Commodity Daily Fundamental Report - Sep 01, 2015 : Sushil Finance

Published: Sep 2, 2015 09:15
​Gold steadied on Monday, bouncing up from session lows as oil prices rallied and the U.S. dollar fell.

By   01 Sep 2015  Last updated at  07:56:20 GMT

Tuesday, September 01, 2015

MAJOR COMMODITIES

CommodityExpiryHighLow CloseChange
Gold 5-Oct26750265232668259
Silver4-Sep347483423534581203
Crude Oil 21-Sep326029173230225
Natural Gas28-Sep180.20177.10178.70-2.30
Copper 30-Nov342.70335.10341.800 -0.40
Nickel 30-Sep671.40660.60668.10-1.60
Aluminium 30-Sep107.40106.55107.150.35
Lead 30-Sep116.25114.75115.950.55
Zinc 30-Sep121.50120.10121.300.55
Commodity ExpiryHigh LowClose ($)Change
Gold (Oz) Oct1135.701124.801132.00-1.50
Silver (Oz) Dec 14.677 14.3914.590.04
Crude Oil Oct49.3343.6049.203.98
Natural GasSep2.692.642.69-0.03
Copper 3M5197.50 55071.505143.5019.50
Nickel 3M10210.009805.0010060.0030.00
5 Aluminium3M1616.50 11560.001605.0048.00
Lead3M1737.501671.001731.0053.50
Zinc3M1833.501753.501812.0062.00

News & Development:

• The OPEC is concerned by the drop in oil prices - trading near multi-year lows - and is ready to talk to other producers, an article in an OPEC publication issued on Monday said.  

• The U.S. oil industry pumped less crude than initially estimated this year, according to new government data that offered the clearest look yet at the impact of drillers' retrenchment in response to collapsing prices.

• The Monday's government data showed gross domestic product of India expanded at an annual 7 percent rate in the April-June quarter, matching China, but slower than provisional growth of 7.5 percent in the previous quarter

Commodity Daily

Gold:Gold steadied on Monday, bouncing up from session lows as oil prices rallied and the U.S. dollar fell, after bullion felt earlier pressure on indications the Federal Reserve may still raise interest rates this year, despite recent market turmoil. Support from rallying oil prices came after spot gold fell 0.7 percent as investors focused on the Fed, which left open the possibility of a September rate rise at a central banking conference at Jackson Hole, Wyoming, on the weekend. Several officials, however, indicated that prolonged financial market turmoil might delay such a move. Fed Vice Chairman Stanley Fischer said on Saturday that U.S. inflation was likely to rebound as pressure from the dollar fades, allowing for a gradual rise in rates. World stock indexes edged lower amid persistent investor concerns about slowing growth in China and the prospect of higher U.S. interest rates. The market is particularly awaiting Friday's U.S. non-farm payrolls report for August, a key economic indicator. Hedge funds and money managers more than doubled bullish bets in COMEX gold in the week ended Aug. 25.

Technical Outlook

Gold StrategyS2 S1 CloseR1R2
Oct Buy @ S12645026550266822675026850

Outlook: We expect gold prices to trade volatile due to uncertainty.

Silver:

Silver rose 0.3 percent to $14.63 an ounce.

Technical Outlook

SilverStrategyS2S1CloseR1R2
SepBuy @ S1 34100 34300 34581 34700 35000

Outlook:We expect silver prices to trade volatile due to uncertainty.

Crude Oil:

 Oil futures soared on Monday for a third consecutive day, rising more than 8 percent, as a downward revision of U.S. crude production data and OPEC's readiness to talk with other producers helped extend the biggest three-day price surge in 25 years. U.S. crude oil prices have skyrocketed more than $10 a barrel in three days, erasing the month's declines as a series of relatively small-scale supply disruptions and output risks prompted bearish traders to take profits on short positions, which had been near a record a week ago. On Monday, prices fell initially but reversed course mid-morning. The three-day gains were more than the 20 percent mark that often signals a bull market. Even so, few were prepared to call a definitive end to the slump. While some analysts have been expecting prices to rebound after a onethird slump since late June, most have been shocked by the whiplash of the past few days, and wondered whether it was an overreaction to headlines. On Monday, some cited a commentary in the latest OPEC Bulletin publication suggesting the group may be increasingly willing to talk to other producers about curbing output, even though it was broadly in line with previous comments. There has been no indication

Technical Outlook

Crude OilStrategyS2S1CloseR1R2
SepBuy @ S1 3140 3190 3230 3280 3320

Outlook:We expect crude oil prices to trade positive on the back of violence in Yemen and a storm in the Gulf.

Natural Gas:

 U.S. natural gas futures settled 1 percent lower on Monday on expectations that high summer temperatures will peak this week, paring demand for air conditioning from gas-powered electricity over the next fortnight. In a report circulated earlier on Monday, Viswanath said the abrupt end of the summer heat wave suggested the potential for "blow-out end-of-season inventory restocking." MDA Weather Services also noted generally cooler temperatures in

Technical Outlook

Nat GasStrategyS2S1CloseR1R2
SepBuy @ S1 173 176 178.7 182 185

Outlook:We expect Natural gas prices to trade negative on the back of expectations that high summer temperatures will peak this week.

Base Metals:

LME was closed on Monday.

 

Technical Outlook

Nov/Sep StrategyS2S1 CloseR1 R2
Copper Buy @ S1 337 340 341.8 343 345
Nickel Sideways650 660 668.1 675 685
Alum Sideways105 106 107.1 107.5 108.5
Lead Sideways114 115 115.9 116.5 117.5
ZincBuy @ S1119.5 120.5 121.3 122 123

Outlook:We expect base metal prices to trade positive on the back of short covering.

LME InventoriesCopperLead ZincAluminiumNickel
Current Stock3712501874005228753276075455166
Change825-17252000-7550474
% Change 0.22%-0.91%-0.38%-0.23%0.10%
DATETIME (IST)COUNTRYECONOMIC DATACONSENSUSPREVIOUSIMPACT
Tue, Sep 16:30amChinaManufacturing PMI49.850High

6:30amChinaNon-Manufacturing PMI
53.9Medium

7:15amChinaCaixin Final Manufacturing PMI47.247.1High

7:15amChinaCaixin Services PMI53.953.8Medium

12:45pmEURSpanish Manufacturing PMI53.953.6Medium

1:25pmEURGerman Unemployment Change-5K9KMedium

2:00pmUKManufacturing PMI51.951.9High

2:00pmUKNet Lending to Individuals m/m3.9B3.8BMedium

2:30pmEURUnemployment Rate11.10%11.10%Medium

7:30pmUSISM Manufacturing PMI52.652.7High

Courtesy : Sushil Finance


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.

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