BULLION Gold on fire as global equity melt down after China retaliate U.S. tariff. Trend firm.
Review Yesterday, both the precious metals were traded positive in international markets. Gold settled at $1301.80 per troy ounce up by 1.17% while silver settled at $14.81 per troy ounce up by 0.20%. Domestic markets were also settled positive. Gold settled at Rs.32498 per 10 gram with the gain of 1.86% and MCX Silver settled at 37650 per 1 kilogram with the gain of 0.79%. Gold prices test $1300 in international markets and gained more than 1% in domestic markets weakness in rupee added gain after China retaliate U.S. tariff and hint to impose tariff on $60 billion U.S. goods and melt down in global equities. We have clearly mentioned in our earlier report that Gold will test $1300 again. Now, if the trade war intensifies between US-China then gold will remain in limelight on safe haven buying. We expect gold will remain positive and will test next hurdle of $1314. Gold is having support at $1292-1288 and resistance at $1308-1314. Silver is having support at $14.66-14.54 while resistance at $14.94-15.10.
TECHNICAL OUTLOOK
Today, Gold is having support at 32061-31623 while resistance at 32737-32975, silver is having support at 37321-36991 and resistance at 37851-38051. Traders are suggested to trade in a range with strict stop loss.
ENERGY Crude oil unable to hold early gains on US-China trade war. Trend volatile.
Review Yesterday, Crude oil prices settled slightly negative in international market WTI Crude settled at $61.04 while Brent settled at $70.23 per barrel. At MCX Crude oil settled negative at 4312 per barrel with the loss of 0.12%. Crude oil prices gains in early trade on Monday as attacks apparently carried out on two Saudi oil tankers in the Persian Gulf. Market turned negative as China retaliate on U.S. tariff and announce to impose tariff on $60 billion U.S. goods. Trade war intensifies between world’s two biggest economies, global equity markets were also crashed vertically after China announced to impose tariff. Saudi Arabia said two of its oil tankers were significantly damaged in “a sabotage attack” off the United Arab Emirates coast on Sunday, state-run Saudi Press Agency reported. The incident adds to regional tensions as the Trump administration raises pressure on Iran, which remains defiant about exporting its oil to the world despite U.S. sanctions. Crude oil prices remain volatile on geo-political tensions in gulf and trade war. Crude oil is having support at $60.80-60.40 and resistance at $61.60-62.20.
TECHNICAL OUTLOOK
Crude oil is having support at 4241-4171 while resistance at 4428-4545, trades are suggested to trade in a range with strict stop loss.
BASE METAL Base metals slips; Lead hit 33 months low on deepening trade war. Trend volatile.
Review Yesterday, base metal prices settled negative in international market. 3M LME copper settled at $6022 per metric ton down by 2.05% from previous close. Base metal prices slides on Monday on deepening trade war between US-China. Lead prices sank to the lowest in nearly three years on Monday on worries that industrial metals demand would suffer from renewed U.S.-Chinese trade tensions. Aluminium saw the lightest losses after reports of reduced supply of raw material alumina from China. Metals slid along with other financial markets after the trade war between the world's top two economies ratcheted up a gear and China said it planned to boost import tariffs against $60 billion worth of U.S. goods. Trade frictions weigh on future demand expectations so you're naturally going to get caution on asset allocations for commodities on the whole and base metals in particular. Today, Copper is having support around 425-423 while resistance at 429-432. Nickel will trade in a range of 818-848, Zinc will trade in a range of 210-215, and Lead will trade in a range of 124-129 while Aluminium trade in a range of 146-151.
TECHNICAL OUTLOOK
Copper is having support at 425 and 423 while resistance at 429 and 432, traders are suggested to trade as per levels with strict stop loss.
AGRI COMMODITY Agriculture commodities gain as rupee weakens by around 1%. Trend volatile.
Review Yesterday, Soybean settled negative in domestic markets at 3680 per quintal with the loss of 0.54%. CBOT were settled at 804. Soybean prices shows weakness due to intensifying trade war between US-China and CBOT is also crashed. Other agriculture commodities shows strong comeback in domestic markets as supported by weakness in rupee and lower arrivals. Most of the commodities settled positive at NCDEX, Chana settled with the gain of 0.02%, Castor seed settled positive with the gain of 0.57%. RM Seed closed positive with the gain of 1.52%. Guar Seed settled negative with the loss of 0.10% while Guar Gum settled with the gain of 0.24%. Spices pack settled positive Coriander, Jeera and Turmeric closed with positive gain. Cotton seed oilcake closed positive with the gain of 2.57%. Investors are suggested to book profit in Cotton Seed oilcake around 2680. Cotton prices shows weakness and hit lower circuit impact of trade war will affect global demand of cotton. Refined Soyoil closed positive with the gain of 0.80%. We expect Refined Soyoil to trade in a range of 740-754.
TECHNICAL OUTLOOK
Soybean is having support around 3660-3640 while resistance at 3700-3740, Refined Soyaoil is having support at 742-740 while resistance at 752-754 traders are suggested to trade as per levels with strict stop loss.
News Source: Bloomberg, investing.com, kitco.com and ticker news.
Disclaimer: This document is not to be construed as an offer to sell or the solicitation of an offer to buy any commodity. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our current opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the commodity and currencies mentioned in the report.
Posted by Mehul Kothari | Published on 13-MAY-2019
BULLION Gold prices slightly up on trade war tensions between US-China. Trend volatile Review Friday, both the precious metals were traded flat to positive in international markets. Gold settled at $1286.70 per troy ounce up by 0.12% while silver settled at $14.78 per troy ounce up by 0.03%. Domestic markets were settled slightly negative due to strength in rupee. Gold settled at Rs.31904 per 10 gram with the loss of 0.04% and MCX Silver settled at 37354 per 1 kilogram with the loss of 0.12%. Gold prices traded range bound on Friday on trade war tensions between US-China and market is expecting some safe haven buying this week as there is no positive outcome of ongoing trade talk between US-China trade officials. U.S. increased trade tariff on Chinese imports from Friday and Chinas hints to retaliate the same. We expect gold will remain focus this week and if crossed $1292 will certainly test $1300 again. Gold is having support at $1278-1272 and resistance at $1292-1300. Silver is having support at $14.64-14.48 while resistance at $14.88-15.05. TECHNICAL OUTLOOK
Today, Gold is having support at 31790-31675 while resistance at 32011-32117, silver is having support at 37243-37133 and resistance at 37476-37599. Traders are suggested to trade in a range with strict stop loss.
ENERGY Crude oil settled flat; fear of China retaliate tariff will puts pressure. Trend volatile. Review Friday, Crude oil prices settled flat in international market WTI Crude settled at $61.73 while Brent settled at $70.80 per barrel. At MCX Crude oil settled negative at 4326 per barrel with the loss of 0.02%. Crude oil prices settled almost flat on Friday in international markets and lower crude oil inventory as reported by EIA on Wednesday is also not able to support prices in international markets. After U.S. President Donald Trump announced to impose higher tariff on Chinese imports from Friday, now China hints to retaliate the same. Global energy market is in fear if China retaliate and impose tariff on U.S. LNG imports will puts pressure on crude oil prices as China is one of the largest importer of U.S. LNG. China could shift from U.S. to Qatar, Russia and Australia. We expect ahead of trade tensions between US-China crude oil prices remain volatile and fear of lower global consumption due to trade war will also puts pressure on prices. Crude oil is having support at $61.40-60.80 and resistance at $62.50-63.10. TECHNICAL OUTLOOK
Crude oil is having support at 4303-4279 while resistance at 4356-4385, trades are suggested to trade in a range with strict stop loss.
BASE METALBase metals rebound on hope of trade deal but traders still cautious. Trend volatile. ReviewFriday, base metal prices settled mixed in international market. 3M LME copper settled at $6148 per metric ton up by 0.11% from previous close. Copper and other industrial metals rebounded on Friday on hopes that a U.S.-China trade deal would be hammered out, but they remained vulnerable to further friction between the world's two biggest economies. Negotiators in Washington agreed to stay at the table for a second day on Friday even after the United States escalated a tariff war with China by increasing levies and Beijing threatened retaliation. The markets generally have been fairly sanguine about the prospects for a deal and that does leave some downside scope for the metals to be hit by further nasty surprises in coming days. We expect market remain volatile this week on statements on trade war from US-China. Today, Copper is having support around 430-428 while resistance at 434-436. Nickel will trade in a range of 824-848, Zinc will trade in a range of 212-218, and Lead will trade in a range of 125-130 while Aluminium trade in a range of 145-150.TECHNICAL OUTLOOK
Copper is having support at 430 and 428 while resistance at 434 and 436, traders are suggested to trade as per levels with strict stop loss.
AGRI COMMODITYAgri commodities settled mixed; USDA report will puts pressure on soybean . Trend volatile. ReviewFriday, Soybean settled positive in domestic markets at 3720 per quintal with the gain of 0.51%. CBOT were settled at 808. On Friday, agriculture commodities show mixed trend and some profit booking seen in spices complex while oil complex traded stable. After USDA monthly report CBOT shows weakness and we expect soybean will see some profit booking today. Ongoing trade war between US-China will also keeps agriculture commodities volatile. Mixed trend seen at NCDEX on Friday, Chana settled with the gain of 1.10%, Castor seed settled negative with the loss of 0.28%. RM Seed closed positive with the gain of 0.39%. Guar Seed settled negative with the loss of 0.44% while Guar Gum settled with the loss of 0.87%. Spices pack settled mixed Coriander and Turmeric seen profit booking while Jeera closed positive. Cotton seed oilcake closed positive with the gain of 1.22%. Investors are suggested to book profit in Cotton Seed oilcake around 2640. Refined Soyoil closed positive with the gain of 0.19%. We expect Refined Soyoil to trade in a range of 734-750. TECHNICAL OUTLOOK
Soybean is having support around 3690-3660 while resistance at 3740-3780, Refined Soyaoil is having support at 737-734 while resistance at 747-750 traders are suggested to trade as per levels with strict stop loss.Click Here to Download the Report
News Source: Bloomberg, investing.com, kitco.com and ticker news.
Disclaimer: This document is not to be construed as an offer to sell or the solicitation of an offer to buy any commodity. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our current opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the commodity and currencies mentioned in the report.)
Posted by Mehul Kothari | Published on 14-MAY-2019
CURRENCY PIVOT LEVELSCROSS CURRENCY UPDATEUSDINR 29 MAY 2019 EXPIRY OPTION UPDATERBI REFERENCE RATE (MAY 13, 2019)TECHNICAL VIEW ON MAJOR CURRENCY PAIRUSDINR (May Future)
Dollar/rupee witnessed 0.90% its biggest intraday gain since 25 April 2019 and settled at 70.66 compared to Friday close of 70.0425. The pair jumped towards its two months high tracking the sharp rise in crude oil prices amid overseas outflows from local stocks. The US and China remained deadlocked after Sunday's trade negotiations in Washington as the US demanded promises of concrete changes to Chinese law and China said it would not swallow any "bitter fruit" that harmed its interests also weighted sentiment.Technical, A strong breakout of its massive resistance 70.50 on EOD chart is indicating for bullish move towards its next resistance 70.95-71.15. Further, Trade tensions are expected to continue to weigh on the Dollar/Rupee. On the downside, crucial support is seen at 70.10-69.80.Trend –BullishGBPINR (May Future)
Pound/Rupee rose on Monday as UK cross party Brexit talks is set to continue and investors remain hopeful of a possible breakthrough. Adding to that, reports of possible talks with European Union (EU) to negotiate Brexit also supported the pound. Technical, GBPINR finally breached its triangle resistance 91.70 that has been hold since, 9 April 2019 and after hitting a day high 92.0675 settled at 92.03 levels. Near term trend expect to remain bullish and upside target 92.50-93.00. On the downside, support is seen at 91.75-91.10.Trend –Bullish
MAJOR ECONOMIC DATA & EVENTS RELEASED YESTERDAY/EARLIER TODAY
India's Consumer Price Index-based inflation accelerated at slower pace of 2.92% in April compared to 2.86% of March, data from Ministry of Statistics & Programme Implementation showed Monday.
Japan BoP Current Account (preliminary) Balance for March Y 2847.9bn (expected Y 3020bn).
MAJOR ECONOMIC DATA & EVENTS SCHEDULE TODAY
Note: Economic data expectations are based on median forecast by economists or Reuters and Bloomberg survey. Here positive impact indicates currency could appreciate and negativeindicates currency could depreciate in comparison with US Dollar.Technical Chart Source: TickerNews Source: Ticker news, Forexfactory.com, forexlive.com and investing.com*Dos – Depends on Statement. DOV – Depends on Votes.Click Here to Download the ReportDisclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our currency opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.)
Daily Commodity Research Report – 14th May 2019
BULLION
Gold on fire as global equity melt down after China retaliate U.S. tariff. Trend firm.
Review
Yesterday, both the precious metals were traded positive in international markets. Gold settled at $1301.80 per troy ounce up by 1.17% while silver settled at $14.81 per troy ounce up by 0.20%. Domestic markets were also settled positive. Gold settled at Rs.32498 per 10 gram with the gain of 1.86% and MCX Silver settled at 37650 per 1 kilogram with the gain of 0.79%. Gold prices test $1300 in international markets and gained more than 1% in domestic markets weakness in rupee added gain after China retaliate U.S. tariff and hint to impose tariff on $60 billion U.S. goods and melt down in global equities. We have clearly mentioned in our earlier report that Gold will test $1300 again. Now, if the trade war intensifies between US-China then gold will remain in limelight on safe haven buying. We expect gold will remain positive and will test next hurdle of $1314. Gold is having support at $1292-1288 and resistance at $1308-1314. Silver is having support at $14.66-14.54 while resistance at $14.94-15.10.
TECHNICAL OUTLOOK
Today, Gold is having support at 32061-31623 while resistance at 32737-32975, silver is having support at 37321-36991 and resistance at 37851-38051. Traders are suggested to trade in a range with strict stop loss.
ENERGY
Crude oil unable to hold early gains on US-China trade war. Trend volatile.
Review
Yesterday, Crude oil prices settled slightly negative in international market WTI Crude settled at $61.04 while Brent settled at $70.23 per barrel. At MCX Crude oil settled negative at 4312 per barrel with the loss of 0.12%. Crude oil prices gains in early trade on Monday as attacks apparently carried out on two Saudi oil tankers in the Persian Gulf. Market turned negative as China retaliate on U.S. tariff and announce to impose tariff on $60 billion U.S. goods. Trade war intensifies between world’s two biggest economies, global equity markets were also crashed vertically after China announced to impose tariff. Saudi Arabia said two of its oil tankers were significantly damaged in “a sabotage attack” off the United Arab Emirates coast on Sunday, state-run Saudi Press Agency reported. The incident adds to regional tensions as the Trump administration raises pressure on Iran, which remains defiant about exporting its oil to the world despite U.S. sanctions. Crude oil prices remain volatile on geo-political tensions in gulf and trade war. Crude oil is having support at $60.80-60.40 and resistance at $61.60-62.20.
TECHNICAL OUTLOOK
Crude oil is having support at 4241-4171 while resistance at 4428-4545, trades are suggested to trade in a range with strict stop loss.
BASE METAL
Base metals slips; Lead hit 33 months low on deepening trade war. Trend volatile.
Review
Yesterday, base metal prices settled negative in international market. 3M LME copper settled at $6022 per metric ton down by 2.05% from previous close. Base metal prices slides on Monday on deepening trade war between US-China. Lead prices sank to the lowest in nearly three years on Monday on worries that industrial metals demand would suffer from renewed U.S.-Chinese trade tensions. Aluminium saw the lightest losses after reports of reduced supply of raw material alumina from China. Metals slid along with other financial markets after the trade war between the world's top two economies ratcheted up a gear and China said it planned to boost import tariffs against $60 billion worth of U.S. goods. Trade frictions weigh on future demand expectations so you're naturally going to get caution on asset allocations for commodities on the whole and base metals in particular. Today, Copper is having support around 425-423 while resistance at 429-432. Nickel will trade in a range of 818-848, Zinc will trade in a range of 210-215, and Lead will trade in a range of 124-129 while Aluminium trade in a range of 146-151.
TECHNICAL OUTLOOK
Copper is having support at 425 and 423 while resistance at 429 and 432, traders are suggested to trade as per levels with strict stop loss.
AGRI COMMODITY
Agriculture commodities gain as rupee weakens by around 1%. Trend volatile.
Review
Yesterday, Soybean settled negative in domestic markets at 3680 per quintal with the loss of 0.54%. CBOT were settled at 804. Soybean prices shows weakness due to intensifying trade war between US-China and CBOT is also crashed. Other agriculture commodities shows strong comeback in domestic markets as supported by weakness in rupee and lower arrivals. Most of the commodities settled positive at NCDEX, Chana settled with the gain of 0.02%, Castor seed settled positive with the gain of 0.57%. RM Seed closed positive with the gain of 1.52%. Guar Seed settled negative with the loss of 0.10% while Guar Gum settled with the gain of 0.24%. Spices pack settled positive Coriander, Jeera and Turmeric closed with positive gain. Cotton seed oilcake closed positive with the gain of 2.57%. Investors are suggested to book profit in Cotton Seed oilcake around 2680. Cotton prices shows weakness and hit lower circuit impact of trade war will affect global demand of cotton. Refined Soyoil closed positive with the gain of 0.80%. We expect Refined Soyoil to trade in a range of 740-754.
TECHNICAL OUTLOOK
Soybean is having support around 3660-3640 while resistance at 3700-3740, Refined Soyaoil is having support at 742-740 while resistance at 752-754 traders are suggested to trade as per levels with strict stop loss.
News Source: Bloomberg, investing.com, kitco.com and ticker news.
Click Here to Download the Report
Disclaimer: This document is not to be construed as an offer to sell or the solicitation of an offer to buy any commodity. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our current opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the commodity and currencies mentioned in the report.
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Daily Commodity Research Report – 13th May 2019
BULLION Gold prices slightly up on trade war tensions between US-China. Trend volatile Review Friday, both the precious metals were traded flat to positive in international markets. Gold settled at $1286.70 per troy ounce up by 0.12% while silver settled at $14.78 per troy ounce up by 0.03%. Domestic markets were settled slightly negative due to strength in rupee. Gold settled at Rs.31904 per 10 gram with the loss of 0.04% and MCX Silver settled at 37354 per 1 kilogram with the loss of 0.12%. Gold prices traded range bound on Friday on trade war tensions between US-China and market is expecting some safe haven buying this week as there is no positive outcome of ongoing trade talk between US-China trade officials. U.S. increased trade tariff on Chinese imports from Friday and Chinas hints to retaliate the same. We expect gold will remain focus this week and if crossed $1292 will certainly test $1300 again. Gold is having support at $1278-1272 and resistance at $1292-1300. Silver is having support at $14.64-14.48 while resistance at $14.88-15.05. TECHNICAL OUTLOOK Today, Gold is having support at 31790-31675 while resistance at 32011-32117, silver is having support at 37243-37133 and resistance at 37476-37599. Traders are suggested to trade in a range with strict stop loss. ENERGY Crude oil settled flat; fear of China retaliate tariff will puts pressure. Trend volatile. Review Friday, Crude oil prices settled flat in international market WTI Crude settled at $61.73 while Brent settled at $70.80 per barrel. At MCX Crude oil settled negative at 4326 per barrel with the loss of 0.02%. Crude oil prices settled almost flat on Friday in international markets and lower crude oil inventory as reported by EIA on Wednesday is also not able to support prices in international markets. After U.S. President Donald Trump announced to impose higher tariff on Chinese imports from Friday, now China hints to retaliate the same. Global energy market is in fear if China retaliate and impose tariff on U.S. LNG imports will puts pressure on crude oil prices as China is one of the largest importer of U.S. LNG. China could shift from U.S. to Qatar, Russia and Australia. We expect ahead of trade tensions between US-China crude oil prices remain volatile and fear of lower global consumption due to trade war will also puts pressure on prices. Crude oil is having support at $61.40-60.80 and resistance at $62.50-63.10. TECHNICAL OUTLOOK Crude oil is having support at 4303-4279 while resistance at 4356-4385, trades are suggested to trade in a range with strict stop loss. BASE METALBase metals rebound on hope of trade deal but traders still cautious. Trend volatile. ReviewFriday, base metal prices settled mixed in international market. 3M LME copper settled at $6148 per metric ton up by 0.11% from previous close. Copper and other industrial metals rebounded on Friday on hopes that a U.S.-China trade deal would be hammered out, but they remained vulnerable to further friction between the world's two biggest economies. Negotiators in Washington agreed to stay at the table for a second day on Friday even after the United States escalated a tariff war with China by increasing levies and Beijing threatened retaliation. The markets generally have been fairly sanguine about the prospects for a deal and that does leave some downside scope for the metals to be hit by further nasty surprises in coming days. We expect market remain volatile this week on statements on trade war from US-China. Today, Copper is having support around 430-428 while resistance at 434-436. Nickel will trade in a range of 824-848, Zinc will trade in a range of 212-218, and Lead will trade in a range of 125-130 while Aluminium trade in a range of 145-150.TECHNICAL OUTLOOK Copper is having support at 430 and 428 while resistance at 434 and 436, traders are suggested to trade as per levels with strict stop loss. AGRI COMMODITYAgri commodities settled mixed; USDA report will puts pressure on soybean . Trend volatile. ReviewFriday, Soybean settled positive in domestic markets at 3720 per quintal with the gain of 0.51%. CBOT were settled at 808. On Friday, agriculture commodities show mixed trend and some profit booking seen in spices complex while oil complex traded stable. After USDA monthly report CBOT shows weakness and we expect soybean will see some profit booking today. Ongoing trade war between US-China will also keeps agriculture commodities volatile. Mixed trend seen at NCDEX on Friday, Chana settled with the gain of 1.10%, Castor seed settled negative with the loss of 0.28%. RM Seed closed positive with the gain of 0.39%. Guar Seed settled negative with the loss of 0.44% while Guar Gum settled with the loss of 0.87%. Spices pack settled mixed Coriander and Turmeric seen profit booking while Jeera closed positive. Cotton seed oilcake closed positive with the gain of 1.22%. Investors are suggested to book profit in Cotton Seed oilcake around 2640. Refined Soyoil closed positive with the gain of 0.19%. We expect Refined Soyoil to trade in a range of 734-750. TECHNICAL OUTLOOK Soybean is having support around 3690-3660 while resistance at 3740-3780, Refined Soyaoil is having support at 737-734 while resistance at 747-750 traders are suggested to trade as per levels with strict stop loss.Click Here to Download the Report News Source: Bloomberg, investing.com, kitco.com and ticker news. Disclaimer: This document is not to be construed as an offer to sell or the solicitation of an offer to buy any commodity. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our current opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the commodity and currencies mentioned in the report.)
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Daily Currency Research Report – 14th May 2019
CURRENCY PIVOT LEVELSCROSS CURRENCY UPDATEUSDINR 29 MAY 2019 EXPIRY OPTION UPDATERBI REFERENCE RATE (MAY 13, 2019)TECHNICAL VIEW ON MAJOR CURRENCY PAIRUSDINR (May Future) Dollar/rupee witnessed 0.90% its biggest intraday gain since 25 April 2019 and settled at 70.66 compared to Friday close of 70.0425. The pair jumped towards its two months high tracking the sharp rise in crude oil prices amid overseas outflows from local stocks. The US and China remained deadlocked after Sunday's trade negotiations in Washington as the US demanded promises of concrete changes to Chinese law and China said it would not swallow any "bitter fruit" that harmed its interests also weighted sentiment.Technical, A strong breakout of its massive resistance 70.50 on EOD chart is indicating for bullish move towards its next resistance 70.95-71.15. Further, Trade tensions are expected to continue to weigh on the Dollar/Rupee. On the downside, crucial support is seen at 70.10-69.80.Trend –BullishGBPINR (May Future) Pound/Rupee rose on Monday as UK cross party Brexit talks is set to continue and investors remain hopeful of a possible breakthrough. Adding to that, reports of possible talks with European Union (EU) to negotiate Brexit also supported the pound. Technical, GBPINR finally breached its triangle resistance 91.70 that has been hold since, 9 April 2019 and after hitting a day high 92.0675 settled at 92.03 levels. Near term trend expect to remain bullish and upside target 92.50-93.00. On the downside, support is seen at 91.75-91.10.Trend –Bullish MAJOR ECONOMIC DATA & EVENTS RELEASED YESTERDAY/EARLIER TODAY India's Consumer Price Index-based inflation accelerated at slower pace of 2.92% in April compared to 2.86% of March, data from Ministry of Statistics & Programme Implementation showed Monday. Japan BoP Current Account (preliminary) Balance for March Y 2847.9bn (expected Y 3020bn). MAJOR ECONOMIC DATA & EVENTS SCHEDULE TODAY Note: Economic data expectations are based on median forecast by economists or Reuters and Bloomberg survey. Here positive impact indicates currency could appreciate and negativeindicates currency could depreciate in comparison with US Dollar.Technical Chart Source: TickerNews Source: Ticker news, Forexfactory.com, forexlive.com and investing.com*Dos – Depends on Statement. DOV – Depends on Votes.Click Here to Download the ReportDisclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our currency opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.)