Bullion
Bullion counter can open in green continuing last week gains as UK elections this week to give further direction to the
prices. Meanwhile movement of local currency rupee can also affect the domestic prices. Gold can move in range of 28930-29300 while silver can move in range of 39750-40780 in near term. Gold held steady after hitting its highest in
over six weeks earlier on Monday, buoyed as a disappointing U.S. jobs report appeared to dilute the prospects for an
aggressive string of interest rate hikes in the United States. U.S. job growth slowed in May and employment gains in
the prior two months were not as strong as previously reported, suggesting the labor market was losing momentum
despite the unemployment rate falling to a 16-year low of 4.3 percent. Hedge funds and money managers raised their
net long position in COMEX gold for the second straight week, hitting the highest level in nearly a month, and also
raised it in silver, U.S. Commodity Futures Trading Commission data showed on Friday.
Base Metals
Base metals complex may slide further lower on easing of supply corners as US factory orders to give further direction
to the prices. Copper may move in the range of 361-372. Aluminum can move in the range of 123-125 in MCX. Nickel
can move in range of 563-584. Lead can hover in the range of 134-137 Zinc may move in range of 160.50-165.
London copper was steady on Monday, supported as the dollar weakened following a disappointing U.S. jobs report,
while zinc and nickel prices tracked renewed weakness in steel markets. LME zinc traded more than three times the
volume of LME copper, with traders looking for opportunities in the price gap between London and Shanghai. Chinese
prices for the metal, used to galvanise steel, slipped by 1.2 percent, tracking a 3-percent fall in ShFE rebar. The World
Bank on Sunday maintained its forecast that global growth will improve to 2.7 percent this year, citing a pickup in
manufacturing and trade, improved market confidence and a recovery in commodity prices.
Energy
Crude oil can open in green as it can move in range of 3040-3175 in MCX. Oil markets edged higher on Monday as
rising Saudi physical prices and signs of falling OPEC supplies slightly outweighed a persistent rise in U.S. production.
Tensions in the Middle East, where top oil exporter Saudi Arabia cut ties with top liquefied natural gas (LNG) shipper
Qatar over concerns about terrorism and extremism, also pushed up crude futures. The price signal reflected other
signs that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to curb production by almost
1.8 million barrels per day (bpd) was starting to impact actual supplies. OPEC shipped an average of 26.4 million bpd
in the last three months of 2016.Despite this, Brent futures are still more than 8 percent below their level on May 25,
when OPEC announced it would extend its production cut into 2018. Natural gas can witness some short covering at
lower levels as it can move in range of 191-196.
Crude oil can open in green as it can move in range of 3040-3175 in MCX. Oil markets edged higher on Monday as
rising Saudi physical prices and signs of falling OPEC supplies slightly outweighed a persistent rise in U.S. production.
Tensions in the Middle East, where top oil exporter Saudi Arabia cut ties with top liquefied natural gas (LNG) shipper
Qatar over concerns about terrorism and extremism, also pushed up crude futures. The price signal reflected other
signs that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to curb production by almost
1.8 million barrels per day (bpd) was starting to impact actual supplies. OPEC shipped an average of 26.4 million bpd
in the last three months of 2016.Despite this, Brent futures are still more than 8 percent below their level on May 25,
when OPEC announced it would extend its production cut into 2018. Natural gas can witness some short covering at
lower levels as it can move in range of 191-196.
KEY ECONOMIC RELEASES:- https://fxmcxtechnicalhunter.blogspot.in/p/blog-page_4.html
More will be update soon!!
