Gold gains in Asia on heightened risk sentiment.
Gold gained in Asia on Friday on heightened risk sentiment over political turmoil in Brazil and the U.S. and a potentially softer outlook for Fed rate hikes this year as the Trump administration faces headwinds on its economic stimulus plans. Demand fell for traditional safe-havens such as gold, U.S. treasuries, and the yen, as investors turned attention to better than expected U.S. economic data, despite continued political turmoil in Washington.
According to investing.com’s Fed rate monitor tool 61% of traders expect the Federal Reserve to hike its benchmark rate in June, compared to nearly 80% of traders in the previous week.
Chinese copper scrap prices rose slightly on Index.
The Chinese copper scrap prices ended marginally higher on ScrapMonster Price Index as on WednesdayCopper Transformer scrap prices saw no variation in prices over the previous day. No price-change was witnessed in Cu Yokes. Also, Scrap Electric Motors and Sealed Units prices remained unchanged.
The Chinese copper scrap prices ended marginally higher on ScrapMonster Price Index as on WednesdayCopper Transformer scrap prices saw no variation in prices over the previous day. No price-change was witnessed in Cu Yokes. Also, Scrap Electric Motors and Sealed Units prices remained unchanged.
LME Nickel to Remain at Current Level.
Continuous recovery in the eurozone may weigh on the US dollar. China’s finished production inventories at Chinese stainless steel plants remained high. SHFE 1709 nickel should hover between RMB 75,500-76,500/mt, with spot prices between RMB 74,200-77,300/mt.
Crude prices gain slightly in Asia, U.S. rig count eyed.
Oil World Crude prices rose slightly in early Asia on Friday with weekly rig count figures expected to set the near-term tone ahead of next week's meeting of OPEC and allied producers on production cuts.Overnight, crude futures settled higher on Thursday, as investors remained optimistic that OPEC would reach an agreement to extend the current supply-cut deal beyond June at its meeting next week.Despite the high level of compliance from OPEC members with the deal to rein in supply, global production remains above the five-year average, as non-OPEC members, who are not part of the supply-cut agreement have ramped up production.OPEC and other producers are set to meet on May 25 to decide whether to extend the current supply-cut deal amid growing optimism for a prolonged period of cuts.
Saudi Arabia and Russia agreed earlier this week that production cuts needed to be extended for a period of nine months until March 2018.The International Energy Agency (IEA) on Wednesday, however, warned that OPEC’s effort to rein in the glut in supply may fail even if the oil group agrees to extend its supply-cut agreement.
Continuous recovery in the eurozone may weigh on the US dollar. China’s finished production inventories at Chinese stainless steel plants remained high. SHFE 1709 nickel should hover between RMB 75,500-76,500/mt, with spot prices between RMB 74,200-77,300/mt.
Crude prices gain slightly in Asia, U.S. rig count eyed.
Oil World Crude prices rose slightly in early Asia on Friday with weekly rig count figures expected to set the near-term tone ahead of next week's meeting of OPEC and allied producers on production cuts.Overnight, crude futures settled higher on Thursday, as investors remained optimistic that OPEC would reach an agreement to extend the current supply-cut deal beyond June at its meeting next week.Despite the high level of compliance from OPEC members with the deal to rein in supply, global production remains above the five-year average, as non-OPEC members, who are not part of the supply-cut agreement have ramped up production.OPEC and other producers are set to meet on May 25 to decide whether to extend the current supply-cut deal amid growing optimism for a prolonged period of cuts.
Saudi Arabia and Russia agreed earlier this week that production cuts needed to be extended for a period of nine months until March 2018.The International Energy Agency (IEA) on Wednesday, however, warned that OPEC’s effort to rein in the glut in supply may fail even if the oil group agrees to extend its supply-cut agreement.
Precious Levels
CS GOLD (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 29000
RESIST 1: 28800
SUP 1: 28400
SUP 2: 28200
CS SILVER (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 39500
RESIST 1: 39300
SUP1: 38300
SUP2: 38100
Base Metal Levels
CS COPPER (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2:374
RESIST 1:369
SUP1:359
SUP2:354
CS NICKEL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:605
RESIST 1:597
SUP1:580
SUP2:575
CS ZINC (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:167.50
RESIST 1:166.00
SUP1:162.00
SUP2:161.00
CS LEAD (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 138.00
RESIST 1: 136.00
SUP1: 132.00
SUP2: 131.00
CS ALUMINIUM (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 126.50
RESIST 1: 125.50
SUP1: 123.00
SUP2: 122.00
Energy Levels
CS CRUDE OIL (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2:3360
RESIST 1:3330
SUP1:3200
SUP2:3170
CS NATURAL GAS (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:215.00
RESIST 1:211.00
SUP1:204.00
SUP2:200.00
CAPITALSTARS
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
CS GOLD (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 29000
RESIST 1: 28800
SUP 1: 28400
SUP 2: 28200
CS SILVER (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 39500
RESIST 1: 39300
SUP1: 38300
SUP2: 38100
Base Metal Levels
CS COPPER (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2:374
RESIST 1:369
SUP1:359
SUP2:354
CS NICKEL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:605
RESIST 1:597
SUP1:580
SUP2:575
CS ZINC (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:167.50
RESIST 1:166.00
SUP1:162.00
SUP2:161.00
CS LEAD (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 138.00
RESIST 1: 136.00
SUP1: 132.00
SUP2: 131.00
CS ALUMINIUM (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 126.50
RESIST 1: 125.50
SUP1: 123.00
SUP2: 122.00
Energy Levels
CS CRUDE OIL (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2:3360
RESIST 1:3330
SUP1:3200
SUP2:3170
CS NATURAL GAS (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:215.00
RESIST 1:211.00
SUP1:204.00
SUP2:200.00
CAPITALSTARSInvestment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
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