Basemetals
06 June 2008 12:38:58
Base Metals June 06, 2008
Major Economic Data:
The U.S. Labor Department said that jobless claims were down 18,000 last week to 357,000, lower than expected.
The Bank of England kept its interest rate unchanged at 5.0% and the European Central Bank kept its interest rate at 4.0%.
Germany's factory orders were down 1.8% in April, the fifth consecutive decline. Even so, ECB President Trichet said that the central bank may soon raise the interest rate to restrain inflation. The June euro is steady to higher.
In Canada, C$6.4 billion of building permits were issued in April, up 14.5% from March and the most in six months.
Copper
Copper headed for its third weekly decline as the dollar rallied against major currencies, reducing
demand for raw materials as an alternative investment.
Copper has fallen 11 percent from a record $8,880 a ton April 17 as inflationary pressures raise speculation central banks may tighten monetary policy, which may slow economic growth
and curb demand for the metal, according to Michael Widmer, director of metals research at Lehman Brothers Holdings Inc.
Copper may decline next week on expectations that slowing global economic expansion will curb
growth in demand for the metal. Eleven of 18 analysts and traders surveyed yesterday
forecast copper will decline next week. Five expected a gain and two were neutral. Copper for delivery in three months on the LME has fallen 0.3 percent this week, the third consecutive drop.
China, the world's largest user of the metal, will have slower demand growth for the metal this year, London-based researcher CRU and Barclays Capital said this week.
Copper warehouse stock at LME, net change was 1250 MT to 123500 MT
MCX Copper June - Technical Outlook:
Copper headed for its third weekly decline as the dollar rallied against major currencies, reducing demand for raw materials as an alternative investment. Copper has fallen 11 percent from a record $8,880 a ton April 17 as inflationary pressures raise speculation central banks may tighten monetary policy, which may slow economic growth and curb demand for the metal, according to Michael Widmer, director of metals research at Lehman Brothers Holdings Inc. Copper may decline next week on expectations that slowing global economic expansion will curb growth in demand for the metal. Eleven of 18 analysts and traders surveyed yesterday forecast copper will decline next week. Five expected a gain and two were neutral. Copper for delivery in three months on the LME has fallen 0.3 percent this week, the third consecutive drop. China, the world's largest user of the metal, will have slower demand growth for the metal this year, London-based researcher CRU and Barclays Capital said this week. Copper warehouse stock at LME, net change was 1250 MT to 123500 MT
The daily stochastics have crossed over up which is a bullish indication. MACD is heading downwards in positive region, showing decrease in bullish momentum. The prices closed above short term and medium term EMA, which supports bears.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 332.90 levels. If broken can see further fall to 328.80 and 325.75, If market holds above 335.95 further rally can be seen towards 340.05 and 343.10
Recommendations-MCX Copper June: Sell at 338 Target 335 and 331 SL 341
Nickel
Nickel prices traded strong on speculative buying following LME prices.
Nickel warehouse stock at LME, net change was 480 MT to 47592 MT
MCX Nickel June - Technical Outlook:
The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.
Technical have turned neutral to bullish and market is expected to remain positive above 1008 level. If sustain above this level can see a rally towards 1020 and 1041, If market sustains below 988 can see a further fall towards 976 and 955.
Recommendations: MCX Nickel June: Buy at 985 Target 1003 and 1020 SL 965
Zinc
Hindustan Zinc Ltd., India's largest producer of the metal, lowered prices for the third time in eight days to match global rates.
The price of zinc was cut by 5,000 rupees, or 5 percent, to 92,700 rupees ($2,160) a metric ton.
Zinc warehouse stock at LME, net change was -25 MT to 143625 MT
MCX Zinc June - Technical Outlook:
The daily stochastics have crossed over up which is a bullish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 83.4 level. If broken can see further fall to 82.3 and 81.3, If market holds above 84.4 further rally can be seen towards 85.5 and 86.5
Recommendations- MCX Zinc June: Sell at 85.20 Target 84 and 83 SL at 85.90
Lead
Hindustan Zinc Ltd., India's largest producer of the metal, lowered prices for the third time in eight days to match global rates.
Lead prices were kept unchanged at 96,700 rupees a ton.
Lead warehouse stock at LME, net change was 1025 MT to 72550 MT
MCX Lead June -Technical outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.
Technical are neutral to bearish signaling sideways to lower prices in the near term. Initial support for the market is around 82.9 level. If broken can see further fall to 81.4 and 79.5, If market holds above 84.8 further rally can be seen towards 86.4 and 88.3
Recommendations –MCX Lead June: Sell at 85.10 Target 84 and 83 SL 86.20
Aluminium
MCX Aluminium traded sideways following tight movement at LME, while today’s SHFE inventory data might give further confirmation to trend while long-term market is still looking positive only.
Alum warehouse stock at LME, net change was -975 MT to 1072400 MT
MCX Aluminium June -Technical outlook:
The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.
Technical have turned neutral to bullish and market is expected to remain positive above 124.4 levels. If sustain above this level can see a rally towards 125.9 and 127.5, If market sustains below 122.8 can see a further fall towards 121.3 and 119.7
Recommendations–MCX Aluminium June: Buy at 123 Target 124.50 and 126 SL at 121.80
MCXARUN
9994500540
Friday, June 6, 2008
bullion intraday
Bullion
06 June 2008 11:16:37
Bullion June 06 2008
Major Headlines:
Bullion prices jumped Thursday after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates, in earlier Gold futures fell to a three-week low at New York as a strengthening dollar reduces demand for the precious metal as a hedge against inflation. Silver gained.
Platinum and palladium fell for the third straight day on speculation a slump in U.S. auto sales will erode demand for the metals used in pollution-control devices in cars.U.S. auto sales in May tumbled 11 percent, the most this year and the seventh consecutive monthly slide. Carmakers around the globe account for more than 60 percent of platinum consumption, according to Johnson Matthey Plc, which makes about a third of the world's auto catalysts.
The U.S. Dollar Index, a weighted measure against the euro, yen and four other major currencies rose as much as 0.6 percent today before retreating. The gauge had gained for seven of the past eight sessions. In March, the dollar's plunge to a record helped send gold to the highest ever.
Barclays Capital said gold and other precious metals will be higher than previously forecast and predicted platinum has the ``best'' prospects. Gold will average $890 an ounce in the third quarter, up from an earlier forecast of $860; while platinum will be $2,220 an ounce, from $1,950 previously, London-based analysts including Suki Cooper wrote in a report, Platinum will advance through next year while gold will decline, the report said.
HSBC Holdings Plc's China business said it has become the first foreign bank to win approval to trade on the Shanghai Gold Exchange. China may overtake South Africa as the world's biggest gold producer this year, the nation's demand for gold jumped 23 percent in 2007, making it the world's second-largest consumer, as a booming economy spurs jewelry purchases.
Anglogold Ashanti Ltd., Africa's largest gold company, said output in Ghana will increase 10 percent this year, on higher production at the Iduapriem mine and as it starts an investment program at Obuasi. Total output is expected to climb to 602,000 ounces in 2008,While Ghana's overall production climbed 11 percent to 2.49 million ounces in 2007, AngloGold's output in the country dropped 6 percent because of a national power crisis. Ghana is Africa's second-biggest producer after South Africa
U.S.Economy:
The U.S. Labor Department said that jobless claims were down 18,000 last week to 357,000, lower than expected
Currencies update:
The Bank of England kept its interest rate unchanged at 5.0% and the European Central Bank kept its interest rate at 4.0%.
Euro zone interest rates are now expected to go up 25 basis points next month after European Central Bank President Jean-Claude Trichet caught the market off guard by explicitly raising the
Possibility of a rate rise at the July 3 ECB meeting, Trichet said "it is possible" that the Governing Council could increase interest rates by "a small amount" at its next meeting to ensure inflation
Expectations are anchored solidly.
Germany's factory orders were down 1.8% in April, the fifth consecutive decline. Even so, ECB President Trichet said that the central bank may soon raise the interest rate to restrain inflation.
In Canada, C$6.4 billion of building permits were issued in April, up 14.5% from March and the most in six months.
MCX Gold June - Technical Outlook:
The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.
Market is expected to sideways and the resistance is seen at 12269 levels. If market breaches 12269 may see prices to take further upside towards 12357 and 12486 However if it holds back below 12052 may see prices to fall further on today. Major support is seen at 11923 and 11835
Recommendations–MCX Gold June: Sell at 12290 Target 12210 and 12090 Stoploss at 12345
MCX Silver July - Technical Outlook:
The stochastic indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 24258 levels. If market breaches 24258 may see prices to take further upside towards 24595 and 25167 However if it holds back below 23349 may see prices to fall further on today. Major support is seen at 22777 and 22440
Recommendations-MCX Silver July: Sell at 24260 Target 23920 and 23880 stoploss at 24435
MCXARUN
9994500540
06 June 2008 11:16:37
Bullion June 06 2008
Major Headlines:
Bullion prices jumped Thursday after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates, in earlier Gold futures fell to a three-week low at New York as a strengthening dollar reduces demand for the precious metal as a hedge against inflation. Silver gained.
Platinum and palladium fell for the third straight day on speculation a slump in U.S. auto sales will erode demand for the metals used in pollution-control devices in cars.U.S. auto sales in May tumbled 11 percent, the most this year and the seventh consecutive monthly slide. Carmakers around the globe account for more than 60 percent of platinum consumption, according to Johnson Matthey Plc, which makes about a third of the world's auto catalysts.
The U.S. Dollar Index, a weighted measure against the euro, yen and four other major currencies rose as much as 0.6 percent today before retreating. The gauge had gained for seven of the past eight sessions. In March, the dollar's plunge to a record helped send gold to the highest ever.
Barclays Capital said gold and other precious metals will be higher than previously forecast and predicted platinum has the ``best'' prospects. Gold will average $890 an ounce in the third quarter, up from an earlier forecast of $860; while platinum will be $2,220 an ounce, from $1,950 previously, London-based analysts including Suki Cooper wrote in a report, Platinum will advance through next year while gold will decline, the report said.
HSBC Holdings Plc's China business said it has become the first foreign bank to win approval to trade on the Shanghai Gold Exchange. China may overtake South Africa as the world's biggest gold producer this year, the nation's demand for gold jumped 23 percent in 2007, making it the world's second-largest consumer, as a booming economy spurs jewelry purchases.
Anglogold Ashanti Ltd., Africa's largest gold company, said output in Ghana will increase 10 percent this year, on higher production at the Iduapriem mine and as it starts an investment program at Obuasi. Total output is expected to climb to 602,000 ounces in 2008,While Ghana's overall production climbed 11 percent to 2.49 million ounces in 2007, AngloGold's output in the country dropped 6 percent because of a national power crisis. Ghana is Africa's second-biggest producer after South Africa
U.S.Economy:
The U.S. Labor Department said that jobless claims were down 18,000 last week to 357,000, lower than expected
Currencies update:
The Bank of England kept its interest rate unchanged at 5.0% and the European Central Bank kept its interest rate at 4.0%.
Euro zone interest rates are now expected to go up 25 basis points next month after European Central Bank President Jean-Claude Trichet caught the market off guard by explicitly raising the
Possibility of a rate rise at the July 3 ECB meeting, Trichet said "it is possible" that the Governing Council could increase interest rates by "a small amount" at its next meeting to ensure inflation
Expectations are anchored solidly.
Germany's factory orders were down 1.8% in April, the fifth consecutive decline. Even so, ECB President Trichet said that the central bank may soon raise the interest rate to restrain inflation.
In Canada, C$6.4 billion of building permits were issued in April, up 14.5% from March and the most in six months.
MCX Gold June - Technical Outlook:
The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.
Market is expected to sideways and the resistance is seen at 12269 levels. If market breaches 12269 may see prices to take further upside towards 12357 and 12486 However if it holds back below 12052 may see prices to fall further on today. Major support is seen at 11923 and 11835
Recommendations–MCX Gold June: Sell at 12290 Target 12210 and 12090 Stoploss at 12345
MCX Silver July - Technical Outlook:
The stochastic indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 24258 levels. If market breaches 24258 may see prices to take further upside towards 24595 and 25167 However if it holds back below 23349 may see prices to fall further on today. Major support is seen at 22777 and 22440
Recommendations-MCX Silver July: Sell at 24260 Target 23920 and 23880 stoploss at 24435
MCXARUN
9994500540
safe trade calls
GOLD
for the day buy only abv 12250 S/L 12225 and T/p 12300-12340/close abv test 12425-12500 atleast OR sell only below 12000 S/L 12030 and T/p 11900-880 atleast/towards 11835-775 in coming days (any time close above 12340/12600/12875/13050/13330/ 13510 bullish while close below 12000/ 11775/11375/11200 bearish for medium term)
SILVER
book profit on buy abv 23650, for the day buy only abv 24050 S/L 23970 and T/p 24150-250/towards 24400 OR sell below 23700 S/L 23770 and T/p 23625-500 where good support seen (any time close below 23100-22875/22300/21575-500/20400/19250/18775 bearish rally while close above 24500/25500/26300/ 27700 bullish for medium term)
CRUDE
for the day buy abv 5410 S/L 5390 and T/p 5450-75/upto 5530-60 where good resist seen again OR buy ard 5270-75 S/L 5265 and T/p 5300-10/5340 (now crude need to close above 5475/5730/ 5825 for bullish rally while close below 5210/5120/5050/4740/4450 bearish for medium term)
COPPER
for the day buy only abv 338.5 S/L 337 and T/p 339.75-341/342.5/345.5/347 OR sell only below 334 S/L 335 and T/p 331.5-330.5/below down rally sharp (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)
MCXARUN
9994500540
for the day buy only abv 12250 S/L 12225 and T/p 12300-12340/close abv test 12425-12500 atleast OR sell only below 12000 S/L 12030 and T/p 11900-880 atleast/towards 11835-775 in coming days (any time close above 12340/12600/12875/13050/13330/ 13510 bullish while close below 12000/ 11775/11375/11200 bearish for medium term)
SILVER
book profit on buy abv 23650, for the day buy only abv 24050 S/L 23970 and T/p 24150-250/towards 24400 OR sell below 23700 S/L 23770 and T/p 23625-500 where good support seen (any time close below 23100-22875/22300/21575-500/20400/19250/18775 bearish rally while close above 24500/25500/26300/ 27700 bullish for medium term)
CRUDE
for the day buy abv 5410 S/L 5390 and T/p 5450-75/upto 5530-60 where good resist seen again OR buy ard 5270-75 S/L 5265 and T/p 5300-10/5340 (now crude need to close above 5475/5730/ 5825 for bullish rally while close below 5210/5120/5050/4740/4450 bearish for medium term)
COPPER
for the day buy only abv 338.5 S/L 337 and T/p 339.75-341/342.5/345.5/347 OR sell only below 334 S/L 335 and T/p 331.5-330.5/below down rally sharp (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)
MCXARUN
9994500540
GENERAL MARKET CONDITIONS
The US dollar sank against the euro after the European central bank chief signalled that it may raise interest rates next month. This statement lifted all metals and energies. Unless the Euro zone shrinks for two consecutive quarters, the ECB will not cut interest rates. For the rest of June and till the next ECB meeting, the speech of the ECB chief has to be followed by action. Action in the form of resilient Euro zone growth. If action falls short of words then only the euro will fall against the US dollar.
If the focus of global central banks shifts to managing inflation then short term global interest rates will rise. Gold and other inflation related investments will rise on this prospect. Expectations of higher interest rates will result in more investment flows in these instruments. Crude oil prices have jumped over five percent, corn, wheat soybean etc are higher. The successive higher base is getting lower in these commodities. Last time crude oil fell around $10 was from $119.93 to $110. Now from $135 to $121.60. Crude oil’s lower base is getting higher. Unless this stops inflation related instruments will attract jittery investors.
MCX is launching a crude palm oil futures contract from today. One tick implies the rupee’s one thousand profit/loss. Other details can be checked at the MCX website. Spread traders should look at spreads between crude oil prices and crude palm oil. This should provide an excellent spread trading opportunity. Later on if the government of India restarts refined soybean oil futures then spread trade between crude palm oil futures and refined soybean oil futures will be another excellent medium of investing.
NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $133.10
Crude oil can target $135 and $144 in the rest of June as long as $119.10 holds.
MCXARUN
9994500540
If the focus of global central banks shifts to managing inflation then short term global interest rates will rise. Gold and other inflation related investments will rise on this prospect. Expectations of higher interest rates will result in more investment flows in these instruments. Crude oil prices have jumped over five percent, corn, wheat soybean etc are higher. The successive higher base is getting lower in these commodities. Last time crude oil fell around $10 was from $119.93 to $110. Now from $135 to $121.60. Crude oil’s lower base is getting higher. Unless this stops inflation related instruments will attract jittery investors.
MCX is launching a crude palm oil futures contract from today. One tick implies the rupee’s one thousand profit/loss. Other details can be checked at the MCX website. Spread traders should look at spreads between crude oil prices and crude palm oil. This should provide an excellent spread trading opportunity. Later on if the government of India restarts refined soybean oil futures then spread trade between crude palm oil futures and refined soybean oil futures will be another excellent medium of investing.
NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $133.10
Crude oil can target $135 and $144 in the rest of June as long as $119.10 holds.
MCXARUN
9994500540
last day server problem
last day some internet problem in our city,
cause only we couldn't post the tips last day
dear customers,
this blog will be moderate for customers only in very sooner
future service in every half an hour we update the trading tips for metals & energies
GET YOUR PASSWORD SOONER
MCXARUN
9994500540
cause only we couldn't post the tips last day
dear customers,
this blog will be moderate for customers only in very sooner
future service in every half an hour we update the trading tips for metals & energies
GET YOUR PASSWORD SOONER
MCXARUN
9994500540
Wednesday, June 4, 2008
safe trade calls
gold
we book profit on sell below 12140, for the day sell below 12085/12060 S/L 12110 and T/p 12000/close below test 11900-880 atleast/towards 11835-775 where strong support seen OR sell ard 12282-85 S/L 12295 and T/p 12225/ 12175 (any time close above 12340/ 12600/12875/13050/13330/13510 bullish while close below 12000/11775/11375/ 11200 bearish for medium term)
silver
we book profit on sell below 23150, for the day sell below 23175 S/L 23250 and T/p 23075-23000/22875-900/close below 22875 test 22550 atleast/towards 22450 -22325 in coming days OR buy only abv 23600 S/L 23540 and T/p 23675/23775 upto 23850 (any time close below 22750-300/21575-500/ 20400/19250/ 18775 bearish rally while close above 24500/25500/26300/27700 bullish for medium term)
copper
EIA Crude oil inventory schedule to release today. for the day sell only below 5300 S/L 5325 and T/p 5270/5210 atleast/towards 5140 in coming days OR sell ard 5432-40 S/L 5445 and T/p 5390-65 (now crude need to close above 5475/5730/5825 for bullish rally while close below 5300/5120/5050/4740/4450 bearish for medium term)
copper
we book profit on sell below 333, for the day sell only below 331.5-330 S/L 332.60 and T/p 326.5-27/below down rally sharp OR buy abv 338.5 S/L 337 and T/p 339.75-341/342.5 upto 345.5 (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)
MCXARUN
9994500540
we book profit on sell below 12140, for the day sell below 12085/12060 S/L 12110 and T/p 12000/close below test 11900-880 atleast/towards 11835-775 where strong support seen OR sell ard 12282-85 S/L 12295 and T/p 12225/ 12175 (any time close above 12340/ 12600/12875/13050/13330/13510 bullish while close below 12000/11775/11375/ 11200 bearish for medium term)
silver
we book profit on sell below 23150, for the day sell below 23175 S/L 23250 and T/p 23075-23000/22875-900/close below 22875 test 22550 atleast/towards 22450 -22325 in coming days OR buy only abv 23600 S/L 23540 and T/p 23675/23775 upto 23850 (any time close below 22750-300/21575-500/ 20400/19250/ 18775 bearish rally while close above 24500/25500/26300/27700 bullish for medium term)
copper
EIA Crude oil inventory schedule to release today. for the day sell only below 5300 S/L 5325 and T/p 5270/5210 atleast/towards 5140 in coming days OR sell ard 5432-40 S/L 5445 and T/p 5390-65 (now crude need to close above 5475/5730/5825 for bullish rally while close below 5300/5120/5050/4740/4450 bearish for medium term)
copper
we book profit on sell below 333, for the day sell only below 331.5-330 S/L 332.60 and T/p 326.5-27/below down rally sharp OR buy abv 338.5 S/L 337 and T/p 339.75-341/342.5 upto 345.5 (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)
MCXARUN
9994500540
energy intraday
Energy
04 June 2008 10:57:26
Energy June 04 2008
Major Headlines:
Oil fell steeply to trade beneath $126 a barrel on Tuesday due to concerns over slowing demand and a sharp rebound in the dollar, which came after the U.S. Federal Reserve warned that the weak greenback had fuelled inflation in the world's number one energy consumer.
Oil prices fell Tuesday after Federal Reserve Chairman Ben Bernanke indicated that more interest rate cuts are unlikely, comments that sent the dollar higher and raised questions about oil's ability to reach new highs in the short term. Gas prices rose slightly to a new record near $3.98 a gallon.
In a speech to an international monetary conference in Spain, Bernanke suggested that further rate cuts are unlikely because of concerns about inflation. Since last year, a series of Fed cuts designed to shore up the economy has led to a protracted decline in the dollar's value against the euro. That helped feed the record run-up in oil prices as investors bought commodities such as oil as a hedge against inflation.
Kuwait's Oil Minister Mohammad al-Olaim said on Tuesday that the Organization of Petroleum Exporting Countries was prepared to pump more oil if the market needs it.
"OPEC is prepared to increase supplies only if the market needs it," Olaim said in statements reported by the official KUNA news agency.
Oil fell on fears of lower demand as the global economy remains weak and as investors continue to book profits amid some speculation prices may not extend their record breaking rally. There was some support, however, from supply fears during the Atlantic hurricane season, a weak dollar and ongoing tension between major producer Iran and the West.
Today, the United States will release weekly energy inventory figures which are likely to provide more direction. Seasonally, the world's biggest energy consumer's gasoline demand should be rising during the summer driving season but some analysts reckon such purchases may not be as high this year because of the credit crunch.
NYMEX July natural gas is trading at new contract highs with hot temperatures in the forecast for much of the U.S
Natural Gas supply to Western Australia is expected to be disrupted for days after an explosion on Tuesday at an offshore plant which supplies 30-40 percent of the state's domestic gas needs, the operator of the plant said.
Apache Energy, a unit of U.S.-based oil and gas producer Apache Corp (APA.N), said it had notified the government of the blast along with those customers affected, but it did not immediately provide details on how much supply would be curtailed or identify the users facing delivery cuts.
MCX Crude Oil June - Technical Outlook:
The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.
Market is expected to remain negative and the support is seen at 5306 if market breaches below 5306 may see prices to take further correction towards 5260 and 5192 However if it holds back above 5420 may see prices to rise further on today. Major resistance is seen at 5488 and 5534
Recommendations-MCX Crude Oil June: Sell at 5410 Target 5340 and 5260 Stoploss 5460
MCX Natural gas June - Technical Outlook:
The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.
Market is expected to remain positive and the resistance is seen at 527.80 levels. If market breaches 527.80 may see prices to take further upside towards 534.10 and 542.30 However if it holds back below 513.30 may see prices to fall further on today. Major support is seen at 505.10 and 496
Recommendations-MCX Natural Gas June: Buy at 516 Target 520 and 527 Stop loss at 512
MCXARUN
9994500540
04 June 2008 10:57:26
Energy June 04 2008
Major Headlines:
Oil fell steeply to trade beneath $126 a barrel on Tuesday due to concerns over slowing demand and a sharp rebound in the dollar, which came after the U.S. Federal Reserve warned that the weak greenback had fuelled inflation in the world's number one energy consumer.
Oil prices fell Tuesday after Federal Reserve Chairman Ben Bernanke indicated that more interest rate cuts are unlikely, comments that sent the dollar higher and raised questions about oil's ability to reach new highs in the short term. Gas prices rose slightly to a new record near $3.98 a gallon.
In a speech to an international monetary conference in Spain, Bernanke suggested that further rate cuts are unlikely because of concerns about inflation. Since last year, a series of Fed cuts designed to shore up the economy has led to a protracted decline in the dollar's value against the euro. That helped feed the record run-up in oil prices as investors bought commodities such as oil as a hedge against inflation.
Kuwait's Oil Minister Mohammad al-Olaim said on Tuesday that the Organization of Petroleum Exporting Countries was prepared to pump more oil if the market needs it.
"OPEC is prepared to increase supplies only if the market needs it," Olaim said in statements reported by the official KUNA news agency.
Oil fell on fears of lower demand as the global economy remains weak and as investors continue to book profits amid some speculation prices may not extend their record breaking rally. There was some support, however, from supply fears during the Atlantic hurricane season, a weak dollar and ongoing tension between major producer Iran and the West.
Today, the United States will release weekly energy inventory figures which are likely to provide more direction. Seasonally, the world's biggest energy consumer's gasoline demand should be rising during the summer driving season but some analysts reckon such purchases may not be as high this year because of the credit crunch.
NYMEX July natural gas is trading at new contract highs with hot temperatures in the forecast for much of the U.S
Natural Gas supply to Western Australia is expected to be disrupted for days after an explosion on Tuesday at an offshore plant which supplies 30-40 percent of the state's domestic gas needs, the operator of the plant said.
Apache Energy, a unit of U.S.-based oil and gas producer Apache Corp (APA.N), said it had notified the government of the blast along with those customers affected, but it did not immediately provide details on how much supply would be curtailed or identify the users facing delivery cuts.
MCX Crude Oil June - Technical Outlook:
The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.
Market is expected to remain negative and the support is seen at 5306 if market breaches below 5306 may see prices to take further correction towards 5260 and 5192 However if it holds back above 5420 may see prices to rise further on today. Major resistance is seen at 5488 and 5534
Recommendations-MCX Crude Oil June: Sell at 5410 Target 5340 and 5260 Stoploss 5460
MCX Natural gas June - Technical Outlook:
The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.
Market is expected to remain positive and the resistance is seen at 527.80 levels. If market breaches 527.80 may see prices to take further upside towards 534.10 and 542.30 However if it holds back below 513.30 may see prices to fall further on today. Major support is seen at 505.10 and 496
Recommendations-MCX Natural Gas June: Buy at 516 Target 520 and 527 Stop loss at 512
MCXARUN
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