seek a re-revote of the nations 2014 independence referendum from the U.K., which failed by a 55-45%. In the months leading to the 2014 referendum, Scotlands Oil and Gas Analytical Bulletin predicted that production in Scottish offshore oil fields could generate as much as £57 billion by 2018.

Also on Monday, Goldman Sachs (NYSE:NYSE:GS) said in a note to investors that last weeks Brexit vote could tip the U.K. into mild recession by early next year. A number of leading energy analysts have expressed widespread concerns that demand in oil could falter if economic growth throughout the euro area declines sharply.
The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, rallied by more than 1% to hit a fresh three-month high at 96.86, before falling back slightly in U.S. afternoon trading. The index is still down more than 3% since early-December.

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