Commodity Technical Report 19 August,2015 - Emkay Commotrade

Published: Aug 20, 2015 14:25

Save

Lead: Lead prices have managed to rebound from its support lows at 109.50 levels.

By Paul Ploumis 19 Aug 2015 Last updated at 08:01:04 GMT

Daily Commodity Technical

Gold –Daily Chart

Gold: Gold prices are consolidating between 25855 to 26087 levels over the past two sessions of trade. Intraday dips will find buying support until prices hold on above 25800 levels Fresh upside momentum is likely only if prices sustain above 26100 levels The counter can extend the rally towards 26225126280 levels in that case. A daily close below 25800 will see prices correct towards 25700/25625 levels.

Silver –Daily Chart

Silver: Silver prices witnessed a sharp fall once prices broke below its support at 35400 levels. The counter hit an intraday low of 34551 and closed with a cut of 2.85% yesterday. Failure to break below 34500 will see prices rebound towards 35175/35360 levels. Fresh selling can be seen if prices rebound towards these levels. Next major support for the counter is seen between 34300-34000 levels.

Crude –Daily Chart

Crude Oil (Rs/Bbl): Failure to break below 2780 will see Sep. Crude Oil prices rebound towards 2860/2880 levels. A break below 2780 will see prices weaken towards 2740/2700 levels. A daily close above 2880 will be the first sign of a near term trend reversal in crude oil. Until then the outlook will continue to remain negative.

Natural Gas –Daily Chart

Natural Gas (Rs./Mmbtu): We expect natural gas prices to test major support areas between 175-174 levels. Failure to break below 174 will result into a sham bounce towards 179.50 levels in the counter. Failure to sustain above 179 on intraday rallies will see prices remain range bound between 174 to 179 levels today. A daily close below 174 will be negative for natural gas.

Copper –Daily Chart

Copper: Copper prices closed with a cut of 1.66% yesterday. Counter has immediate support between 329-327 zones. Until prices hold on to this support counter will consolidate and eventually move higher towards 331.80/332.50 levels. Any major upside is likely only above 332.50 levels. A daily close below 327 will be extremely negative for copper.

Zinc –Daily Chart

Zinc: Zinc prices closed down with a cut of 2.49% yesterday. Intraday support for the counter is seen between 115.50-115.20 levels A break below this support will see the counter move lower towards 113.40 levels. Prices need to sustain above 117 to rebound towards major resistance at 118 levels.

Lead: Lead prices have managed to rebound from its support lows at 109.50 levels. Further upside in the counter is likely only if prices breakout above 111.50 levels. Until then prices will retrace lower towards 1101109.50 levels again. Areas between 108.30-107.40 are the next major support zones for Lead. A breakout above 111.50 will see price rebound towards 112.50 levels.

Nickel: The outlook for nickel will be negative until prices stay below 690 levels. Until then intraday rallies towards 685-690 will face selling. Sustenance below 675 will see prices weaken towards 670/666.50 levels. Any major reversal is likely only above 700 levels.

Aluminium: We reiterate our negative outlook on aluminium until prices stay below 102.55 levels. Immediate resistance is seen around 101.90 levels. Sustenance below 100.25 will see prices slip towards 99.75199.40 levels. A daily close below 99.50 will open downside targets of 98/97.40 in the counter.

Courtesy : Emkay Commotrade

Emkay Commotrade Ltd.
7th Floor, The Ruby, Senapati Bapat Marg, Dadar - West, Mumbai - 400028.
India Tel: +91 22 66121212 Fax: +91 22 66121299

Emkay Commotrade Gold Silver Crude Natural Gas Copper Zinc

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

18 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

18 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

18 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

18 hours ago