WHAT SHOULD BE THE STRATEGY IN THE COMMODITY MARKET TODAY MCX MARKET REPORT 01 DEC 2016.

COMMODITY MARKET OUTLOOK

Precious metals are trading lower on COMEX today. We expect prices to trade lower for the day as the dollar held firm around 9-1/2 month highs against the yen, boosted by inflation expectations, while growing odds of a U.S. interest rate hike also added pressure.

Industrial metals are trading mix on International bourses today. We expect prices to trade range bound for the day, as a rally in oil prices filtered through to other commodities.

Crude oil is trading higher on NYMEX today. We expect prices to trade higher for the day, after producer club OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned prices could recede as other producers stand ready to fill the gap.

OPEC crude production cut is announced. According to the decision from January next year to 12 million barrels per day of production will be deducted. Currently 3.36 million barrels a day, OPEC's crude production. Crude oil has accelerated since the decision, yesterday and today about 10 per cent in the price of crude have been bouncing. Brent prices have gone beyond $ 52. While Nymex crude oil is trading close to $ 50.

COMMODITY MARKET TIPS

Commodity Market update:-

GOLD

PP-28308

R1- 28406                                    S1-28077

R2- 28590                                    S2-27966

SILVER

PP-40270

R1- 40491                                    S1-39831

R2- 40849                                    S2-39594

CRUDE OIL

PP-3303

R1- 3443                                       S1-3251

R2- 3508                                       S2-3140

NATURAL GAS

PP-228.7

R1- 231.3                                      S1-227.1

R2- 232.9                                      S2-224.9

COPPER

PP-397.6

R1- 404.3                                        S1-393.7

R2- 408.3                                        S2-388.1