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Sunday, July 3, 2022

Silver market under short covering; Support seen at 36629

NCDEX Turmeric under fresh buying; Resistance seen at 6754

NCDEX Mustard Seed under fresh selling; Support Seen at 3980

MCX Crude Oil likely to trade in a range between 3524-3892

MCX Crude Palm Oil likely to move in a range of 479.5-496.3

NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 720

Technically Silver market is under short covering as market has witnessed drop in open interest by 14.81% to settled at 23069 while prices up 1083 rupees.

Now MCX Silver is getting support at 36629 and below same could see a test of 36150 levels and resistance is now likely to be seen at 37489, a move above could see prices testing 37870.

Silver on MCX settled up 3.01% at 37108 as a drop in the dollar lent support to the precious metal following news that the U.S. and China agreed to put any new tariffs on hold for 90 days.

At a meeting during the G20 summit in Argentina over the weekend, U.S. President Donald Trump and his Chinese counterpart Xi Jinping agreed to not introduce any new tariffs for 90 days. During that time, the two countries will work to resolve wider structural problems in the trade relationship.

As part of the agreement, the U.S. will not increase the existing 10% tariffs on $200 billion worth of Chinese goods to 25% and the two countries will step up trade talks for 90 days. After the time, if no deal is reached, the tariffs will go up. Economic pressure stalled November growth in China’s vast manufacturing sector, the first time in over two years.

Eurostat, the European Union’s statistics office, said on that November consumer prices across the eurozone rose 2% as expected, down from 2.2% the previous month. The Chicago PMI, rose to an 11-month high of 66.4 in November, from October’s 58.4, boosted by new orders which stood at a 54-month high, according to a statement released Friday by the Institute for Supply Management Chicago.

The U.S. non-farm payrolls report for November, scheduled to be published on Friday, is expected to show that jobs growth slowed while wage growth picked up slightly.

Trading Ideas:
–Silver trading range for the day is 36150-37870.
–Silver prices rose the dollar dropped after news that the U.S. and China agreed to put any new tariffs on hold for 90 days.
–U.S. President Donald Trump and his Chinese counterpart Xi Jinping agreed to not introduce any new tariffs for 90 days.
–China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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