It’s more of a US dollar gain story for metals and energies. The US administration has been telling the world that they need a strong US dollar. Yesterday the US president also repeated the same. There seems to be a sense of urgency by US officials in telling the world that a strong US dollar is here to stay. Most of the commodities are priced in US dollars which has contributed to global inflation. If the US dollar continues to weaken, then nations will be forced to ignore the US dollar peg and look at some other options. The US is a super power only due to the acceptance of the US dollar in global trade. If the US dollar losses its acceptance, then the world will get another super power.
Crude oil and the US dollar will dictate gold, silver and metals prices. Technically they are in a neutral zone. It remains to be seen how long the US dollar continues to gain. US weekly crude oil inventories will be the key.
COPPER -- JULY FUTURE -- INTRA DAY PIVOT: $373.80
Copper has to hold the $347-$350 zone or break $363 and $372 for direction.
NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $131.60
Crude oil rose to $138 and then fell. Crude oil has a tendency to overshoot and undershoot. Today there is the US weekly crude oil inventory report. If crude oil does not break $145 this week then it will fall to $121.60 and $116.20 once again.
MCXARUN
9994500540
Wednesday, June 11, 2008
copper intraday
Copper futures trade 4-month low in Shanghai
11 June 2008 10:21:00
Copper futures traded near a four- month low in Shanghai after China's stock market extended losses amid concern a central bank order for lenders to set aside more reserves will hurt corporate earnings and slow economic growth.
The Shanghai Composite Index, which tracks the bigger of China's two stock exchanges, dropped below 3,000 points for the first time since April. Copper, used in buildings and power grids, often moves in line with economic growth expectations.
China told lenders to set aside more money for a fifth time this year to cool inflation that is close to an 11-year high in the world's fastest-growing major economy. Banks must put aside a record 17 percent of deposits asb reserves starting June 15, which rises to 17.5 percent from June 25, the People's Bank of China said June 7. The current requirement is 16.5 percent.
Workers from Mexico's largest mining union fought with police and destroyed road barriers in the Mexican capital today to pressure for a solution for strikes at copper producer Grupo Mexico SAB, daily La Jornada reported.
Copper demand growth is slowing as users respond to six straight annual price jumps by substituting with aluminum and plastics when they can, said Luvata, the world's third-largest producer of brass and copper products.
Consumers used cheaper raw materials to replace about 517,000 metric tons of copper consumption last year, Warren Bartel, senior vice president at London-based Luvata, said today at a Metal Bulletin conference in Sofia, Bulgaria. That's equal to about 3 percent of annual refined metal usage.
Copper prices will this year average 15 percent higher than in 2007 on mine disruptions and delays to new projects, according to London-based researcher CRU. The benchmark three-month contract will average $8,200 a metric ton, up from $7,103 a ton last year, analyst Nikhil Shah said today at a Metal Bulletin conference in Sofia, Bulgaria.
The Dollar Index, a weighted measure against the euro, yen, pound and three other major currencies, rose for a second day after Federal Reserve Chairman Ben S. Bernanke said risks to the U.S. economy have diminished, prompting traders to increase bets on higher interest rates.
MCX Copper 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 signalling sideways to lower prices in the near term. Initial support for the market is around 335.98 levels. If broken can see further fall to 333.97 and 331.28, If market holds above 338.67 further rally can be seen towards 340.68 and 343.37.
Recommendations-MCX Copper June: Sell at 337.50-338 Target 335 and 332 SL 339.80
MCXARUN
9994500540
11 June 2008 10:21:00
Copper futures traded near a four- month low in Shanghai after China's stock market extended losses amid concern a central bank order for lenders to set aside more reserves will hurt corporate earnings and slow economic growth.
The Shanghai Composite Index, which tracks the bigger of China's two stock exchanges, dropped below 3,000 points for the first time since April. Copper, used in buildings and power grids, often moves in line with economic growth expectations.
China told lenders to set aside more money for a fifth time this year to cool inflation that is close to an 11-year high in the world's fastest-growing major economy. Banks must put aside a record 17 percent of deposits asb reserves starting June 15, which rises to 17.5 percent from June 25, the People's Bank of China said June 7. The current requirement is 16.5 percent.
Workers from Mexico's largest mining union fought with police and destroyed road barriers in the Mexican capital today to pressure for a solution for strikes at copper producer Grupo Mexico SAB, daily La Jornada reported.
Copper demand growth is slowing as users respond to six straight annual price jumps by substituting with aluminum and plastics when they can, said Luvata, the world's third-largest producer of brass and copper products.
Consumers used cheaper raw materials to replace about 517,000 metric tons of copper consumption last year, Warren Bartel, senior vice president at London-based Luvata, said today at a Metal Bulletin conference in Sofia, Bulgaria. That's equal to about 3 percent of annual refined metal usage.
Copper prices will this year average 15 percent higher than in 2007 on mine disruptions and delays to new projects, according to London-based researcher CRU. The benchmark three-month contract will average $8,200 a metric ton, up from $7,103 a ton last year, analyst Nikhil Shah said today at a Metal Bulletin conference in Sofia, Bulgaria.
The Dollar Index, a weighted measure against the euro, yen, pound and three other major currencies, rose for a second day after Federal Reserve Chairman Ben S. Bernanke said risks to the U.S. economy have diminished, prompting traders to increase bets on higher interest rates.
MCX Copper 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 signalling sideways to lower prices in the near term. Initial support for the market is around 335.98 levels. If broken can see further fall to 333.97 and 331.28, If market holds above 338.67 further rally can be seen towards 340.68 and 343.37.
Recommendations-MCX Copper June: Sell at 337.50-338 Target 335 and 332 SL 339.80
MCXARUN
9994500540
Tuesday, June 10, 2008
nymex crude intraday
DGCX Crude oil : Drops on profit booking
10 June 2008 12:25:43
Oil prices retreated yesterday due to profit booking from the record high levels.
Crude oil July in NYMEX settled at $134.91 ($138.54), after trading in the range $138.25 - $133.00.
The price of benchmark contract of crude oil in the New York Mercantile Exchange had soared over $10 to a new all-time high of $139.12 a barrel on Friday, recording the biggest one-day gain in dollar terms, as geo-political tensions were ignited by Israel’s threats to strike on Iran over its nuclear programme.
Israel's Transport Minister Shaul Mofaz on Friday commented that an Israeli attack on Iranian nuclear sites could not be ruled out if Iran continues with its program for developing nuclear weapons.
Another drop in inventories also fuelled the rally. US Crude supplies had dropped by 4.8 million barrels to 306.8 million for the week ended May 30, according to the latest update by US Energy Department, taking the total fall in supplies in three weeks to around 19 million barrels.
Potential supply threats due to geo-political tensions and the Atlantic hurricane season and OPEC’s unwillingness to increase output despite high prices continue to underpin oil prices.
The Atlantic hurricane season officially began on June 1st. Arthur, the first Atlantic storm of the season, made landfall on Sunday near Mexico forcing the closure of two export terminals, but afterwards weakened to a tropical depression creating heavy rains in the Gulf of Mexico.
Repeated attacks on Nigerian oil facilities sustain concerns on supply from the oil–rich Niger Delta.
Meanwhile, Iran has cut its crude oil exports by 200,000 barrels a day since February 20 due to a seasonal fall in demand for crude oil during the refinery maintenance period. Iran is the world's fourth biggest oil exporter, currently producing around 4 million barrels a day, of which roughly 2.5 million barrels a day is exported.
On the supply side, ministers from the OPEC have indicated any output increase from the cartel remains unlikely, as it continues to blame record prices on speculation, geopolitical factors and the dollar's decline, rather than a lack of crude in the market.
DWTI (July) traded in the range $138.50 - $134.00 and closed at $134.75 ($138.70).
Weekly Outlook (NYMEX Crude oil July)
Expected to get supports at $133, $128 and $121.40; resistances are $137.65, $142.40 and $149.70.
TECHNICAL OUTLOOK (Intra-day)
DGCXCrude (July) - Bullish above 135.70; bearish below 135.30
MCXARUN
9994500540
10 June 2008 12:25:43
Oil prices retreated yesterday due to profit booking from the record high levels.
Crude oil July in NYMEX settled at $134.91 ($138.54), after trading in the range $138.25 - $133.00.
The price of benchmark contract of crude oil in the New York Mercantile Exchange had soared over $10 to a new all-time high of $139.12 a barrel on Friday, recording the biggest one-day gain in dollar terms, as geo-political tensions were ignited by Israel’s threats to strike on Iran over its nuclear programme.
Israel's Transport Minister Shaul Mofaz on Friday commented that an Israeli attack on Iranian nuclear sites could not be ruled out if Iran continues with its program for developing nuclear weapons.
Another drop in inventories also fuelled the rally. US Crude supplies had dropped by 4.8 million barrels to 306.8 million for the week ended May 30, according to the latest update by US Energy Department, taking the total fall in supplies in three weeks to around 19 million barrels.
Potential supply threats due to geo-political tensions and the Atlantic hurricane season and OPEC’s unwillingness to increase output despite high prices continue to underpin oil prices.
The Atlantic hurricane season officially began on June 1st. Arthur, the first Atlantic storm of the season, made landfall on Sunday near Mexico forcing the closure of two export terminals, but afterwards weakened to a tropical depression creating heavy rains in the Gulf of Mexico.
Repeated attacks on Nigerian oil facilities sustain concerns on supply from the oil–rich Niger Delta.
Meanwhile, Iran has cut its crude oil exports by 200,000 barrels a day since February 20 due to a seasonal fall in demand for crude oil during the refinery maintenance period. Iran is the world's fourth biggest oil exporter, currently producing around 4 million barrels a day, of which roughly 2.5 million barrels a day is exported.
On the supply side, ministers from the OPEC have indicated any output increase from the cartel remains unlikely, as it continues to blame record prices on speculation, geopolitical factors and the dollar's decline, rather than a lack of crude in the market.
DWTI (July) traded in the range $138.50 - $134.00 and closed at $134.75 ($138.70).
Weekly Outlook (NYMEX Crude oil July)
Expected to get supports at $133, $128 and $121.40; resistances are $137.65, $142.40 and $149.70.
TECHNICAL OUTLOOK (Intra-day)
DGCXCrude (July) - Bullish above 135.70; bearish below 135.30
MCXARUN
9994500540
comex gold outlook
DGCX Gold reverses gains on Dollar recovery, fall in Oil prices
10 June 2008 12:23:28
Gold reversed Friday’s gains and fell below $900, as the dollar recovered against the euro and oil prices retreated from the record high levels.
International spot gold traded in the range $908.70 - $890.40 and last quoted at $891.90 ($901.35).
A rise in pending home sales helped the dollar to bounce back. The National Association of Realtors’ April pending home sales index, which is considered as a leading indicator of existing home sales, rose 6.3% in April.
Dollar had fallen sharply towards the end of last week, after the Bureau of Labor Statistics of the US Labor Department reported a more-than-expected rise in the unemployment rate in May to 5.5%, against the expected 5.1%. The total number of unemployed persons increased by 861,000 to 8.5 million in May, after seasonal adjustment, as per the government's Household Survey Data. However, the non-farm payrolls fell by 49,000.
Also according to the release by US Labor Department last week, initial claims for unemployment benefits in the US fell by 18,000 to 357,000 in the week ended May 31. The four-week average of initial claims also dropped, falling by 2,750 to 368,500. Continuing claims fell by 16,000 in the week ended May 24, dropping to 3.09 million. But the four-week average of continuing claims rose to 3.08 million, up 15,250.
The euro had strengthened after the European Central Bank President Jean-Claude Trichet hinted at a possible future interest-rate hike, amid surging inflation pressures in the euro-zone. According to a preliminary estimate by the statistical agency Eurostat, the consumer inflation hit an annualized pace of 3.6% in May, well above the ECB's target of just below 2%.
Eurostat data early last week had shown a slight upward revision of the first-quarter euro-zone gross domestic product, according to which the economy grew by 0.8% against the previous estimate of 0.7%. Year-on-year growth was unrevised at 2.2%.
The ECB on May 5th chose to leave its key interest rate unchanged at 4 %.
The Fed chairman Ben Bernanke in a speech last week had expressed concerns over the in weakness in dollar, and cited it was contributing to an unwelcome rise in US inflation. His comments generated expectations that the Fed might adopt steps to guard against inflation risks.
The Institute for Supply Management's manufacturing index for May rose to 49.6% from 48.6% in April, against the consensus expectation of 48.7%.
According to the data released by Commerce Department, real gross domestic product of the US increased at a 0.9% annual rate in the first three months of the year, slightly faster than the previous estimate of 0.6%.
The recent data from various sectors in the US have given mixed hints regarding the economy.
Profit booking from the record high levels pulled down crude oil prices yesterday. The price of benchmark contract of crude oil in the New York Mercantile Exchange had soared over $10 to a new all-time high of $139.12 a barrel on Friday, recording the biggest one-day gain in dollar terms, as geo-political tensions were ignited by Israel’s threats to strike on Iran over its nuclear programme.
Israel's Transport Minister Shaul Mofaz on Friday had commented that an Israeli attack on Iranian nuclear sites could not be ruled out if Iran continues with its program for developing nuclear weapons.
Crude oil July in NYMEX settled at $134.91 ($138.54), after trading in the range $138.25 - $133.00.
US Crude supplies had dropped by 4.8 million barrels to 306.8 million for the week ended May 30, according to the release by US Energy Department on Wednesday, taking the total fall in supplies in three weeks to around 19 million barrels.
Potential supply threats due to geo-political tensions and the Atlantic hurricane season, expected demand from China and OPEC’s unwillingness to increase output underpin oil prices.
Last day DGCX Gold Aug traded in the range $912.00 – $893.70 and closed at $895.50 ($904.60).
Weekly Outlook (Spot Gold)
More correction expected below $887. Supports are $881, $875, $864; resistances $900, $908, $917.
DGCX Gold August
TECHNICAL OUTLOOK (Intra-day)
GOLD (Aug) - Bullish above $ 901.80; bearish below $ 897.00
MCXARUN
9994500540
10 June 2008 12:23:28
Gold reversed Friday’s gains and fell below $900, as the dollar recovered against the euro and oil prices retreated from the record high levels.
International spot gold traded in the range $908.70 - $890.40 and last quoted at $891.90 ($901.35).
A rise in pending home sales helped the dollar to bounce back. The National Association of Realtors’ April pending home sales index, which is considered as a leading indicator of existing home sales, rose 6.3% in April.
Dollar had fallen sharply towards the end of last week, after the Bureau of Labor Statistics of the US Labor Department reported a more-than-expected rise in the unemployment rate in May to 5.5%, against the expected 5.1%. The total number of unemployed persons increased by 861,000 to 8.5 million in May, after seasonal adjustment, as per the government's Household Survey Data. However, the non-farm payrolls fell by 49,000.
Also according to the release by US Labor Department last week, initial claims for unemployment benefits in the US fell by 18,000 to 357,000 in the week ended May 31. The four-week average of initial claims also dropped, falling by 2,750 to 368,500. Continuing claims fell by 16,000 in the week ended May 24, dropping to 3.09 million. But the four-week average of continuing claims rose to 3.08 million, up 15,250.
The euro had strengthened after the European Central Bank President Jean-Claude Trichet hinted at a possible future interest-rate hike, amid surging inflation pressures in the euro-zone. According to a preliminary estimate by the statistical agency Eurostat, the consumer inflation hit an annualized pace of 3.6% in May, well above the ECB's target of just below 2%.
Eurostat data early last week had shown a slight upward revision of the first-quarter euro-zone gross domestic product, according to which the economy grew by 0.8% against the previous estimate of 0.7%. Year-on-year growth was unrevised at 2.2%.
The ECB on May 5th chose to leave its key interest rate unchanged at 4 %.
The Fed chairman Ben Bernanke in a speech last week had expressed concerns over the in weakness in dollar, and cited it was contributing to an unwelcome rise in US inflation. His comments generated expectations that the Fed might adopt steps to guard against inflation risks.
The Institute for Supply Management's manufacturing index for May rose to 49.6% from 48.6% in April, against the consensus expectation of 48.7%.
According to the data released by Commerce Department, real gross domestic product of the US increased at a 0.9% annual rate in the first three months of the year, slightly faster than the previous estimate of 0.6%.
The recent data from various sectors in the US have given mixed hints regarding the economy.
Profit booking from the record high levels pulled down crude oil prices yesterday. The price of benchmark contract of crude oil in the New York Mercantile Exchange had soared over $10 to a new all-time high of $139.12 a barrel on Friday, recording the biggest one-day gain in dollar terms, as geo-political tensions were ignited by Israel’s threats to strike on Iran over its nuclear programme.
Israel's Transport Minister Shaul Mofaz on Friday had commented that an Israeli attack on Iranian nuclear sites could not be ruled out if Iran continues with its program for developing nuclear weapons.
Crude oil July in NYMEX settled at $134.91 ($138.54), after trading in the range $138.25 - $133.00.
US Crude supplies had dropped by 4.8 million barrels to 306.8 million for the week ended May 30, according to the release by US Energy Department on Wednesday, taking the total fall in supplies in three weeks to around 19 million barrels.
Potential supply threats due to geo-political tensions and the Atlantic hurricane season, expected demand from China and OPEC’s unwillingness to increase output underpin oil prices.
Last day DGCX Gold Aug traded in the range $912.00 – $893.70 and closed at $895.50 ($904.60).
Weekly Outlook (Spot Gold)
More correction expected below $887. Supports are $881, $875, $864; resistances $900, $908, $917.
DGCX Gold August
TECHNICAL OUTLOOK (Intra-day)
GOLD (Aug) - Bullish above $ 901.80; bearish below $ 897.00
MCXARUN
9994500540
safe trade calls
GOLD
for the day buy only abv 12550 S/L 12525 and T/p 12600-625/675 towards 12750 OR buy ard 12210-20 S/L 12200 and T/p 12275-315/upto 12375 (any time close above 12630/ 12875/13050/ 13330/13510 bullish while close below 12000/11775/11375/11200 bearish for medium term)
SILVER
for the day buy only abv 24450 S/L 24375 and T/p 24500-600/720-800/close abv 24800 test 25200 atleast OR sell below 23900 S/L 23975 and T/p 23800-700 where good support seen again (any time close below 23100-22875/ 22300/21575-500/20400/ 19250/18775 bearish rally while close above 24750/ 25500/26300/27700 bullish for medium term)
CRUDE
for the day sell only below 5760 S/L 5785 and T/p 5730/5675-65 where good support seen OR buy only abv 5900 S/L 5875 and T/p 5930/5955-60/close abv 5955 test 6030-50 atleast (now crude need to close above 5960 for bullish rally while close below 5400/ 5210/ 5120/5050/4740/4450 bearish for medium term)
COPPER
for the day sell only below 336 S/L 337.3 and T/p 334-332/330.5/below down rally OR buy abv 345 & 346.25 S/L 344 and T/p 347.5/350.5/352.5/abv uprally (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 12550 S/L 12525 and T/p 12600-625/675 towards 12750 OR buy ard 12210-20 S/L 12200 and T/p 12275-315/upto 12375 (any time close above 12630/ 12875/13050/ 13330/13510 bullish while close below 12000/11775/11375/11200 bearish for medium term)
SILVER
for the day buy only abv 24450 S/L 24375 and T/p 24500-600/720-800/close abv 24800 test 25200 atleast OR sell below 23900 S/L 23975 and T/p 23800-700 where good support seen again (any time close below 23100-22875/ 22300/21575-500/20400/ 19250/18775 bearish rally while close above 24750/ 25500/26300/27700 bullish for medium term)
CRUDE
for the day sell only below 5760 S/L 5785 and T/p 5730/5675-65 where good support seen OR buy only abv 5900 S/L 5875 and T/p 5930/5955-60/close abv 5955 test 6030-50 atleast (now crude need to close above 5960 for bullish rally while close below 5400/ 5210/ 5120/5050/4740/4450 bearish for medium term)
COPPER
for the day sell only below 336 S/L 337.3 and T/p 334-332/330.5/below down rally OR buy abv 345 & 346.25 S/L 344 and T/p 347.5/350.5/352.5/abv uprally (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)
MCXARUN
9994500540
long view calls
ZINC
LIKELY TO TEST 78 -75 UPTO 72 WITH ANY BREAK & CLOSE BELOW 82, WHILE CLOSE ABOVE 86.5/91.5 & 94 UPTREND AGAIN(JUNE)
NICKEL
LIKELY TO TEST 875-80 UPTO 860 WITH ANY BREAK & CLOSE BELOW 915, WHILE CLOSE ABOVE 1010 & 1055 UPTREND AGAIN
LEAD
LIKELY TO TEST 79 - 76 WITH ANY BREAK & CLOSE BELOW 81.9, WHILE CLOSE ABOVE 89.5 & 100.5 UPTREND AGAIN(JUNE)
MCXARUN
9994500540
LIKELY TO TEST 78 -75 UPTO 72 WITH ANY BREAK & CLOSE BELOW 82, WHILE CLOSE ABOVE 86.5/91.5 & 94 UPTREND AGAIN(JUNE)
NICKEL
LIKELY TO TEST 875-80 UPTO 860 WITH ANY BREAK & CLOSE BELOW 915, WHILE CLOSE ABOVE 1010 & 1055 UPTREND AGAIN
LEAD
LIKELY TO TEST 79 - 76 WITH ANY BREAK & CLOSE BELOW 81.9, WHILE CLOSE ABOVE 89.5 & 100.5 UPTREND AGAIN(JUNE)
MCXARUN
9994500540
energy intraday
Energy
10 June 2008 10:50:38
Major Headlines:
Crude oil fell from a record in New York after Saudi Arabia's Oil Minister Ali al-Naimi said the surge in prices was ``unjustified.’ The gain in prices is being driven by non-fundamental factors, the state-owned Saudi Press Agency reported after a meeting between Al-Naimi and his Pakistani counterpart yesterday
Retail gas prices rose further above a national average of $4 Monday, as distributors and retailers hiked prices in response to Friday's unprecedented rally in the oil futures market. Oil futures, meanwhile, retreated as investors sold to lock in profits from the run-up, though oil prices may be headed even higher.
Iran, OPEC's second-largest oil producer, said it plans to cut the number of tankers idling in the Persian Gulf and clear a backlog of crude stored on them by the middle of the summer. The nation still has 14 tankers, capable of storing as much as 28 million barrels of oil, near the Kharg Island loading facility, according to AISLive data on Bloomberg
OPEC's total production rose 0.9 percent in May to 32.28 million barrels a day as Saudi Arabia and Iraq boosted supply, according to Bloomberg estimates. The production ceiling for its 12 members with quotas is 29.673 million barrels a day. War-torn Iraq is allowed to produce at will. Speculators and political tensions could push prices to $140 a barrel this month and $150 a barrel before the end of the summer, Shokri Ghanem, Libya's top oil official, said in an interview today from Tripoli.
Saudi Arabia said on Monday it will "soon" call for a meeting between oil producing and consuming nations to discuss what it called the unjustified rise in oil prices. Oil jumped over $10 on Friday, partly on dollar weakness and rising tension between Israel and Iran. the world's fourth-largest exporter, adding that it asked Oil Minister Ali al-Naimi to call the meeting to discuss addressing the rise.
The negative oil-dollar correlation of -0.41 wasn't the only record set last week. Oil rose $10.75, or 8.4 percent, to $138.54 a barrel in New York on June 6, the biggest-ever gain in dollar terms. The gain alone almost equaled the lowest price for a barrel of crude the past decade, set Dec. 10, 1998
MCX Crude Oil June - Technical Outlook:
Tech The daily stochastic have crossed over up which is a bullish indication. 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.
Technicals have turned neutral to bullish and market is expected to remain positive above 5913levels. If sustain above this level can see a rally towards 5962 and 6055 If market sustains below 5770 can see a further fall towards 5720 and 5645
Recommendations-MCX Crude Oil June: Buy at 5770 Target 5845 and 5920 Stoploss 5720
MCX Natural gas June - Technical Outlook:
Tech The daily stochastic have crossed over up which is a bullish indication. 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.
Technicals have turned neutral to bullish and market is expected to remain positive above 547 if sustain above this level can see a rally towards 553 and 557 If market sustains below 542 can see a further fall towards 537 and 532
Recommendations-MCX Natural Gas June: Buy at 534 Target 541 and 548 Stop loss at 529
MCXARUN
9994500540
10 June 2008 10:50:38
Major Headlines:
Crude oil fell from a record in New York after Saudi Arabia's Oil Minister Ali al-Naimi said the surge in prices was ``unjustified.’ The gain in prices is being driven by non-fundamental factors, the state-owned Saudi Press Agency reported after a meeting between Al-Naimi and his Pakistani counterpart yesterday
Retail gas prices rose further above a national average of $4 Monday, as distributors and retailers hiked prices in response to Friday's unprecedented rally in the oil futures market. Oil futures, meanwhile, retreated as investors sold to lock in profits from the run-up, though oil prices may be headed even higher.
Iran, OPEC's second-largest oil producer, said it plans to cut the number of tankers idling in the Persian Gulf and clear a backlog of crude stored on them by the middle of the summer. The nation still has 14 tankers, capable of storing as much as 28 million barrels of oil, near the Kharg Island loading facility, according to AISLive data on Bloomberg
OPEC's total production rose 0.9 percent in May to 32.28 million barrels a day as Saudi Arabia and Iraq boosted supply, according to Bloomberg estimates. The production ceiling for its 12 members with quotas is 29.673 million barrels a day. War-torn Iraq is allowed to produce at will. Speculators and political tensions could push prices to $140 a barrel this month and $150 a barrel before the end of the summer, Shokri Ghanem, Libya's top oil official, said in an interview today from Tripoli.
Saudi Arabia said on Monday it will "soon" call for a meeting between oil producing and consuming nations to discuss what it called the unjustified rise in oil prices. Oil jumped over $10 on Friday, partly on dollar weakness and rising tension between Israel and Iran. the world's fourth-largest exporter, adding that it asked Oil Minister Ali al-Naimi to call the meeting to discuss addressing the rise.
The negative oil-dollar correlation of -0.41 wasn't the only record set last week. Oil rose $10.75, or 8.4 percent, to $138.54 a barrel in New York on June 6, the biggest-ever gain in dollar terms. The gain alone almost equaled the lowest price for a barrel of crude the past decade, set Dec. 10, 1998
MCX Crude Oil June - Technical Outlook:
Tech The daily stochastic have crossed over up which is a bullish indication. 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.
Technicals have turned neutral to bullish and market is expected to remain positive above 5913levels. If sustain above this level can see a rally towards 5962 and 6055 If market sustains below 5770 can see a further fall towards 5720 and 5645
Recommendations-MCX Crude Oil June: Buy at 5770 Target 5845 and 5920 Stoploss 5720
MCX Natural gas June - Technical Outlook:
Tech The daily stochastic have crossed over up which is a bullish indication. 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.
Technicals have turned neutral to bullish and market is expected to remain positive above 547 if sustain above this level can see a rally towards 553 and 557 If market sustains below 542 can see a further fall towards 537 and 532
Recommendations-MCX Natural Gas June: Buy at 534 Target 541 and 548 Stop loss at 529
MCXARUN
9994500540
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