Commodity Mcx Market Reviews 22 June

COMMODITY	S1	S2	S3	PIVOT	R1	R2	R3
GOLD	28468	28418	28333	28553	28685	28736	28821
SILVER	37787	37673	37485	38004	38167	38281	38470
CRUDE	2698	2662	2601	2779	2783	2820	2881
NAT GAS	184.9	183.8	181.8	187.7	188.1	189.2	191.2

Mcx Crude Oil stay under weight in the wake of tumbling to ten month low as US inventory data failed to support costs. US oil inventories droped by 2.5 million barrels while fuel stocks were fall 0.5 million. Fuel demand was back close a year ago's levels at 9.81 million bpd and was gain 550,000 bpd w/w. In any case, US crude oil production crept up again and has touched 9.35 million bpd, nearing levels of top producers Russia and Saudi Arabia. Worries about oversupply have prompted liquidation of long positions as of late and technical breakdown yesterday provoked further selling. Nigeria's crude oil exports are set to outperform 2 mbpd in August, most elevated in 17 months. We anticipate that downside would proceed with given absence of optimistic triggers while natural gas is required to stay poor because of seasonal variables. Natural gas inventory data due today will give additionally triggers. 

Mcx Bullion metals are probably going to expand their rebound today as the dollar index cooled from 1-month highs and as US treasury yields drop. The US yield bend keeps on leveling in spite of the Fed rate climb proposing that the bond market is not as positive about development and swelling prospects. Hawkish remarks from Fed members have pushed the dollar as of late yet the quality is by all accounts blurring because of absence of extra triggers. The pattern in billions metals has been for the most part weaker after Fed increased rates by 25 bps in its meeting a week ago however the selling has hindered in the past couple of sessions as US 10 yr. yields stay low. Russia's central bank posted an expansion in gold reserves for the 5th sequential month in May with holdings now at 54.9 million troy oz. From an trading point of view, the pullback in billions metals may proceed with today if the dollar file cools further. 

Mcx Base metals complex may trade with upside predisposition as US initial jobless claim data to give encourage way to the costs. London copper clutched strong overnight picks up impelled on by data demonstrating the metals' day of work to worldwide a supply deficit. The worldwide world refined copper market demonstrated a 5,000 ton deficit in March, contrasted and a 102,000 ton surplus in February, industry information published for the current week appeared. Zinc was for the most part level at $2,643 a ton in the wake of closure 3.3% upper overnight, bolstered by a weaker dollar and worries over tightening supplies, with LME shares at their least since Jan. 2009.