18 Mar 2016

Daily Commodity Report Daily Metals & Energy update Gold edged up on Friday with the market on track to end the week on a firmer note as the dollar hovered near its lowest in five months, pressured by the Federal Reserve's plan to make fewer-than-expected interest rate hikes.Expectations the Fed would raise rates steadily this year had faded since the bank's initial hike in December, as concerns over global growth roiled financial markets. MCX Gold Apr is currently trading at `29427. It is trading up by `72 points for the day. MCX Silver May is currently trading at `38430. It is trading up by `287 points.

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, is holding 807.09 tonnes as per latest available data on their website. The amount of light, recyclable aluminum in European cars will rise to 180 kg on average by 2020 as automakers look to cut harmful carbon emissions, a senior metals industry official said. Global targets to curb greenhouse gases are prompting a shift to aluminum away from other, heavier metals such as steel.Aluminum use is expected to rise to 180 kg per car on average from 140 kg in 2012, with long-term growth coming from rolling sheet and extrusion components, said Gerd Gotz, director general of industry body European Aluminium, citing a new study confirming forecasts it made in 2012.

European shares followed Asian stocks higher on Monday, adding to gains chalked up after last week's stimulus package from the European Central Bank, while oil prices fell as Iran dashed prospects of a quick deal to freeze output.After the ECB cut interest rates, extended its asset-purchase programme and pledged new cheap loans for banks last Thursday, attention switches this week to policy decisions from the Bank of Japan (BOJ), the U.S. Federal Reserve, the Bank of England and the Swiss National Bank, among others.

Oil prices hit 2016 highs on Thursday, with U.S. crude surging 5 percent to pierce the $40 barrier, on optimism that major producers will strike an output freeze deal next month amid rising crude exports and gasoline demand in the United States. A weaker dollar .DXY after a Federal Reserve policy decision on Wednesday that indicated two U.S. rate hikes this year instead of four also drew oil buyers using currencies such as the euro. MCX Crude Oil Mar is trading at `2680. It is trading up by `28.

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Base metals are trading on a positive note today. Economic data for the day :- Prelim UoM Consumer Sentiment

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18 Mar 2016 TECHNICAL UPDATE MCX GOLD APR ( `29430)

The above is hourly chart of Gold. It suggests that prices are prices are making lower highs and lows. However, in today's session it is expected to touch upper resistance of 29575 levels. On the flip side, immediate support is located at 29200 levels. Trading Call: Buy around 29370 levels with a stop loss placed below 29200 levels for target of 29575 levels.

MCX SILVER MAY ( `38465)

The above is hourly chart of Silver. It suggests that prices are trading in mixed to firm note. It is expected to rise towards 38800 levels. On the downside, immediate support is located at 38100 levels. Trading Call: Buy around 38465 levels with a stop loss placed below 38100 levels for targets of 38800 levels.

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18 Mar 2016

MCX CRUDE OIL MAR ( `2680)

The above is hourly chart of Crude Oil. It suggests that prices are making higher highs and lows. It is expected to rise towards 2750 levels. On the lower side, immediate support is located at 2584 levels. Trading Call: Sell around 2665 levels with a stop loss placed above 2584 levels for targets of 2750 levels.

MCX NATURAL GAS MAR ( `128.40)

Above is hourly chart of Natural gas. It suggest that prices are making higher highs and lows. It is expected to gain further till 131 levels. On the lower side, immediate support is at 126.50 levels. Trading Call: Buy around 128.40 levels with a stop loss placed below 126.50 levels for targets of 131 levels.

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18 Mar 2016 TECHNICAL UPDATE MCX COPPER APR ( `342.95)

The above is hourly chart of Copper. It suggest that prices are likely to cross immediate resistance of 343.40 levels. It may further gain till 351.40 levels. On lower side, immediate support is located at 339 levels. Trading Call: Buy around 342.95 levels with a stop loss placed below 339 levels for targets of 351.40 levels.

MCX NICKEL MAR ( `588.30)

The above hourly chart of Nickel suggests that prices have given breakout from top to top trendline. It is expected to rise towards 618.50 levels. On the lower side, it has immediate support at 588 levels. Momentum indicator RSI is suggesting upwards trend. Trading Call: Buy around 598 levels with a stop loss placed below 588 levels for targets of 610.50 levels.

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18 Mar 2016 TECHNICAL UPDATE MCX LEAD MAR ( `120.40)

The above hourly chart of Lead suggests that prices are likely to give brekaout from top to top trendline. It has potential to rise towards 124.60 levels. On the downside, cruciail support is at 121.10 levels. Trading Call: Buy above 122.70 levels with a stop loss placed below 121.10 levels for targets of 124.60 levels.

MCX ZINC MAR ( `117.45)

The above is hourly chart of Zinc which suggest that prices are heading toward immediate resistance of 124.40 levels. On the downside, immediate support is located at 121.80 levels. Trading Call: Buy around 123 levels with a stop loss placed below 121.80 levels for targets of 124.40 levels.

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18 Mar 2016 TECHNICAL UPDATE MCX ALUMINIUM MAR ( `102.25)

The above hourly chart of Aluminum suggests that prices are likely to reverse on the upside. It is expected to rise upto 104.10 levels. On the lower side, immediate support is located at 101.20 levels. Trading Call: Buy around 107.70 levels with a stop loss placed below 101 levels for targets of 102.70 levels.

ECONOMIC DATA FOR THE DAY COUNTRY USD

TIME 7:30pm

INDICATOR

SURVEY

PRIOR

Prelim UoM Consumer Sentiment

92.1

91.7

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18 Mar 2016

Research Department - Institutional Desk

Geofin Comtrade Ltd.

Vaibhav P Chudasama CMT

805 Dev Plaza Opp. Irla Fire Brigade, S.V. Road, Andheri West, Mumbai - 400058.

Contact:

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Disclaimer:

The information contained here was gathered from sources deemed reliable; however, no claim is made as to accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time, nor should any examples presented be deemed as such. There is a risk of loss in commodity trading and commodity options and you should carefully consider your financial position before making a trade. This is not, nor is it intended, to be a complete study of chart patterns or technical analysis and should not be deemed as such. Geofin Comtrade Ltd. does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgements at this date and are subject to change without notice. For use at the sole discretion of the investor without any liability on Geofin Comtrade Ltd.

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