Kedia Commodity

Commodity Outlook for Crude oil by KediaCommodity

crude-oilCrude oil settled close to a one-month low as worsening U.S. demand caused investors to steer clear of  buying oil despite a weakening dollar. Crude had floated around $80 a barrel for weeks on the promise of improved demand down the line, but the present glut of oil and fuel proved too big to ignore over the last two days. now technically market is trading in the range as RSI for 18days is currently indicating 44.46, where as 50DMA is at 3534 and crude is trading above the same and getting support at 3547 and below could see a test of 3511 level, And resistance is now likely to be seen at 3574, a move above could see prices testing 3612.

Commodity Outlook for Gold by KediaCommodity

goldGold has completed its second up week off of correction pull back 1027. The unit is currently at 1116 shows no sign of slowing despite the extended nature of the move. Current measured move target remains 1130.

Commodity Outlook for Aluminium by KediaCommodity

Aluminium Australia imposed provisional anti- dumping duties of 16 percent on some aluminum extrusion products from China, joining the U. S. and the European Union in taking trade actions against the world's third-largest economy. Aluminium has touched a low of Rs 89.5 a kg after opening at Rs 90.15, and last traded at Rs89.95. For today market is looking for the support at 89.40, a break below could see a test of 88.80 and where as resistance is now likely to be seen at 90.50, a move above could see prices testing 91.10. ALUMINIUM TRADING RANGE IS 87-94.

Trading Ideas:

AUSTRALIA IMPOSED ANTI-DUMPING DUTIES OF 16% ON SOME ALUMINUM PRODUCTS FROM CHINA

Commodity Outlook for Natural Gas by KediaCommodity

Energy MarketNatural gas ended lower as ample supplies, weak demand and moderate temperatures in the major gas-consuming regions continued to weigh on prices. Mild weather in the U. S. Northeast and Midwest over the next two weeks was expected to curb demand for natural gas for heating. Natural Gas yesterday we have seen that market has moved -0.62%.

Commodity Outlook for Turmeric by KediaCommodity

Turmeric

Turmeric retreated after hitting new highs on profit-taking prompted by higher margin imposed by exchange. The NCDEX has imposed an additional special margin of 10 percent on the long side of all turmeric contracts from Monday. In Nizamabad, a major spot market in Andhra Pradesh, the price rose by 247 rupees to 12,809 rupees per 100 kg. Turmeric yesterday we have seen that market has moved -3.99%. Market has opened at 12219 & made a low of 11704 versus the day high of 12375.

Commodity Outlook for Jeera by KediaCommodity

Jeera

Jeera which hit contract highs earlier in the day, ended steady as support from firm export demand was offset by reports of favorable weather in the growing regions. Spot Jeera rose by over 105 rupees to end at 13,175 rupees per 100 kg in Unjha.

Commodity Outlook for Soybean by KediaCommodity

Soybean

Soybean ended flat as weak demand from oil mills offset strong overseas leads and a likely drop in the production. Soybean prices are expected to remain volatile and may trade in both directions, selling on rallies appears a better option. Soyabean yesterday we have seen that market has moved 0.09%. Market has opened at 2295 & made a low of 2278 versus the day high of 2312.

Commodity Outlook for Mentha Oil by KediaCommodity

Mentha oilMentha oil yesterday traded higher as per expectation in the morning session. But pared its gains in afternoon on profit booking at higher levels. Traders opted to book profit as due to lack of fresh cues from the market. November contract dropped Rs 2.8 and settled at Rs 542.5 a kg. The contract made intraday low of Rs 542 a kg and high of Rs 552.2 a kg. Now support for the menthol is seen at 538.0 and below could see a test of 535.30. Resistance is now likely to be seen at 549.10, a move above could see prices testing 555.70.

Trading Ideas:

MENTHOL TRADING RANGE IS 534-550.

MENTHOL SPOT IS AT 586/-.SPOT IS DOWN BY RS 5/-.

Commodity Outlook for Chana by KediaCommodity

Chana shrugged off early gains to end lower on ample stocks from last year's harvest and rains in growing areas. Wedding season demand is likely to increase in second half of this month. In the Delhi spot market, the price was steady at 2,500 rupees per 100 kg. Chana dropped Rs 31 and settled at Rs 2619 per quintal. The volume was noted at 159810 lots. Support for chana is at 2592 below that could see a test of 2564. Resistance is now seen at 2661 above that could see a resistance of 2702.

Trading Ideas:

CHANA TRADING RANGE IS 2565-2660.

CHANA ENDED LOWER ON AMPLE STOCKS FROM LAST YEAR'S HARVEST .

BUY CHANA DEC ABV 2625 SL 2600 TGT 2642-2660-2678. NCDEX.

Commodity Outlook for Pepper by KediaCommodity

Pepper ended down as lower rates quoted by Brazil hurt sentiment. However, thin stocks and firm domestic demand supported prices. Indian ASTA grade pepper was quoted at $3,300 while that of Brazil was quoted at $2,975-$3,000. Spot pepper rose by over 67 rupees to end at 14,980.35 rupees per 100 kg in Kochi. December delivery dropped Rs 79 and settled at Rs
15200/quintal. The contract touched the intraday high of Rs 15398/quintal while low of Rs 15153/quintal. Now support for the pepper is seen at 15103 and below could see a test of 15005. Resistance is now likely to be seen at 15348, a move above could see prices testing 15495. Trading Ideas:

PEPPER TRADING RANGE IS 14900-15500.

PEPPER ENDED DOWN AS LOWER RATES QUOTED BY BRAZIL HURT SENTIMENT

Commodity Outlook for Guar by KediaCommodity

Commodity Outlook for Guar by KediaCommodityCommodity Outlook for Guar by KediaCommodityGuar hit new contract highs in early trade before settling up on prospects of lower crop and squeezed supplies. Forecast of lower output buoyed guar to contract highs but profit-taking could not be ruled out at these levels as investors would now wait for fresh overseas cues. Guar yesterday we have seen that market has moved 1.08%. Market has opened at 2597 & made a low of 2596 versus the day high of 2638. The total volume for the day was at 343860 lots and the open interest was at 194670. Now support for the guar is seen at 2601 and below could see a test of 2577.

Commodity Outlook for Nickel by KediaCommodity

http://topnews.in/files/Nickel-56864.jpgChina Nickel Output Set to Continue Falling in Nov: China's nickel output is expected to fall further this month after dropping 6.7% in October on weak demand from the stainless steel sector. Nickel has touched a low of Rs 748.6 a kg after opening at Rs. 792, and last traded at Rs 761.7. For today market is looking for the support at 741.9, a break below could see a test of 722.1 and where as resistance is now likely to be seen at 788.2, a move above could see prices testing 814.7.

Trading Ideas:

NICKEL TRADING RANGE IS 725-810.

Commodity Outlook for Zinc by KediaCommodity

Commodity Outlook for Zinc by KediaCommodityChina's zinc output fell 1% or 5,000 mt from September to 405,000 mt, up 9.8% year-on-year, taking the ten-month total to 3.52 million mt, up 5.8% year-on-year. Zinc yesterday we have seen that market has moved -0.59%. Market has opened at 101 & made a low of 99.7 versus the day high of 101.45. The total volume for the day was at 14326 lots and the open interest was at 4764. Now support for the zinc is seen at 99.40 and below could see a test of 98.70. Resistance is now likely to be seen at 101.20, a move above could see prices testing 102.20.

Trading Ideas:

Commodity Outlook for Copper by KediaCommodity

Commodity Outlook for Copper by KediaCommodityCopper settle modestly lower, as stronger U. S. dollar and higher inventory figures weigh. Still, the metal doesn't seem to be as overbought as silver or gold, as it hasn't seen the same level of speculation. LME warehouse stocks climbed 4,800 tonnes, bringing total levels to 402,125 tonnes, their highest since late April.

Commodity Outlook for Crude by KediaCommodity

crude-oilCrude  settled more than 2 percent lower as government data confirmed an industry report earlier this week that domestic crude and refined product inventories rose last week. The EIA report showing refinery utilization is down to 79.9 percent of capacity is a sign of very poor refinery demand for oil. Domestic crude inventories rose 1.8 million barrels to 337.7 million barrels in the week to Nov. 6, EIA data showed. Now support for the crude is seen at 3561 and below could see a test of 3520. Resistance is now likely to be seen at 3669, a move above could see prices testing 3736.

Trading Ideas:

CRUDE TRADING RANGE IS 3540-3670.

Commodity Outlook for Gold by KEDIACOMMODITY

Gold BarsGold yesterday as per expectation backed down from records hit overnight, accelerating losses as the U.S. dollar bounced and extended gains. Gold opened at 16795 and retreated during the early morning, finding support near 16780. Moderate dealer buying carried it from this level and managed to rally to an intraday high of 16884. 




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