Commodity Market Trading Reviews 17 March

COMMODITY	S1	S2	S3	PIVOT	R1	R2	R3
GOLD	28200	28047	27792	28312	28622	28776	29032
SILVER	40187.8	39859	39313	40626	41009.5	41339.8	41888
CRUDE OIL	3166	3146	3112	3203	3219	3239	3272
NAT GAS	190	188.2	185.4	192.2	194.1	195.8	198.6
LEAD	145.3	144.5	143	147.3	147.8	148.7	150.2
NICKEL	661.8	658.2	652.2	669.2	671.6	675.2	681.2
ZINC	183.2	182.3	181	184.7	185.5	186.4	187.7
ALUMINIUM	123.2	122.7	122	124	124.5	125	125.7
COPPER	385.8	384.6	382.6	388.6	389.7	391	393

MCX Gold may note rough trade line with global market however inclination might be on upside. COMEX gold trades a thin range close $1225/oz anticipating new signs. Gold rallied sharply present week taking after Fed decision which resulted in a correction in US dollar and bond yields. Fed up interest rate by 0.25 Percent in line with anticipates but didn’t indicate aggressive rate hikes going ahead.

Pound and Yen also appreciated against the US dollar as Bank of England and Bank of Japan kept monetary policy unmoved . Euro appreciated amid optimistic vote results in Netherlands. However, weighing on gold price is positive about US economy. ETF outflows also indicate weaker investor interest at upper ranges. Gold has already rallied amid response to Fed decision hence new purchase should be at lower ranges.

Base metals are merged in light of LME however optimistic worldwide view may keep on underpinning costs. Copper could see some weight as the hitting union at Escondida mine in Chile showed it will come back to the negotiating table if the organization gave a composed assurance that it will just talk about the union's 3 key demands. China's base metals yield increased in the initial 2 months of present present year according to official data.. Copper output in the initial 2 month was gain 6.7 Percent y/y/at 1.37 million tons while aluminum yield was gain 15.6 Percent. Lead and Zinc yield was gain 7.4 Percent and 4.4 Percent respectively.

Crude Oil costs are slightly upper as inventories present week removed from record highs. The US rig count number due today would be closely anticipated for further prompts as it has been expanding for 9 back to back weeks. Costs are additionally establishing support as oil exports from Iraq's southern terminals have edged fall so far in March, as indicated by stacking information. Saudi Energy Minister Khalid al-Falih demonstrated that an deal to reduce oil output could be expanded if inventories stay better than expected.

The OPEC month to month note was merged as the OPEC revealed upper consistence to reduces yet Saudi yield edged upper in February. Saudi Arabia detailed that its production expanded to 10.011 million bpd in February, gain 263,000 bpd from Jan.