COMMODITY
MARKET OUTLOOK
SPDR Gold
Trust GLD, the world's largest gold-backed exchange
traded fund, said its holdings stood at 832.58 up 5.63 tonnes, from previous
business day. Holdings of the largest silver
backed.
Exchange-traded-fund
(ETF), New York's i Shares Silver Trust SLV, stood
at 10410.74 tonnes, remain unchanged from previous business day.
Precious metals are trading higher on COMEX today. We expect prices to
trade higher for the day as political risks from elections in Europe and
worries over U.S. President Donald Trump's policies buoyed safe haven demand
for the bullion.
Industrial metals are trading lower on
International bourses today. We expect prices to trade range bound for the day
as niggling supply risks threatened to corrode what is expected to be a modest
surplus this year.
Crude oil prices rose slightly on Wednesday
as investors covered short positions after a rise in U.S. crude inventories was
not as massive as many had feared, while gasoline futures jumped 4 percent
after a surprise decline in inventories of the fuel.
Crude oil is trading higher on NYMEX today.
We expect prices to trade higher for the day, boosted by an unexpected draw in
U.S. gasoline inventories; although bloated crude supplies meant that fuel
markets remained under pressure.
COMMODITY MARKET
LEVELS:-
GOLD
P. POINT- 29328
S1 -29266 R1-29393
S2 -29208 R2-29450
SILVER
P. POINT-42357
S1 - 42225
R1-42474
S2 - 42117 R2-42590
COPPER
P. POINT-395.2
S1- 392 R1-397
S2- 389 R2-400
NATURAL GAS
P. POINT-210.3
S1 -208 R1-213
S2 -206
R2-215
CRUDE OIL
P. POINT-3502
S1 -3481
R1-3537
S2 -3452
R2-3558
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