IIFL Wealth Management Ltd
Published on 17/10/2017 12:33:29 PM

Copper  : Copper prices have skyrocketed above US$7,000 Mark, Prompted By Growing Optimism on Chinese Economy. in This regard, PBOC governor stated that the economy could grow 7% during second half of this year, challenging the consensus of a broad-based slowdown. the governor is garnering courage from resilient household cconsumption.

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IIFL Wealth Management Ltd
Published on 17/10/2017 12:32:59 PM

Gold : Gold Prices Surrendered most of the gains with values retreating toward US$1,290/oz mark. strenth in US Dollar and expectations of a hawkish new fed chair is weighing on the precious pack. it is widely reported that US president trump is interested in replacing janet yellen with stanford economist john Taylor, who is deemed to be a bit aggressive on policy normalisation, meanwhile, gold failed to derive any cues from north korean situation, where pyongyang is showing no interest in talks with washington and in fact threatening to strike US East Coast Once Its Missle Is Technically ready.

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IIFL Wealth Management Ltd
Published on 17/10/2017 12:12:46 PM

Oil : Oil futures firm, underpinned by developmants in Iraq's Kurdistan region. Iraqi forces have ventured into the oil city of Kirkuk,however, the invasion has not seen much protests from Kurdish leaders.Meanwhile, Kurdish President and top Kurdish officials have rejected Iraqi government's demand for repealing the outcome of the recent referendum as a premise for negotiations. It remains to be seen hoe the situation pans out for energy markets given that the region accounts for some 600,000bpd of oil.

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Choice International Ltd
Published on 17/10/2017 11:45:23 AM

Crude Oil

MCX Crude Oil price has moved back above the falling trendline the daily time frame which is a bullish set up. In addition, NYMEX Crude Oil price has sustained above $50. Moreover, RSI (14) is in bullish crossover on 4 hourly chart. Based on the above analysis we can come out with a view that Crude price may move up towards 3420 in today’s trade.

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Choice International Ltd
Published on 17/10/2017 11:44:53 AM

Copper

In daily chart, the MCX Copper price has been moved up smartly above the rim of the “cup and handle pattern” on the daily chart which is a very bullish set up. Moreover, price has sustained above 21 EMA in the daily chart. In addition, daily RSI is in bullish crossover and rising. Based on the above analysis we keep our bullish view on MCX Copper with a revised price potential of 470 in the near to short term.

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