commodity weekly 27 may to 31 may 2019 - …...mcx crude oil crude oil jun sell around 4150-4190...

Address: 604 - Shekhar Central, Palasia Square, Indore - 452001, Madhya Pradesh, INDIAContact: +91-98261-69053

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24 Carat Financial Services - Research AnalystPublished On 25 May 2019

INH000003358

27 31MAY MAYTOMONDAY FRIDAY

2019 2019

Premium Commodity Weekly JournalStrictly for Client Circulation

Today’s Special

31,530GOLDGOLDGOLD 36,384SILVERSILVERSILVER

Address: 604 - Shekhar Central, Palasia Square, Indore - 452001, Madhya Pradesh, INDIA, Contact: +91-98261-69053, Email: [email protected] & [email protected]

Today’s Knowledge

ON THIS DAY IN HISTORY The story of Alexander Fleming’s discovery of penicillin has been told often. Fleming was already well known for his earlier work on staphylococci when, upon returning from a long holiday in September 1928, he noted that one petri dish contained colonies of Staphyloccus except for clear area contaminated with a fungus that appeared to inhibit bacterial growth. Fleming identified the contaminant as a strain of Penicillium and he found that it killed a host of Gram-positive bacteria, including those that caused scarlet fever, pneumonia, gonorrhea, meningitis and diphtheria.

Cultivating penicillin proved difficult and the small quantities that could be produced were unstable. Fleming also believed that penicillin would not remain in the human body long enough to kill bacteria. Taken together, these facts convinced Fleming that penicillin would never be an important antibiotic for treating

infections. For the next decade, penicillin remained a laboratory curiosity, until Howard Florey and a team of researchers at Oxford University demonstrated its potential life-saving properties. The researchers also discovered a method to purify penicillin and to keep it in a stable form. By 1940, clinical trials were underway and their success led to the hunt for a method to manufacture this “wonder drug.” But by then England was at war, making mass production difficult. So the question remained: how to produce penicillin on a large scale?

Penicillin is one of the earliest discovered and most widely used antibiotic agents, derived from the Penicillium mold. Antibiotics are natural substances that are released by bacteria and fungi into their environment, as a means of inhibiting other organisms - it is chemical warfare on a microscopic scale.

1948 - Andrew Moyer was granted a patent for a method of mass production of penicillin

Sir Alexander Fleming

Sat 25 May 2019


Market Wrap

Scrip Name Contract Open High Low Close

GOLD

SILVER

CRUDE OIL

NATURAL GAS

COPPER

ZINC

LEAD

ALUMINIUM

NICKEL

05-Jun-2019

05-Jul-2019

19-Jun-2019

25-Jun-2019

28-Jun-2019

31-May-2019

31-May-2019

31-May-2019

31-May-2019

Mon 20 to 24 May 2019

31679 31735 31232 31530

36450 36740 36056 36384

4470 4470 4001 4079

187.4 191.7 178.7 182.2

425.4 425.4 410.6 415.45

215 215 208.8 213.95

127 127.25 124.1 126.4

148.15 149 143.3 145.65

835.9 867.5 862.8 825.6

Support & Resistance


Scrip Name Contract

GOLD

SILVER

CRUDE OIL

NATURAL GAS

COPPER

ZINC

LEAD

ALUMINIUM

NICKEL

Res 2 Res 1 Pivot Sup 1 Sup 2

05-Jun-2019

05-Jul-2019

19-Jun-2019

25-Jun-2019

Mon 27 to 31 May 2019

28-Jun-2019

31-May-2019

31-May-2019

31-May-2019

31-May-2019

32002 31766 31499 31263 30996

37077 36731 36393 36047 35709

4652 4366 4183 3897 3714

197.2 189.7 184.2 176.7 171.2

432.0 423.7 417.2 408.9 402.4

218.8 216.4 212.6 210.2 206.4

129.1 127.7 125.9 124.6 122.8

151.7 148.7 146.0 143.0 140.3

856.7 841.1 852.0 836.4 847.3


MCX Outlook

Copper Remains Under Stress-Copper futures stayed under a bearish spell amid lax fund demand and worries ove global economic growth. The metal tested a near four month low of $2.65 per pound. MCX Copper closed up 0.28% at Rs 415.30 per kg. Large base metals speculators continued to add to their bearish net positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -19,366 contracts in the data reported through Tuesday May 14th. This was a weekly fall of -6,488 net contracts. The Copper speculative position has now dropped for the fourth consecutive week. The position currently lingers at the most bearish level since January 22nd.

Steady Gains In Gold, Weak INR Offers Support To Local Futures-

COMEX Gold futures continued to see good buying as a recovery from one month low continue on heavy correction in global stocks. The metal currently trades flat around $1284 per ounce. MCX Gold ended flat at Rs 31661 per 10 grams, up 0.28% on the day with weakness in Indian Rupee also benefiting the sentiments. The Indian Rupee dropped after gaining for seven straight sessions. INR flips back on volatile equities and ends down 35 paise at 70.02 per US dollar. Global equities fell across the board. The Dow tanked 1.1% on further indications of rising tensions between the US and China.

Meanwhile, central banking Gold demand stays intact. Russia continues to heavily buy Gold. The country's central bank purchased around 15.55 tonnes of gold in April 2019. The has brought Russia's total Gold reserves up by 0.72% to 2,183.46 tonnes, the central bank said in the latest press release. Russia's interest in gold has been very strong this year with the central bank buying a total of 71.53 tonnes of gold during the first four months of 2019.

Mon 27 to 31 May 2019


Market News

Special NewsSpecial NewsSpecial News

Crude Hammered, MCX Futures Fall Near Rs 4000 Per Barrel-WTI Crude oil futures extended their recent losses and saw a massive correction to test a seven week low as global stocks plunged on lingering trade worries and tepid economic data. WTI Crude currently saw sharp selling after breaking below the critical $60 per barrel mark and slipped around 5% on the day. MCX Crude oil futures also faced heavy selling. The counter currently closed at Rs 4037 per barrel, down 5.60% on the day after testing a low of Rs 4008 per barrel.

The US Labor Department released a report showing initial jobless claims unexpectedly edged lower in the week ended May 18th. The report said initial jobless claims dipped to 211,000, a decrease of 1,000 from the previous week's unrevised level of 212,000. Euro area private sector expanded in May but the pace of growth remains subdued, survey data from IHS Markit showed. The composite output index rises marginally to 51.6 in May from 51.5 in April. A score above 50 indicates expansion. However, the weak reading puts growth in the second quarter so far on a par with the lacklustre gain seen in the first quarter and was among the lowest recorded since mid-2013.

European Central Bank policymakers acknowledged that they were less confident regarding a return of solid growth in the euro area in the second half of the year, minutes of the April 9-10 policy session showed. Euroepan stocks are down with heavy losses, keeping the momentum weak for crude oil too. Oil had tanked more than 2% on Wednesday as well as the US crude oil inventories increased during the week ending May 17.

US New Home Sales Plunge In April-US Commerce Department said new home sales plunged by 6.9 percent to an annual rate of 673,000 in April after spiking by 8.1 percent to an upwardly revised rate of 723,000 in March. With the upward revision, the annual rate of new home sales in March was the highest since reaching 727,000 in October of 2007.

Mon 27 to 31 May 2019

MCX Gold Jun trade in a range between 31766-31263.

Silver market under short covering; Resistance seen at 36731, It May Trade In A Range Between 36731-36047

MCX Natural Gas under fresh selling; Resistance seen at 189.7, It May Trade In A Range Between 189.7-176.7

Crude Oil market under short covering Support seen at 4366, It May Trade In A Range Between 4366-3897

MCX Aluminium under fresh buying; Resistance seen at 148.7, It May Trade In A Range Between 148.7-143

MCX Nickel under fresh selling; Resistance seen at 841.1, It May Trade In A Range Between 841.1-836.4

MCX Zinc under long liquidation; Resistance seen at 216.4, It May Trade In A Range Between 216.4-210.2

MCX Copper under long liquidation; Resistance seen at 423.7, It May Trade In A Range Between 423.7-408.7


Commodity Buzz

Mon 27 to 31 May 2019


Analyst Speaks

RESISTANCE 2

RESISTANCE 1

PIVOT

SUPPORT 1

SUPPORT 2

MCX GOLD

Technically Gold market is getting support at 31518 and below same could see a test of 31245 levels and resistance is now likely to be seen at 32301,a move above could see prices testing 32811.

GOLD JUN BUY AROUND 31300-31350 TGTS: 31800/32300 SL: 30800

32811

32301

31028

31518

31245

Mon 27 to 31 May 2019


Analyst Speaks

RESISTANCE 2

RESISTANCE 1

PIVOT

SUPPORT 1

SUPPORT 2

Technically Crude Oil market is getting support at 4335 and below same could see a test of 4226 levels and resistance is now likely to be seen at

4526 a move above could see prices testing 4608.

4608

4526

4417

4335

4226

MCX CRUDE OIL

CRUDE OIL JUN SELL AROUND 4150-4190 TGTS: 3950/3750 SL: 4390

Mon 27 to 31 May 2019


Analyst Speaks

RESISTANCE 2

RESISTANCE 1

PIVOT

SUPPORT 1

SUPPORT 2

Technically Copper market is getting support at 437.8 and below same could see a test of 430.6 levels and resistance is now likely to be seen at

457.6 a move above could see prices testing 470.1.

436.4

432.3

428.3

424.2

420.2

MCX COPPER

COPPER JUN BUY AROUND 410-405 TGTS: 425/440 SL: 390

Mon 27 to 31 May 2019


Today’s Economic Events

USD TueMay 28

7:30pm CB Consumer Confidence - 130.1 129.2

ThuMay 30

6:00pm Unemployment Claims - 216K 211K

8:00pm Natural Gas Storage - - 100B

8:30pm Crude Oil Inventories - - 4.7M

9:30pm FOMC Member Clarida Speaks - - -

FriMay 31

6:00pm

Core PCE Price Index m/m - 0.2% 0.0%

Personal Spending m/m - 0.2% 0.9%

7:15pm Chicago PMI - 55.1 52.6

7:30pm Revised UoM Consumer Sentiment - 102.0 102.4

9:30pm FOMC Member Williams Speaks - - -

COUNTRY EVENTSTIMEDATE ACTUAL FORECAST PREVIOUS

Mon 27 to 31 May 2019

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commodity weekly 27 may to 31 may 2019 - …...mcx crude oil crude oil jun sell around 4150-4190...

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