Dollar/rupee jumped towards one-week high and gained 0.33% yesterday supported by buying activities by nationalized banks likely on behalf of oil importers amid lingering risk woes around the US-China trade tiff, which has increased safe haven demand for the dollar. Australian dollar surged as the Reserve Bank of Australia kept its key official cash rate at its record low of 1.50% at Wednesday's review, thwarting expectations of a further cut. Local stocks ended at two month lows as uncertainty surrounding US-China trade war.
Technical, On the EOD chart, USDINR has breached its immediate resistance 69.75 and tested day high 69.9225. Formation of long bullish candle stick and recent breakout is creating probability for upside move towards 70.20 and above. On the downside, crucial support is seen at 69.45-69.20.
Trend –Neutral to positive
GBPINR (May Future)
Pound/Rupee remained under pressure as hopes of a Brexit breakthrough faded amid lack of progress in the UK cross-party Brexit talk. Reports showed that Labour Party negotiators have described the government as being reluctant in the matter of a customs union. Labour Party made the entry into a customs union as a red line, and according to reports, the Government is yet to move on the matter.
Technical, On the EOD Chart, GBPINR trading on verge of triangle resistance 91.70 in break above will create probability for 2-3% sharp bullish move. Failure of the break only could witness consolidation towards 90.70-90.50 again.
Trend –Bullish above 91.70
MAJOR ECONOMIC DATA & EVENTS RELEASED YESTERDAY/EARLIER TODAY
UK House prices in the three months to April stood 5.0 percent higher than a year ago, the strongest growth since February 2017, following a 2.6 percent rise in the three months to March.
Germany's Industrial Production data on monthly basis rose to 0.5% in March compared to the 0.4% of its previous release.
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 negative indicates 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.
Disclaimer: 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.
Posted by Mehul Kothari | Published on 09-MAY-2019
BULLION Gold prices slightly lower as U.S. equity and Dollar gain. Trend volatile.Review Yesterday, both the precious metals were trades slightly lower in international markets. Gold settled at $1281.90 per troy ounce down by 0.28% while silver settled at $14.86 per troy ounce down by 0.47%. Domestic markets were also settled negative. Gold settled at Rs.31685 per 10 gram with the loss of 0.14% and MCX Silver settled at 37402 per 1 kilogram with the loss of 0.17%. Gold and silver prices lose its early gain after U.S. equity and dollar index recovered from lows. Gold is also test key resistance of $1292 in international markets but unable to hold above $1292 and slide again after sharp gain in dollar index. Looking to the slowdown in Chinese economy and rising trade tensions between US-China we expect gold prices will hold its support levels of $1266 and will show strength in coming sessions. Gold is having support at $1274-1266 and resistance at $1288-1292. Silver is having support at $14.70-14.55 while resistance at $15-15.15. TECHNICAL OUTLOOK
Today, Gold is having support at 31588-31492 while resistance at 31853-32022, silver is having support at 37285-37167 and resistance at 37595-37787. Traders are suggested to trade in a range with strict stop loss.
ENERGY Crude oil gain on lower U.S. inventory; trade tensions will limits gain. Trend volatile. Review Yesterday, Crude oil prices gain in international market WTI Crude settled at $62.12 while Brent settled at $70.24 per barrel. At MCX Crude oil settled positive at 4334 per barrel with the gain of 1.64%. We have clearly mentioned in our yesterday’s report as crude oil can test resistance of $62.50, crude oil prices gain on surprisingly lower U.S. weekly crude oil inventory. The EIA said in its regular weekly report that crude oil inventories slumped by nearly 4 million barrels in the week to May 3, versus forecasts for a build of 1.2 million barrels. Crude stockpiles had risen by a net of nearly 30 million barrels in five earlier weeks, and oil bears had expected the trend to continue. After U.S. weekly inventory data U.S. is announced to increase tariff on $200 billion Chinese imports from 10% to 25% with effect from 10th May. After this news crude oil again came in pressure as due to escalation of trade war between world’s two biggest economies will affect demand of crude oil in coming days. We expect crude oil to trade in a range of $58.80-$62.50 Crude oil is having support at $61.50-60.80 and resistance at $62.50-62.80. TECHNICAL OUTLOOK
Crude oil is having support at 4275-4217 while resistance at 4371-4409, trades are suggested to trade in a range with strict stop loss.
BASE METALBase metals slips; Copper near three months low on US-China trade war. Trend volatile. ReviewYesterday, base metal prices settled mixed in international market. 3M LME copper settled at $6135 per metric ton down by 0.37% from previous close. Copper fell to a near three-month low on Wednesday on concerns over a potential resumption of tit-for-tat trade tariffs between the United States and China ahead of last-ditch negotiations. U.S. announced to increase tariffs on $200 billion worth of Chinese goods on Friday has raised the risk of an escalation in the spat between Washington and Beijing. This could further slow the global economy, while clouding the outlook for demand from top metals consumer China. The two sides will hold last-ditch talks in Washington on Thursday and Friday. We expect looking to the trade tensions between US-China and rising dollar index will affect base metals and it is expected to remain volatile during today’s session. Today, Copper is having support around 427-424 while resistance at 434-438. Nickel will trade in a range of 820-848, Zinc will trade in a range of 210-218, and Lead will trade in a range of 128-133 while Aluminium trade in a range of 144-149.TECHNICAL OUTLOOK
Copper is having support at 427 and 424 while resistance at 434 and 438, traders are suggested to trade as per levels with strict stop loss.
AGRI COMMODITYHigher Chinese import supports soybean prices; trade war will limits gain. Trend volatile. ReviewYesterday, Soybean settled positive in domestic markets at 3695 per quintal with the gain of 1.29%. CBOT were settled at 825. Soybean prices shows strength in yesterday’s trade as Chinese soybean import rises by 10% in the month of April against previous year. Major boost seen in Chinese imports due to lowering VAT from the month of April this year and some shipments were shifted from March to April. We expect after U.S. announce higher tariff on Chinese imports from 10th May, again global commodity prices will show weakness in coming days. Investors are suggested to book profit in soybean in the range of 3700-3740. Other Agriculture commodities at NCDEX shows mixed trend, Chana settled with the gain of 0.30%, Castor seed settled negative with the loss of 1.13%. RM Seed closed positive with the gain of 0.82%. Guar Seed settled negative with the loss of 0.66% while Guar Gum settled with the loss of 0.50%. Spices pack settled mixed Jeera and Turmeric settled positive while coriander settled negative. Cotton seed oilcake closed positive with the gain of 1.21%. Refined Soyoil closed positive with the gain of 0.31%. We expect Refined Soyoil to trade in a range of 730-747.TECHNICAL OUTLOOK
Soybean is having support around 3660-3630 while resistance at 3720-3740, Refined Soyaoil is having support at 734-730 while resistance at 744-747 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 10-MAY-2019
BULLION Gold sees some safe haven buying due to selloff in global equities. Trend volatile Review Yesterday, both the precious metals were traded mixed in international markets. Gold settled at $1285.20 per troy ounce up by 0.26% while silver settled at $14.77 per troy ounce down by 0.70%. Domestic markets were also settled mixed. Gold settled at Rs.31916 per 10 gram with the gain of 0.73% and MCX Silver settled at 37398 per 1 kilogram with the loss of 0.01%. Gold prices sees some safe haven buying in yesterday’s trade due to selloff in global equities after U.S. President Donald Trump announce to raise tariff on $200 billion Chinese imports. Global equities are in panic sell from last two trading session as trade tension escalates between world’s two biggest economies. Dollar index also gain but unable to limit gains in gold prices. We expect gold remain positive and expected to cross key resistance of $1292. 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 31733-31549 while resistance at 32075-32233, silver is having support at 37266-37135 and resistance at 37550-37703. Traders are suggested to trade in a range with strict stop loss.
ENERGY Crude oil settled lower; market is expecting trade deal between US-China. Trend volatile. Review Yesterday, Crude oil prices settled slightly lower in international market WTI Crude settled at $61.70 while Brent settled at $70.41 per barrel. At MCX Crude oil settled negative at 4327 per barrel with the gain of 0.16%. Crude oil prices shows very high volatility this week as prices shows recovery after EIA reported lower inventory this week but at the same time give knee jerk reactions after U.S. increase import tariff in China. Yesterday’s market trades in a range before settling below $62 levels. Experts are having hopes for trade resolution between US-China after U.S. President Donald Trump says he receive “Beautiful Letter” from Chinese President Xi-Jinping. Trump quoted the letter as saying: "Let's work together let's see if we can get something done. Investors have feared that a protracted tariff war would harm global economic growth. We expect on the hope of possible trade resolution market will react positively in today’s trade and will test resistance of $62.50. 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 4289-4251 while resistance at 4359-4391, trades are suggested to trade in a range with strict stop loss.
BASE METALBase metals show some recovery on hope of trade deal between US-China. Trend volatile. ReviewYesterday, base metal prices settled mixed in international market. 3M LME copper settled at $6141 per metric ton up by 0.10% from previous close. Base metal prices slips in early trade yesterday but prices shows some recovery in late evening session on the hope of trade deal between US-China. As president Donald Trump says he receives “Beautiful Letter” from Chinese president Xi-Jinping. Trump quoted the letter as saying: "Let's work together let's see if we can get something done. Prices of copper and other metals retreated on Thursday, hit by the potential for escalating trade tensions as the United States and China prepare to resume talks to resolve their long-running trade conflict. We expect base metal prices remain volatile and only positive outcome on trade deal will support prices. Today, Copper is having support around 428-424 while resistance at 434-437. Nickel will trade in a range of 814-848, Zinc will trade in a range of 212-218, and Lead will trade in a range of 127-132 while Aluminium trade in a range of 145-150.TECHNICAL OUTLOOK
Copper is having support at 428 and 424 while resistance at 434 and 437, traders are suggested to trade as per levels with strict stop loss.
AGRI COMMODITYWeakness in INR supports agriculture commodities; trade tension limits gain. Trend volatile. ReviewYesterday, Soybean settled positive in domestic markets at 3700 per quintal with the gain of 0.30%. CBOT were settled at 811. Soybean prices shows strength in domestic markets and test 3720 due to weakness in rupee as escalating trade tensions between US-China putting pressures on CBOT. We expect 3740 will remain key resistance for soybean and only sustain above will give further rally else test support of 3640 again. Spices pack shows strength on the hope of rising Indian exports due to escalating trade disputes between various countries. We expect agriculture commodities remain volatile. Other Agriculture commodities at NCDEX shows mixed trend, Chana settled with the gain of 2.74%, Castor seed settled positive with the gain of 0.82%. RM Seed closed positive with the gain of 0.32%. Guar Seed settled negative with the loss of 0.52% while Guar Gum settled with the loss of 0.02%. Spices pack settled positive Coriander, Jeera and Turmeric give solid comeback. Cotton seed oilcake closed positive with the gain of 0.52%. Investors are suggested to book profit in Cotton Seed oilcake around 2600-2620. Refined Soyoil closed positive with the gain of 0.14%. We expect Refined Soyoil to trade in a range of 732-748.TECHNICAL OUTLOOK
Soybean is having support around 3670-3640 while resistance at 3720-3740, Refined Soyaoil is having support at 734-732 while resistance at 746-748 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 ReportDisclaimer: 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.)
Daily Currency Research Report – 9th May 2019
CURRENCY PIVOT LEVELS
CROSS CURRENCY UPDATE
USDINR 29 MAY, 2019 EXPIRY OPTION UPDATE
RBI REFERENCE RATE (MAY 8, 2019)
TECHNICAL VIEW ON MAJOR CURRENCY PAIR
USDINR (MAY FUTURE)
Dollar/rupee jumped towards one-week high and gained 0.33% yesterday supported by buying activities by nationalized banks likely on behalf of oil importers amid lingering risk woes around the US-China trade tiff, which has increased safe haven demand for the dollar. Australian dollar surged as the Reserve Bank of Australia kept its key official cash rate at its record low of 1.50% at Wednesday's review, thwarting expectations of a further cut. Local stocks ended at two month lows as uncertainty surrounding US-China trade war.
Technical, On the EOD chart, USDINR has breached its immediate resistance 69.75 and tested day high 69.9225. Formation of long bullish candle stick and recent breakout is creating probability for upside move towards 70.20 and above. On the downside, crucial support is seen at 69.45-69.20.
Trend –Neutral to positive
GBPINR (May Future)
Pound/Rupee remained under pressure as hopes of a Brexit breakthrough faded amid lack of progress in the UK cross-party Brexit talk. Reports showed that Labour Party negotiators have described the government as being reluctant in the matter of a customs union. Labour Party made the entry into a customs union as a red line, and according to reports, the Government is yet to move on the matter.
Technical, On the EOD Chart, GBPINR trading on verge of triangle resistance 91.70 in break above will create probability for 2-3% sharp bullish move. Failure of the break only could witness consolidation towards 90.70-90.50 again.
Trend –Bullish above 91.70
MAJOR ECONOMIC DATA & EVENTS RELEASED YESTERDAY/EARLIER TODAY
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 negative indicates 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.
Source - investing.com, Reuters,forexlive & ticker news.
Disclaimer: 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.
Previous Story
Daily Commodity Research Report – 9th May 2019
BULLION Gold prices slightly lower as U.S. equity and Dollar gain. Trend volatile.Review Yesterday, both the precious metals were trades slightly lower in international markets. Gold settled at $1281.90 per troy ounce down by 0.28% while silver settled at $14.86 per troy ounce down by 0.47%. Domestic markets were also settled negative. Gold settled at Rs.31685 per 10 gram with the loss of 0.14% and MCX Silver settled at 37402 per 1 kilogram with the loss of 0.17%. Gold and silver prices lose its early gain after U.S. equity and dollar index recovered from lows. Gold is also test key resistance of $1292 in international markets but unable to hold above $1292 and slide again after sharp gain in dollar index. Looking to the slowdown in Chinese economy and rising trade tensions between US-China we expect gold prices will hold its support levels of $1266 and will show strength in coming sessions. Gold is having support at $1274-1266 and resistance at $1288-1292. Silver is having support at $14.70-14.55 while resistance at $15-15.15. TECHNICAL OUTLOOK Today, Gold is having support at 31588-31492 while resistance at 31853-32022, silver is having support at 37285-37167 and resistance at 37595-37787. Traders are suggested to trade in a range with strict stop loss. ENERGY Crude oil gain on lower U.S. inventory; trade tensions will limits gain. Trend volatile. Review Yesterday, Crude oil prices gain in international market WTI Crude settled at $62.12 while Brent settled at $70.24 per barrel. At MCX Crude oil settled positive at 4334 per barrel with the gain of 1.64%. We have clearly mentioned in our yesterday’s report as crude oil can test resistance of $62.50, crude oil prices gain on surprisingly lower U.S. weekly crude oil inventory. The EIA said in its regular weekly report that crude oil inventories slumped by nearly 4 million barrels in the week to May 3, versus forecasts for a build of 1.2 million barrels. Crude stockpiles had risen by a net of nearly 30 million barrels in five earlier weeks, and oil bears had expected the trend to continue. After U.S. weekly inventory data U.S. is announced to increase tariff on $200 billion Chinese imports from 10% to 25% with effect from 10th May. After this news crude oil again came in pressure as due to escalation of trade war between world’s two biggest economies will affect demand of crude oil in coming days. We expect crude oil to trade in a range of $58.80-$62.50 Crude oil is having support at $61.50-60.80 and resistance at $62.50-62.80. TECHNICAL OUTLOOK Crude oil is having support at 4275-4217 while resistance at 4371-4409, trades are suggested to trade in a range with strict stop loss. BASE METALBase metals slips; Copper near three months low on US-China trade war. Trend volatile. ReviewYesterday, base metal prices settled mixed in international market. 3M LME copper settled at $6135 per metric ton down by 0.37% from previous close. Copper fell to a near three-month low on Wednesday on concerns over a potential resumption of tit-for-tat trade tariffs between the United States and China ahead of last-ditch negotiations. U.S. announced to increase tariffs on $200 billion worth of Chinese goods on Friday has raised the risk of an escalation in the spat between Washington and Beijing. This could further slow the global economy, while clouding the outlook for demand from top metals consumer China. The two sides will hold last-ditch talks in Washington on Thursday and Friday. We expect looking to the trade tensions between US-China and rising dollar index will affect base metals and it is expected to remain volatile during today’s session. Today, Copper is having support around 427-424 while resistance at 434-438. Nickel will trade in a range of 820-848, Zinc will trade in a range of 210-218, and Lead will trade in a range of 128-133 while Aluminium trade in a range of 144-149.TECHNICAL OUTLOOK Copper is having support at 427 and 424 while resistance at 434 and 438, traders are suggested to trade as per levels with strict stop loss. AGRI COMMODITYHigher Chinese import supports soybean prices; trade war will limits gain. Trend volatile. ReviewYesterday, Soybean settled positive in domestic markets at 3695 per quintal with the gain of 1.29%. CBOT were settled at 825. Soybean prices shows strength in yesterday’s trade as Chinese soybean import rises by 10% in the month of April against previous year. Major boost seen in Chinese imports due to lowering VAT from the month of April this year and some shipments were shifted from March to April. We expect after U.S. announce higher tariff on Chinese imports from 10th May, again global commodity prices will show weakness in coming days. Investors are suggested to book profit in soybean in the range of 3700-3740. Other Agriculture commodities at NCDEX shows mixed trend, Chana settled with the gain of 0.30%, Castor seed settled negative with the loss of 1.13%. RM Seed closed positive with the gain of 0.82%. Guar Seed settled negative with the loss of 0.66% while Guar Gum settled with the loss of 0.50%. Spices pack settled mixed Jeera and Turmeric settled positive while coriander settled negative. Cotton seed oilcake closed positive with the gain of 1.21%. Refined Soyoil closed positive with the gain of 0.31%. We expect Refined Soyoil to trade in a range of 730-747.TECHNICAL OUTLOOK Soybean is having support around 3660-3630 while resistance at 3720-3740, Refined Soyaoil is having support at 734-730 while resistance at 744-747 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.)
Next Story
Daily Commodity Research Report – 10th May 2019
BULLION Gold sees some safe haven buying due to selloff in global equities. Trend volatile Review Yesterday, both the precious metals were traded mixed in international markets. Gold settled at $1285.20 per troy ounce up by 0.26% while silver settled at $14.77 per troy ounce down by 0.70%. Domestic markets were also settled mixed. Gold settled at Rs.31916 per 10 gram with the gain of 0.73% and MCX Silver settled at 37398 per 1 kilogram with the loss of 0.01%. Gold prices sees some safe haven buying in yesterday’s trade due to selloff in global equities after U.S. President Donald Trump announce to raise tariff on $200 billion Chinese imports. Global equities are in panic sell from last two trading session as trade tension escalates between world’s two biggest economies. Dollar index also gain but unable to limit gains in gold prices. We expect gold remain positive and expected to cross key resistance of $1292. 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 31733-31549 while resistance at 32075-32233, silver is having support at 37266-37135 and resistance at 37550-37703. Traders are suggested to trade in a range with strict stop loss. ENERGY Crude oil settled lower; market is expecting trade deal between US-China. Trend volatile. Review Yesterday, Crude oil prices settled slightly lower in international market WTI Crude settled at $61.70 while Brent settled at $70.41 per barrel. At MCX Crude oil settled negative at 4327 per barrel with the gain of 0.16%. Crude oil prices shows very high volatility this week as prices shows recovery after EIA reported lower inventory this week but at the same time give knee jerk reactions after U.S. increase import tariff in China. Yesterday’s market trades in a range before settling below $62 levels. Experts are having hopes for trade resolution between US-China after U.S. President Donald Trump says he receive “Beautiful Letter” from Chinese President Xi-Jinping. Trump quoted the letter as saying: "Let's work together let's see if we can get something done. Investors have feared that a protracted tariff war would harm global economic growth. We expect on the hope of possible trade resolution market will react positively in today’s trade and will test resistance of $62.50. 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 4289-4251 while resistance at 4359-4391, trades are suggested to trade in a range with strict stop loss. BASE METALBase metals show some recovery on hope of trade deal between US-China. Trend volatile. ReviewYesterday, base metal prices settled mixed in international market. 3M LME copper settled at $6141 per metric ton up by 0.10% from previous close. Base metal prices slips in early trade yesterday but prices shows some recovery in late evening session on the hope of trade deal between US-China. As president Donald Trump says he receives “Beautiful Letter” from Chinese president Xi-Jinping. Trump quoted the letter as saying: "Let's work together let's see if we can get something done. Prices of copper and other metals retreated on Thursday, hit by the potential for escalating trade tensions as the United States and China prepare to resume talks to resolve their long-running trade conflict. We expect base metal prices remain volatile and only positive outcome on trade deal will support prices. Today, Copper is having support around 428-424 while resistance at 434-437. Nickel will trade in a range of 814-848, Zinc will trade in a range of 212-218, and Lead will trade in a range of 127-132 while Aluminium trade in a range of 145-150.TECHNICAL OUTLOOK Copper is having support at 428 and 424 while resistance at 434 and 437, traders are suggested to trade as per levels with strict stop loss. AGRI COMMODITYWeakness in INR supports agriculture commodities; trade tension limits gain. Trend volatile. ReviewYesterday, Soybean settled positive in domestic markets at 3700 per quintal with the gain of 0.30%. CBOT were settled at 811. Soybean prices shows strength in domestic markets and test 3720 due to weakness in rupee as escalating trade tensions between US-China putting pressures on CBOT. We expect 3740 will remain key resistance for soybean and only sustain above will give further rally else test support of 3640 again. Spices pack shows strength on the hope of rising Indian exports due to escalating trade disputes between various countries. We expect agriculture commodities remain volatile. Other Agriculture commodities at NCDEX shows mixed trend, Chana settled with the gain of 2.74%, Castor seed settled positive with the gain of 0.82%. RM Seed closed positive with the gain of 0.32%. Guar Seed settled negative with the loss of 0.52% while Guar Gum settled with the loss of 0.02%. Spices pack settled positive Coriander, Jeera and Turmeric give solid comeback. Cotton seed oilcake closed positive with the gain of 0.52%. Investors are suggested to book profit in Cotton Seed oilcake around 2600-2620. Refined Soyoil closed positive with the gain of 0.14%. We expect Refined Soyoil to trade in a range of 732-748.TECHNICAL OUTLOOK Soybean is having support around 3670-3640 while resistance at 3720-3740, Refined Soyaoil is having support at 734-732 while resistance at 746-748 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 ReportDisclaimer: 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.)