IIFL Wealth Management Ltd
Published on 25/09/2017 11:52:14 AM

Oil  : Oil futures remain on a firm note, helped by increasing speculative length on CME. In terms of OPEC developments, working committee of the cartel stated that the decision to extend production cuts will be taken in January. Meanwhile, Nigeria's declining output underpinned the prices, with the country's oil minister stating that it is actually producing less oil than agreed under a provisional OPEC cap. In US, EIA reported that crude production rose to 9.51mbpd last week, but the number of oil rigs operating fell for the third consecutive week.  

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IIFL Wealth Management Ltd
Published on 25/09/2017 11:51:24 AM

Non-Ferrous Metals : In non-ferrous news, INCSG reported that global copper markets witnessed a deficit of 75,000 tons during the first half of this year, much lower than the shortfall of 405,000 tons during the same period last year.

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IIFL Wealth Management Ltd
Published on 25/09/2017 11:44:28 AM

Gold  : Gold prices treaded water despite intensifying geopolitical tensions. If the fiery exchange of words between US and North Korea and Pyongyang's threat to test hydrogen bomb in Pacific Ocean is not enough, Iran successfully launched a new ballistic missile with a range of 1,920km and added that it will further test longer-range missiles which can carry several warheads simultaneously. Meanwhile, US tested a number of B-1 numbers over the Korean peninsula.

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Choice International Ltd
Published on 25/09/2017 11:19:03 AM

Crude Oil

MCX Crude Oil price has completed retesting of the breakout point and moved back upward which signal that bulls are controlling the move. In addition, price has been trading above 21 EMA on the daily chart. Moreover, daily RSI has moved above the falling trendline which suggests chances of more upsides in the price. For now, we keep our view to bullish on MCX Crude with and expectation of move towards 3400 levels in the few trading session.

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Choice International Ltd
Published on 25/09/2017 11:16:48 AM

Copper

In daily chart, the MCX Copper price has been taking a breather after steep fall from the high of 451. The price has sustained below 21 EMA on the daily chart which suggests weakness going forward. In addition, daily RSI is in bearish crossover and falling. Based on the above analysis we can come out with a view that MCX Copper may continue to move southwards; on the lower end price may reach towards 410 levels over the short term.

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Choice International Ltd
Published on 25/09/2017 11:15:58 AM

Silver

In the hourly chart, MCX Silver price has been moving down with a lower top lower bottom formation which suggests growing pessimism among the short term traders. Moreover, price has fallen below 21 EMA on the daily chart which confirms the reversal of the earlier uptrend. In addition, RSI has fallen below the rising trendline which suggests near term weakness. Short term trend remains bearish; on the lower end price may move towards 39000 over the short term.

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