Gold market under fresh selling; Support seen at 30325
NCDEX Mustard Seed under long liquidation; Support seen at 4227
MCX Crude Palm Oil under short covering; Support seen at 594.5
Ref. Soya Oil market under fresh Selling; Resistance seen at 735
NCDEX Soyabean under long liquidation
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 3.3% to settled at 29687.
Now MCX Silver is getting support at 36852 and below same could see a test of 36711 levels and resistance is now likely to be seen at 37192, a move above could see prices testing 37391.
Silver on MCX settled down 0.18% at 36993 as reports suggesting President Donald Trump was ready to impose tariffs on China raised concerns about demand for metals.
US President Trump instructed aides to proceed with tariffs on about $200 billion more in Chinese products, but the announcement has been delayed as the administration considers revisions based on concerns raised in public comments.
The prospect of further trade penalties on China, the world’s largest metals consumer, stoked fears that Beijing could rein in spending as its months long trade fight with Washington has exacerbated vulnerabilities in the Chinese economy. Disappointing data on Thursday and Friday increased concern that the Federal Reserve could ease its stance on monetary policy.
U.S. retail sales barely registered any gains in August, while consumer prices rose less than expected. Still, investors are expecting the Fed to raise rates at its policy meeting next week while chances of an increase in December were at 84.2%.
Trade tensions remained, as talks over a revised North American Free Trade Agreement (NAFTA) with Canada also made little progress. The Minister of Foreign Affairs of Canada said she would continue talks until at least Monday.
Hedge funds and money managers trimmed their net short positions in silver futures and options in the week to Sept. 11, U.S. Commodity Futures Trading Commission (CFTC) data showed. Hedge funds and money managers trimmed their net short position in silver by 1,199 lots to 46,281 lots, CFTC said.
Trading Ideas:
–Silver trading range for the day is 36711-37391.
–Silver dropped as reports suggesting President Donald Trump was ready to impose tariffs on China raised concerns about demand for metals.
–The Trump administration is readying a final list of $200 billion in Chinese imports on which it plans to levy tariffs in the coming days.
–U.S. consumer prices rose less than expected in August and underlying inflation pressures also appeared to be slowing.
Courtesy: Kedia Commodities
Source: Commodityonline.com
