Published on 17/05/2017 3:25:43 PM | Source: Alpha Commodity Ltd

Natural gas prices traded lower - Alpha Commodity

Posted in Commodities Reports | #Commodity Tips #Alpha Commodity Ltd


* Gold silver prices traded firm on weaker dollar and safe haven buying.. The weaker US data pressured dollar index to trade lower fading hope of FED rate hike in June. Gold ETF holdings at 851.89 remained mostly steady with lower prices.

* We expect gold silver prices to trade sideways to up while down side can be limited as market is trading near technical support levels while the upside can be limited on Fed rate hike speculation.

* We can expect bullion prices to trade sideways to up today with Gold resistance at $1248/1260, support at $1232. Silver resistance at $16.90/17.10, support at $16.70. Silver may outperform gold prices in near term while gold prices may remain subdues on stronger rupee.



* Crude oil futures traded steady ahead of inventory data. Prices are trading firm after getting support after Saudi Arabian and Russian energy ministers said in a joint statement that an OPEC-led crude production cut would be extended from the middle of this year until March 2018. Prices are currently caught in tug of war between higher supplies and production cut effects.

* US crude oil weekly stocks are expected to decline by 2.5 mb against previous decline of 25.2mb. US oil rigs rose by 9 to 712 rigs at highest in two years. Rising domestic US oil production may pressure prices capping the up side. U.S. crude oil production has climbed to 9.24 million barrels per day, according to the latest Energy Information Administration data.

* Natural gas prices traded lower on weaker demand and normal temperatures. Prices may trade sideways to lower with resistance for prices at 210, Support 204.


Base Metals

* Base metals complex witnessed steady session with prices traded in range witnessing both side movements. Prices are trading higher today on weaker dollar despite weak demand outlook from US and China. The rise in LME inventory has pressured prices to traded lower.

* The weak US data and disappointing industrial production and retail sales data may limit upside in prices. China’s industrial production rose by 6.5% against 7.6% of previous reading.

* We expect prices to trade sideways to up witnessing recovery on weaker dollar with copper support at 358, resistance at 363/365. Zinc support at 161, resistance at 164, and Nickel support at 578, and resistance at596/602.

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