India CPI and Commodity Intraday Trading Tips

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India CPI and Commodity Intraday Trading Tips
Mcx Crude commodity market Trading need
not to talk much as broader problems over
global economic concern and supply side easing
continuing in the middle-east is reflecting on
the black liquid which is down over a
percent both at the Brent and the WTI. As
per the developments on Friday evening, Iran
had followed Saudi Arabia wherein it is planning
to offer discount on Iranian Light by 82 cents a
barrel as compared to the average of Oman and
Dubai further casting a negative shadow over the
commodity. As prices dwindle, discounts and cuts
in OSPs is just another meter which suggests
that market is not in a good condition and
has a chance to move into further
unchartered territories in medium-term. Traders
and Inventors should be watching how actually
other members of the group like Kuwait and Iraq
act over the same, as officially they are
supposed to release their prices estimates in the
coming week. In other developments last week,
crude inventories for week ended October 3rd
jumped by 5 million barrels, higher than
markets forecasts whereas gasoline and
distillate stocks too rose, with fall in
refinery utilization rate and lower demand
putting pressure on product stocks as well.
Gasoline inventory advanced 1.18 million
barrels while distillate stocks increased
439,000 barrels further affecting prices
negatively. While we have a weekly sell
recommendation, though feel that commodity
remains highly oversold and thus we recommend
only momentary trades in the oil today with
negative bias Global Market View on Monday
morning, all Asian equity indices are trading on
a negative note tracking the continued fall of
the US markets. SP 500 closed at 1906.13
down by more than 1 percent last Friday
as markets continue to reel under the
uncertainty about the Global growth
prospects. Dollar index has shown some weakness
in todays trade against the Japanese Yen which
has been appreciating as investors return to
respect its haven status in times of uncertainty.
US dollar index is currently trading at 85.45.
Into major cues today morning, Chinese trade data
surprised on the positive side supporting some
gains in the base metals segment,
notwithstanding the weaker equities whereas
crude oil too slumped heavily though Bullion
gained. Economic Data No major economic data
from US and EU today, India CPI and Export/Import
data due.
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We had maintained overall bearish bias in the
commodity lately where moderately better stocks
report too could not support the commodity from
falling in past week. As per news
reportNatGasWeather.com said cool blasts coupled
with showers and thunderstorms will push
temperatures across the central US and Northeast
this weekend to below average however
nothing too excessive. At the same time,
Southern and Western parts of the country will
remain very warm thus keeping overall demand for
the commodity down. We continue with our negative
bias in the commodity for today. Commodity
Intraday Trading Tips Sell Silver mcx Dec below
39000 SL 39350 TP 38600 Sell Nickel mcx Oct below
1013 SL 1025 TP 993