Commodities Evening Update
International Commodities
Friday, July 03, 2015
Content
Market Highlights
Days overview
Outlook
Important Events for Today
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Commodities Evening Update
International Commodities
Friday, July 03, 2015
Performance during the day as at 4.00 pm 3rd July 2015 Index
Open High Low Last
% Chg from Prev
day
Nifty 8440.10 8497.75 8424.15 8484.90 0.47
Sensex 27973.12 28135.43 27897.45 28092.79 0.53
Nikkei 20476.69 20557.51 20431.25 20539.79 0.08
Kospi 2107.51 2109.68 2094.02 2104.41 -0.14
FTSE 22611.14 22709.01 22511.09 22511.09 -0.22 23589.64
Source: Reuters
as at 4.00 pm 3rd July 2015
Currency Open High Low Current Chg from Prev day
Dollar Index 96.26 96.30 96.04 96.10 -0.20
Euro/$ Spot 1.1084 1.1117 1.1079 1.1112 0.26
INR/$ Spot 63.287 63.49 63.287 63.4675 0.28
Source: Reuters
as at 4.00 pm 3rd July 2015
Commodity Unit Open High Low Last
% Chg from Prev day
Spot Gold $/oz 1165.79 1170.00 1164.4 1168.50 0.24
Comex Gold $/oz 1166.40 1168.10 1155.5 1163.00 -0.51
MCX Gold Aug15
Rs/10 gms
26490.00 26560.00 26460 26545.00 0.42
Spot Silver $/oz 15.68 15.70 15.55 15.67 -0.13
Comex Silver $/oz 0.1547 0.15695 0.15445 0.15537 -0.10
MCX Silver July15
Rs/kg 35978 36066 35829 36055 0.51
Crude Oil Nymex July 15
$/bbl 56.87 57.95 56.50 56.93 -0.05
ICE -Brent Crude Oil
$/bbl 61.73 62.06 61.57 61.59 -0.77
MCX Crude Oil July15
Rs/bbl 3632 3632 3592 3603 -1.04
Copper LME - 3 Month
$/tonne 5789.00 5825.00 5775.00 5794.00 0.11
MCX Copper June15
Rs/kg 372.35 374.60 372.10 373.75 0.38
Zinc LME - 3 Month
$/tonne 2030.50 2036.50 2020.00 2021.00 -0.30
Zinc MCX June15 Rs/kg 128.90 129.25 128.35 128.65 0.04
Lead LME - 3 Month
$/tonne 1781 1788 1772 1773 -0.59
Lead MCX June15
Rs/kg 113.05 113.30 112.50 112.70 -0.31
Nickel LME - 3 Month
$/tonne 12180 12215 11940 12115 -0.66
Nickel MCX June15
Rs/kg 772.10 776.00 766.10 774.90 -0.03
Aluminum LME - 3 Month
$/tonne 1717.00 1730.00 1717.00 1718.50 -0.09
Aluminum MCX June15
Rs/kg 108.35 108.80 108.00 108.45 0.14
News and Analysis
Markets weak ahead of Sundays Greek referendum.
Euro Zones Retail Sales gained 0.2 percent in May.
UKs Services PMI jumped to 58.5 levels in June.
European markets are trading on a negative note before a
Greek
referendum on EU-prescribed reforms that could determine the
country's future in the euro zone. Asian markets ended mixed
and the US stock futures are trading in the red.
Spanish Services PMI fell to 56.1-mark in June from 58.4 levels
in
May. UKs Services PMI jumped to 58.5 level in June from
56.5-
mark in May. Euro Zones Retail Sales gained 0.2 percent in
May
as against a rise of 0.7 percent in April.
Spot gold prices are trading higher by 0.42 percent today at
$1168.00/oz while MCX gold futures are trading higher by 0.4
percent at Rs.26299/10 gms. Gold ticked up above a 3-1/2
month low on Friday, as sluggish U.S. jobs data tempered
expectations for a September rate hike by the Federal
Reserve
and hurt the dollar. Athens defaulted on a loan repayment to
the International Monetary Fund this week. Greece's
left-wing
government called a referendum for Sunday after five months
of
acrimonious talks with its official creditors over an
aid-for-
reforms deal broke down without a deal.
Spot silver prices are trading lower today by 0.2 percent at
$15.64/oz. Profit booking on account of thin activity and a
long
weekend is exerting downside pressure. MCX silver prices are
trading higher by 0.42 percent at Rs.36025/kg.
LME Copper prices gained marginally on Friday as Greek Prime
Minister Alexis Tsipras is campaigning for citizens to vote
no,
while the rest of the 19-nation currency bloc says a clear
yes
could get Greece back on the path to reform. Also, lower
volatility is observed as US markets are closed today. MCX
Copper is trading higher by 0.4 percent at Rs.373.75/kg till
4:00pm IST owing to Rupee depreciation.
Oil prices are trading lower today with WTI and Brent falling
by
0.7 and 0.72 percent respectively. Oil prices fell on Friday as
a
rising U.S. rig count stoked fears of global oversupply and
after
Chinese regulators opened an investigation into suspected
stock
market manipulation. U.S. oil drilling increased this week for
the
first time after 29 weeks of declines, a sign U.S. oil
production
may start to increase more strongly again after a slowdown
due
to a period of low oil prices.
Commodities Evening Update
International Commodities
Friday, July 03, 2015
Outlook
Greece referendum on 5th July will be the key for further
trajectory of the precious metals. Weak nonfarm payrolls data
released yesterday points towards a sluggish labor market in
turn acting as a positive factor.
Traders were keeping a close eye on nuclear talks between
Western powers and Iran, looking for any sign of a deal to lift
sanctions on the oil-rich nation. This will act as a negative
factor as oil exports from Iran will come in an already
oversupplies
oil markets.
We expect LME Copper prices to trade lower as the investors will
be completely focused on developments in Greece with the
US markets being closed today in observance of the July Fourth
Independence Day holiday.
Technical Outlook for evening session 3rd
July 2015 ( CMP as of 4.00 pm)
Commodity Unit Support 2 Support 1 CMP Resistance1 Resistance
2
Gold Aug15 Rs/10 gm 26000 26100 26231 26340 26460 Spot Gold $/oz
1153 1157.5 1163 1168 1173.5 NCDEX Gold hedge July15 23550 23630
23724 23800 23890 Silver Sep15 Rs /kg 35300 35550 35925 36200 36550
Spot Silver $/oz 15.24 15.4 15.6 15.76 15.95 NCDEX Silver hedge
Aug15 31700 31900 32145 32350 32600 Crude Oil July15 Rs /bbl 3575
3600 3642 3665 3700 Nymex Crude Oil Aug15 $/bbl 56.05 56.5 57.13
57.55 58.1 Natural Gas July15 Rs /mmbtu 175 178 180.4 184 186 LME
Copper $/tonne 5720 5750 5791 5825 5865 Copper Aug15 Rs /kg 368 370
373.4 376 379 Zinc July15 Rs /kg 127.6 128.4 129.35 130 130.8 Lead
July15 Rs /kg 111.6 112.5 113.4 114 114.9 Aluminum July15 Rs /kg
107.5 108.2 109.05 109.6 110.3 Nickel July15 Rs /kg 757 765 778.8
785 793
Important Events for Today
Indicator Country Time (IST) Actual Forecast Previous Impact
HSBC Services PMI China 7:15am 51.8 53.8 53.5 Medium
Spanish Services PMI Euro 12:45pm 56.1 58.0 58.4 Medium
Services PMI UK 2:00pm 58.5 57.4 56.5 High
Retail Sales m/m Euro 2:30pm 0.2% 0.2% 0.7% Medium
