Currency Updates 13th February 2020

Daily change & technical levels Scrip Close Change (%) R2 R1 Pivot S1 S2 GOLD 40410 -0.66 40706 40558 40429 40281 40152 SILVER 45664 -1.22 46375 46019 45815 45459 45255 CRUDE 3580 1.10 3642 3611 3583 3552 3524 NG 127.10 0.47 129.00 128.10 126.80 125.90 124.60 ALUMINI 138.30 1.39 139.90 139.10 137.80 137.00 135.60 COPPER 433.75 1.10 437.00 435.40 433.30 431.70 429.60 LEADMINI 145.95 2.21 148.40 147.20 145.10 143.80 141.70 NICKEL 952.10 0.95 964.80 958.40 954.00 947.60 943.20 ZINCMINI 168.30 0.33 170.20 169.30 168.00 167.10 165.80 DIAMOND 3568.70 -0.04 3613.40 3591.00 3577.70 3555.30 3542.00 STEELLONG 31470 0.85 32040 31760 31600 31320 31160   Comex division Bullions Last close Change (%) Gold $1570.10 -0.60 Silver $17.60 -1.02   Base metal inventory Scrip Inventory Change Alumni 1239800 +10100 Copper 170000 -1750 Lead 68800 +0 Nickel 208722 +4644 Zinc 72025 +875 * Closing rates of 11 Feb & LME stock of 11 Feb BULLION Gold and silver dip after positive remark by Fed Chairman on US economy. Trend volatile. Review On Tuesday, gold and silver prices settled on a weaker note in international markets. Gold April futures settled at $1,570.10 per troy ounce, down by 0.60%, while silver March futures settled at $17.60 per troy ounce, down by 1.02%. Domestic markets also settled on a weaker note. Gold settled at Rs40,410 per 10 grams with a loss of 0.66%, and silver settled at Rs45,664 per kilogram with a loss of 1.22%. Gold and silver prices dipped on Tuesday after the Fed Chairman’s upbeat remark on the US economy. Global equity markets rebounded again, as the dollar showed strength against the euro and profit booking was seen in both precious metals. We expect both precious metals to remain volatile and hold key support levels of $1,562 and $17.55 per troy ounce, respectively. Gold has support at $1,562–1,555 and resistance at $1,578–1,584. Silver has support at $17.55–17.40, while resistance is at $17.84–18.00. Today, gold has support at Rs40,281–40,152, while resistance is at Rs40,558–40,706. Silver has support at Rs45,459–45,255, while resistance is at Rs46,019–46,375. Traders are suggested to trade in a range with a strict stop-loss. ENERGY Crude oil prices rebound despite Russia’s indecisiveness on OPEC+ output cut. Trend volatile. Review On Tuesday, crude oil settled on a positive note in international markets as WTI crude settled at $49.94 per barrel, while Brent settled at $54.25 per barrel. Domestic markets also settled on a positive note at Rs3,580 per barrel with a gain of 1.10%. Crude oil prices rebounded on Tuesday despite Russia’s indecisiveness on a deeper output cut by OPEC+ countries to stabilize global crude oil prices. Crude oil prices tested a 13-month low on Monday due to the coronavirus outbreak. As per the API report released on Tuesday, US weekly inventory rose 6 million barrels last week. The US EIA will release weekly inventory data today. Crude oil prices rebounded from the 13-month low on Tuesday after the US Fed Chairman’s positive remark on the US economy and rebound in global equities. We expect crude oil prices to remain volatile and consolidate in the price range of $48–52 per barrel. Crude oil has support at $49.50–48.80 and resistance at $50.50–51.10. Crude oil has support at Rs3,552–3,524, while resistance is at Rs3,611–3,642; traders are suggested to trade in a range with a strict stop-loss. BASE METALS Base metals rebound after an upbeat remark by Fed chairman on US economy. Trend volatile Review On Tuesday, base metals settled on a positive note in international markets. 3M LME copper settled at $5,725.00 per metric ton with a gain of 1.50% from the previous close. Base metal prices rebounded slightly on Tuesday after the US Fed Chairman’s upbeat remark on the US economy and profit booking in the dollar index. However, Goldman Sachs downgraded its Chinese GDP growth forecast for the year 2020 from 5.80% to 5.20%. We expect base metal prices to remain volatile due to the strong dollar and coronavirus outbreak. We suggest to book profits in long positions of base metals on every rise in prices. Today, copper has support in the range of Rs432–430, while resistance is at Rs435–437. Nickel should trade in the range of Rs933–972, zinc should trade in the range of Rs166–171, lead should trade in the range of Rs144–148, and aluminium should trade in the range of Rs136–140. Copper has support at Rs432 and Rs430, while resistance is at Rs435 and Rs437; traders are suggested to trade as per levels with a strict stop-loss. AGRI COMMODITIES Oil seeds and edible oil complex slip again amid fear of lower demand due to coronavirus. Trend volatile. Review On Tuesday, agricultural commodities witnessed a mixed trend but oil seeds and edible oil complex saw further weakness amid fear of slower global demand due to the coronavirus outbreak. The USDA also raised the global soybean production and end stock estimates in its February month report. Bursa Malaysia KLC also closed negative. Soybean March futures settled on a weaker note in the domestic markets at Rs3,908 per quintal with a loss of 0.46%. CBOT settled at 885 cents. Other agricultural commodities settled on a mixed note at NCDEX. Chana March futures settled with a loss of 0.58%, and castor seed futures settled with a loss of 0.26%. RM seed April futures closed with a loss of 0.72%. Guar seed settled with a gain of 0.73%, and guar gum also settled with a gain of 0.24%. The spices pack settled on a mixed note; jeera and turmeric settled positive, while coriander settled negative. Cotton seed oilcake March futures closed positive with a gain of 1.64%. Refined soy oil March futures closed negative at Rs830. We expect refined soy oil to trade in the range of Rs822–842. Soybean has support at Rs3,880–3,850, while resistance is at Rs3,955–4,000. Refined soy oil has support at Rs826–822, while resistance is at Rs838–842. Traders are suggested to trade as per levels with a strict stop-loss. Disclaimer: This document has been prepared by IndiaNivesh Commodities Private 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 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 change & technical levels Scrip Close Change (%) R2 R1 Pivot S1 S2 GOLD 40484 0.18 40689 40589 40446 40344 40203 SILVER 45500 -0.36 45828 45664 45535 45371 45242 CRUDE 3662 2.29 3759 3711 3645 3597 3531 NG 131.00 3.07 134.10 132.60 130.20 128.70 126.30 ALUMINI 138.35 0.04 139.20 138.80 138.20 137.80 137.20 COPPER 435.25 0.35 437.05 436.15 434.70 433.80 432.35 LEADMINI 145.85 -0.07 147.20 146.50 145.80 145.10 144.40 NICKEL 953.80 0.18 965.30 959.50 951.00 945.20 936.70 ZINCMINI 168.05 -0.15 169.55 168.80 168.00 167.25 166.45 DIAMOND 3570.45 0.05 3578.20 3574.30 3569.40 3565.50 3560.50 STEELLONG 31490 0.06 31817 31653 31487 31323 31157   Comex division Bullions Last close Change (%) Gold $1571.60   0.10 Silver $17.50  -0.57   Base metal inventory Scrip Inventory Change Alumni 1239800 +10100 Copper 170000 -1750 Lead 66800 +0 Nickel 208722 +4644 Zinc 72025 +875 * Closing rates of 12 Feb & LME stock of 12 Feb BULLION Gold and silver traded sideways amid strength in global equity and dollar index. Trend volatile. Review On Wednesday, gold and silver prices settled on a mixed note in international markets. Gold April futures settled at $1,571.60 per troy ounce, up by 0.10%, while silver March futures settled at $17.50 per troy ounce, down by 0.57%. Domestic markets also settled on a mixed note. Gold settled at Rs40,484 per 10 grams with a gain of 0.18%, and silver settled at Rs45,500 per kilogram with a loss of 0.36%. Gold and silver traded sideways on Wednesday amid easing fears of the coronavirus and a rally in global equity markets. The dollar index also gained after the Fed Chairman’s upbeat remark on the US economy. We expect both precious metals to remain volatile, and if the dollar index shows further strength, it will put pressure on the prices of both precious metals. Gold has support at $1,562–1,555 and resistance at $1,578–1,584. Silver has support at $17.40–17.24, while resistance is at $17.70–17.80. Today, gold has support at Rs40,344–40,203, while resistance is at Rs40,589–40,689. Silver has support at Rs45,371–45,242, while resistance is at Rs45,664–45,828. Traders are suggested to trade in a range with a strict stop-loss. ENERGY Crude oil prices rebound due to easing fears of coronavirus. Trend volatile. Review On Wednesday, crude oil prices settled on a positive note in the international markets as WTI crude settled at $51.17 per barrel, while Brent settled at $56.19 per barrel. Domestic markets also settled on a positive note at Rs3,662 per barrel with a gain of 2.29%. Crude oil prices rebounded on Wednesday due to easing fears of the coronavirus. Crude oil posted its biggest gain in the last six weeks as signs that the spread of the coronavirus is slowing, which boosted investors’ confidence again. Crude oil prices jumped again despite a rise in the US weekly inventories. The Energy Information Administration reported that nationwide crude inventories rose 7.46 million barrels last week, more than double the 3.2 million-barrel increase forecasted by analysts. Crude oil prices also get support that Saudi Arabia is advocating for a further output cut of 6,00,000 barrels per day. We expect crude oil prices to remain volatile, and if it sustains above $52 per barrel, there could be further strength towards $54 per barrel. Crude oil has support at $50.50–50.00 and resistance at $51.80–52.40. Crude oil has support at Rs3,597–3,531, while resistance is at Rs3,711–3,759; traders are suggested to trade in a range with a strict stop-loss. BASE METALS Base metals rebound after easing fears of coronavirus. Trend volatile Review On Wednesday, base metals settled on a positive note in international markets. 3M LME copper settled at $5,762.00 per metric ton with a gain of 0.65% from the previous close. Base metal prices witnessed some rebound in prices on Wednesday after sign of easing fear of coronavirus. A new report suggests that the spread of the coronavirus is slowing in Asia, which supported the prices of base metals. Copper prices crossed $5,750 per metric ton at the London Metal Exchange. Global equity markets also rebounded but strength in the dollar index limited gains in base metal prices. We expect base metal prices to remain volatile. Today, copper has support in the range of Rs434–432, while resistance is at Rs436–437. Nickel should trade in the range of Rs942–972, zinc should trade in the range of Rs166–171, lead should trade in the range of Rs144–148, and aluminium should trade in the range of Rs136–140. Copper has support at Rs434 and Rs432, while resistance is at Rs436 and Rs437; traders are suggested to trade as per levels with a strict stop-loss. AGRI COMMODITIES Agricultural commodities rebound after signs that spread of coronavirus is slowing. Trend volatile. Review On Wednesday, agricultural commodities rebounded in domestic markets after a media report suggested that the spread of the coronavirus is slowing in Asia. All agricultural commodities witnessed a rebound in prices. Bursa Malaysia KLC also recovered from its lows. Soybean March futures settled on a positive note in domestic markets at Rs3,930 per quintal with a gain of 0.51%. CBOT settled at 892 cents. Other agricultural commodities also settled on a positive note at NCDEX. Chana March futures settled with a gain of 1.81%, and castor seed futures settled with a gain of 0.26%. RM seed April futures closed with a gain of 1.00%. Guar seed settled with a gain of 1.03%, and guar gum also settled with a gain of 1.37%. The spices pack also settled on a positive note; coriander, jeera and turmeric settled positive. Cotton seed oilcake March futures closed positive with a gain of 1.78%. Refined soy oil March futures closed positive at Rs838. We expect refined soy oil to trade in the range of Rs830–850. Soybean has support at Rs3,900–3,880, while resistance is at Rs3,970–4,000. Refined soy oil has support at Rs834–830, while resistance is at Rs844–850. Traders are suggested to trade as per levels with a strict stop-loss. News Source: Bloomberg, investing.com, kitco.com and ticker news. Disclaimer: This document has been prepared by IndiaNivesh Commodities Private 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 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.)