Daily Commodity Update 19-12-2011

8/3/2019 Daily Commodity Update 19-12-2011

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DAILY COMMODITY OUTLOOK 19th Dec2011

Market Review & Outlook

Precious Metals

Gold & silver closed in the negative territory for the third straight session of

trade. Gold registered a low of `27047 levels but recovered from these lower

levels as the session progressed. We reiterate that, `27300--`27000 are

strong support zones for gold prices. Silver prices too remained in the

negative territory throughout the days trade. Sustenance below `54000

levels will see silver pr ices gradually slip to ` 5100 0 levels.

Base Metals & Energy

The base met als traded on a m ixed not e during y esterday s session. Lead and

Zinc closed the session with a cut of 2% and 1% respectively. The price of

zinc has closed in t he red for the 5 th straight session of trade. Nickel rem ained

strong and closed the session with smart gains of just over 1%. Nickel

remains the only base metal t hat rem ains a buy on dips.

Crude oil continued its correction from higher levels and closed in the red forthe 3 rd consecutive session of the trade. Although crude oil has now broken

below a key support level, it can witness some pullback over the upcoming

few sessions. On the other hand natural gas price has broken below its

multiple support levels placed at the `170 levels on a closing basis. This is an

extremely bearish event for natural gas and opens up downside targets of

` 150 / ` 147 levels.


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Strategy/Recommendations

MCX Nickel Dec ` 976.90

Traders can look to go long betw een ` 979--` 972 levels with a stoploss placedbelow ` 959.15 levels for upside target s of ` 992 / ` 1009 levels.

MCX Lead Dec `103.95

Traders can look to go short betw een ` 104.40--` 104.75 levels with a stoplossplaced above ` 105.65 levels for downside target s of ` 103.10 / ` 102 levels.


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Morning Technical Levels for Metals and Energy

Commodity Exchange Contract Trend S2 S1 LTP R1 R2

Bullions

Gold MCX FEB Down 27,486 27,561 27,636 27,680 27,724

Spot Gold Down 1568 1585 1601.25 1611 1620

Silver MCX MAR Down 53,391 53,553 53,714 53,823 53,931

Spot Silver Down 28.88 29.30 29.71 30.03 30.34

Base Metals

LME Copper Sideways 3.2379 3.2999 3.3620 3.4004 3.4389

Copper MCX FEB Sideways 391.4 392.32 393.2 393.8 394.3

Zinc MCX DEC Down 98.67 98.83 99 99.13 99.27

Lead MCX DEC Down 102.9 103.42 103.95 104.3 104.6

Aluminium MCX DEC Sideways 105.6 105.68 105.75 105.8 105.8

Nickel MCX DEC UP 973.3 975.10 976.9 978.7 980.5

Energy

Crude oil MCX Dec Sideways 4,888 4,919 4,950 4,968 4,986

Crude NYMEX Sideways 91.48 92.68 93.87 94.92 95.96

Natural Gas MCX Dec Down 164.6 165.20 165.8 166.2 166.6


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Strategy/Recommendations

NCDEX Pepper Jan ` 35620.00

Traders can go long between `35650--`35750 levels with a stoploss placed below

` 35080 levels for upside targets of ` 36400 / ` 36650 levels.

Agricultural Commodities


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Morning Technical Levels for Agri - Commodities

Commodity Exchange Contract Trend S2 S1 LTP R1 R2

Spice Complex

Jeera NCDEX Dec UP 13693 13853 14012.00 14119 14225

Pepper NCDEX Dec UP 36895 37370 37845.00 38150 38455

Turmeric NCDEX Dec UP 4023 4051 4080.00 4137 4195

Chilli NCDEX Dec DOWN 6145 6403 6660.00 6789 6917

Coriander NCDEX Dec 3792 3837 3881.00 3943 4004

Oilseed Complex

Soybean NCDEX Dec UP 2298 2327 2356.50 2375 2394

Mustard Seed NCDEX Dec UP 3407 3436 3466.00 3490 3515Ref Soya Oil NCDEX Dec UP 659 664 668.80 672 674

CPO NCDEX Dec Sideways 171 341 512.10 341 171

Castor Seed NCDEX Dec Sideways 3929 3939 3948.00 3954 3959

Others

Guar Seed NCDEX Dec UP 5893 6005 6116.00 6339 6561

Guar Gum NCDEX Dec UP 19262 19649 20037.00 20812 21588

Chana NCDEX Dec UP 3172 3225 3278.00 3314 3350

Sugar NCDEX Dec UP 2722 2749 2777.00 2826 2876

Sugar NCDEX Dec UP 958 1916 2874.00 1916 958

Kapas NCDEX Apr Sideways 718 735 751.70 762 771

Cotton Oilseed

Cake

NCDEX Jan Sideways 1176 1193 1209.00 1220 1230

Gur NCDEX Dec UP 1031 1033 1035.00 1037 1038

Potato NCDEX Apr DOWN 541 550 559.40 568 577

Menthaoil MCX Dec Sideways 1298 1305 1310.60 1315 1320

Wheat NCDEX Dec Sideways 1122 1127 1133.00 1141 1150

Maize NCDEX Dec Sideways 1099 1119 1138.00 1154 1169


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Daily Commodity Update 19-12-2011