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MCX MORNING TREND NEWS UPDATE

MORNING TREND

GOLD

SUPPORT: 31350/31500
RESISTANCE: 31800/31950
TREND: SIDEWAYS

SILVER
SUPPORT: 47000/47300
RESISTANCE: 47900/48300
TREND: SIDEWAYS

CRUDE OIL
SUPPORT: 2640/2700
RESISTANCE: 2790/2840
TREND: SIDEWAYS

COPPER
SUPPORT: 319/322
RESISTANCE: 328/331
TREND: SIDEWAYS

Gold Dips On Firmer Dollar After U.S. Jobs Data

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Gold dipped in early trade on Thursday, extending its losses from the previous session on a firmer dollar following stronger-than-expected U.S. employment data.

FUNDAMENTALS

* Spot gold slipped about 0.2 percent to $1,355.60 an ounce by 0056 GMT. Bullion ended down 0.4 % at $1,357.50 on Wednesday.

* U.S. gold edged down 0.2 % at $1,362.30 an ounce.

* U.S. private employers added 179,000 jobs in July, above economists’ expectations, a report by a payrolls processor showed on Wednesday.

* The dollar index, which tracks the greenback against a basket of six major rivals, was firm at 95.562 , holding well above a six-week low touched earlier this week.

* Economists polled by Reuters are looking for U.S. non-farm employment to have risen by 180,000 in July, while the unemployment rate is forecast to edge down to 4.8 % from June’s 4.9 %. The official payrolls numbers are released on Friday.
Holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.03%to 969.65 tonnes on Wednesday.

Natural Gas Treads Water

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Natural Gas futures were trading lower during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity tracking weakness overseas as forecasts for less hot weather across the US in the next two weeks threatened to curb gas-fired air-conditioning demand for the fuel.

At the MCX, Natural gas futures for August 2016 contract were trading at Rs 183.7 per mmbtu, down by 0.11 %, after opening at Rs. 183.1, against the previous closing price of Rs. 183.9. It touched the intra-day low of Rs. 183.

Naturalgas on MCX settled down BY -1.55% at 183.90 fell as a glut of supply showed no signs of shrinking before the end-of-summer cooling season. Meanwhile prices also dropped as sentiments dropped after NYMEX Natural gas settled down 1.4%, at $2.733 per million British thermal units suffered its worst decline in nearly a month.Get Live Indian Stock & Share Market News Updates Visit Us www.ripplesadvisoryx.com/freetrial.php or Get Free Trials Just Give One Missed Call @98-27-80-80-90.

Trading Ideas

  • Naturalgas trading range for the day is 180-189.6.
  • Natural gas fell to a one-week low as forecasts for less hot weather over the next two weeks dampened demand expectations for the cooling fuel.
  • Total U.S. natural gas storage stood at 3.294 trillion cubic feet, 13.2% higher than levels at this time a year ago.

Gold Flirts With 2-Year High As Dollar Crashes To New Lows

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Gold rose to a three-week high on Tuesday as European and U.S. shares fell and the dollar hit its lowest in over a month after last week’s soft U.S. growth data dented expectations for a near-term interest rate hike.

Spot gold was up 0.9 % at $1,365.09 an ounce by 2:44 p.m. EDT (1844 GMT), after rising to $1,367.33, the highest since July 11.

U.S. gold futures for December delivery settled up 1 %at $1,372.60.

SPDR Gold Shares saw its biggest one-day inflow since late June, on Monday, while inflows of the six silver ETFs followed by Reuters rose to a record high.

Gold for December delivery on the Comex division of the New York Mercantile Exchange jumped to an intraday peak of $1,370.15 a troy ounce, the most since July 11, when prices surged to a more than two-year high of $1,377.50. It was last at $1,369.75 by 12:45GMT, or 8:45AM ET, up $10.15, or 0.75%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, sank to a daily low of 95.25, a level not seen since June 24.

Above Average Rainfall Likely In Monsoon’s Second half IMD

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In a prediction that will being cheer to farmers, the IMD said on Tuesday that rainfall in the second half of the monsoon from August to September is likely to be above average.

The India Meteorological Department (IMD) also said that the rains in July this year had been about 7 % above Long Period Average (LPA) – the first time in two years, third time in last ten years and only 14 times in last since 1970 that India received rainfall above LPA.

Though the first half of the monsoon is crucial since the paddy is planted toward this time but the second half is more crucial as paddy requires water till September end. The second half is also important for the arhar (pulses) crop.

The IMD however added that the rainfall in June this year had been 11 % below the LPA, but the first half of the monsoon season (June-July) is normal.

“West Uttar Pradesh, Madhya Pradesh, East Rajasthan, Vidarbha, Marathawada, Madhya Maharashtra, North interior Karnataka, Rayalaseema and Tamil Nadu have received wide spread and excess rainfall during July 2016,” it said.

The weather department had predicted the June-September monsoon rains to be 106 % of the LPA.

Latest Mentha Oil Market News By Ripples Advisory

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Menthaoil trading range for the day is 886.1–938.1. Menthaoil on MCX settled down -1.87% at 906.4 due to muted physical demand from major consuming industries in the domestic spot market.Initially, India’s mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year. But, rainfalls later improved overall scenario that got worsened with scorching heat waves in May. Hence, overall mentha oil output for 2016–17 is now revised upwards at 34,000 tonnes.
Exports of mint products stood at 21,150 tonne in FY16 valued at Rs. 2,577.59 crore against 25,750 tonne valued at R2,689.25 crore in FY15. At Sambhal market sources reported arrivals at 125 Drums(1-drum=180kg), lower by 75 Drums(1-drum=180kg) as compared to previous day.

Technically market is under long liquidation as market has witnessed drop in open interest by -0.18% to settled at 6189 while prices down -17.3 rupee, now Menthaoil is getting support at 896.2 and below same could see a test of 886.1 level, And resistance is now likely to be seen at 922.2, a move above could see prices testing 938.1.

OIL MARKET NEWS

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Oil prices settled down nearly 2 percent on Thursday, hitting April lows and with U.S. crude headed for its biggest monthly loss in a year, on growing worries that the world was pumping more crude than needed.

Oil prices are still up about 60 percent from 12-year lows of $26-$27 in the first quarter. But the rally has faded since they breached $50 in May.”Our price target right now is $38 for WTI,” said Matthew Tuttle, chief executive of Tuttle Tactical Management in Riverside, Connecticut. “We think there’s more to go on the downside because the move that we saw up to $50 was fundamentally driven but that created more supply.”

U.S. crude’s West Texas Intermediate (WTI) futures settled down 78 cents, or 1.9 %, at $41.14 a barrel. WTI earlier fell to $41.04, its lowest since April 20. It also has lost 20 % since hitting a 2016 high of $51.67 on June 9, technically placing it in bear market territory.

Brent crude futures fell 77 cents, or 1.8 %, to settle at $42.70, after falling earlier to $42.56, the lowest since April 18.

MORNING TREND UPDATE BY RIPPLES ADVISORY

commodity
GOLD
SUPPORT: 30750/30900
RESISTANCE: 31200/30350
TREND: UP

SILVER
SUPPORT: 46700/47000
RESISTANCE: 47600/48000
TREND: UP

CRUDE OIL
SUPPORT: 2700/2740
RESISTANCE: 2820/2880
TREND: DOWN

COPPER
SUPPORT: 325/327
RESISTANCE: 332/335
TREND: SIDEWAYS

Silver Climbs Rs 603kg On Positive Global Cues

Silver prices went up by a whopping Rs 603 to Rs 48,725 per kg in futures trading today as participants widened their positions, tracking a firm trend in global market.

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At the Multi Commodity Exchange, silver for delivery in far-month December was trading notably higher by Rs 603, or 1.25 per cent, to Rs 48,725 per kg, in a business turnover of 47 lots.

Similarly, the white metal for delivery in September was up by Rs 595, or 1.27 per cent, to Rs 47,614 per kg in 1,608 .

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