17th Apr-21st Apr, 2017 WEEKLY COMMODITY REPORT · failed to weigh on sentiment. Gold for June...
9
Transcript of 17th Apr-21st Apr, 2017 WEEKLY COMMODITY REPORT · failed to weigh on sentiment. Gold for June...
INDIAN MARKET AS ON THURSDAY
SEGMENT
CURRENT VALUE
PRE.WEEK CLOSING
% CHANGE
GOLD
29409
28684
2.52%
SILVER
42571
41379
2.88%
CRUDEOIL
3420
3359
1.81%
ZINC
168.60
171.95
-1.94%
LEAD
144.70
145.15
-0.31%
ALLUMINIUM
123.10
125.75
-2.10%
COPPER
366.20
376.05
-2.61%
NICKEL
626.70
656.80
-4.58%
NATURAL GAS
207.10
210.00
-1.38%
MCX NEWS OF THIS WEEK
Gold prices traded higher on Thursday, as investors continued to back the
precious metal amid geopolitical concerns while mostly upbeat economic data
failed to weigh on sentiment. Gold for June delivery on the Comex division of
the New York Mercantile Exchange added $10.05, or 0.78%, to $1,288.15 a
troy ounce by 13:39 EDT. Gold is on track for its best week since June. Gold
prices shrugged off upbeat economic data as investors continued to pour into
safe haven assets such as gold amid concerns geopolitical tensions could
escalate, as a U.S. carrier group sailed towards the Korean Peninsula. U.S. –
Russia relations have strained over the past few days, as U.S. Secretary of
State Rex Tillerson received an icy reception on arrival at Moscow on
Wednesday, after the U.S. launched an airstrike on a Syrian airbase. U.S.
President Donald Trump said Wednesday, the U.S. is “not getting along” with
Russia and relations are at an “all-time low”.
The oil market is rebalancing in the short term, and demand will continue to grow in the long term, Saudi Aramco Chief Executive Amin Nasser said at the Columbia University Energy Summit on Friday. In the short term, the oil market has a surplus, but Nasser said that supplies are falling behind what will be required in coming years."The future market situation will be increasingly on firmer grounds, though volatility could continue until the rebalancing takes firmer hold and inventory withdrawals assume a more consistent trend," he said.In both 2018 and 2019, Aramco expects demand to continue to grow, and Nasser said he expects the growth will continue into the years ahead.
DATA OF THE WEEK
DATE DATA PREVIOUS FORECAST
Apr 12 Crude Oil Inventories
Apr 13 PPI m/m 0.3% 0.0%
Apr 13 Unemployment Claims 234K 242K
Apr 14 CPI m/m 0.1% 0.0%
Apr 14 Core CPI m/m 0.2% 0.2%
Apr 14 Core Retail Sales m/m 0.2% 0.2%
Apr 14 Retail Sales m/m 0.1% 0.1%
UPCOMING DATA
DATE DATA PREVIOUS FORECAST
Apr 18 Building Permits 1.22M 1.25M
Apr 19 Crude Oil Inventories
Apr 20 Philly Fed Manufacturing Index 32.8 25.6
Apr 20 Unemployment Claims 234K 241K
Apr 20 Treasury Sec Mnuchin Speaks
ADVICE ON GOLD
Trend: BULLISH
Recommendation: BUY ABOVE 29430
Targets: 29580/29730
ADVICE ON CRUDE OIL
Trend: BULLISH
Recommendation: BUY ABOVE 3460
Targets: 3520/3580
ADVICE ON ZINC
Trend: BEARISH
Recommendation: SELL BELOW 165.90
Targets: 163.30/161.80
DISCLAIMER
This document is solely for the personal information of the intended recipient and
must not be exceptionally used as the basis for any investment decision. Nothing in
this document should be construed as investment, Legal, taxation or financial
advice. Money Market Manthan financial services is not soliciting any action based
upon it. Each recipient of this document should make necessary investigations as
they consider important to arrive at an independent evaluation of an investment in
the securities of the companies referred to in this document (including the merits
and risks involved). This report has been made based on information that we
consider reliable and are publicly available but we do not state that it is accurate or
complete and it should not be solely relied upon such, as this document is for.
Money Market Manthan financial services, its affiliates, directors, its proprietary
trading and investment businesses may, from time to time, make investment
decisions that are inconsistent with or contradictory to the recommendations
expressed herein. The views contained in this document are those of the analyst,
and the company may or may not subscribe to all the views expressed within this
document.Money Market Manthan financial services or employees shall not be in
any way held responsible for any loss or damage that may arise to any person from
any inadvertent error in the information contained in this report.
Money Market Manthan financial services have not independently verified the
information contained in this document. Accordingly, we cannot testify, nor make
any representation or warranty, express or implied, to the accuracy, contents or data
contained within this document. This document is being supplied to you solely for
your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
“INVESTMENT IS SUBJECT TO MARKET RISK.”
