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Monday, 10 April 2017

Best Commodity Tips

Oil hits 5-week top on geopolitical tensions, strong demand

Crude oil climbed to a five-week high on Tuesday, with prices underpinned by tensions following a US missile strike on Syria and a shutdown at Libya's largest oilfield.

Additional support also came from expectations of strong demand as the US summer driving season kicks in.

The international benchmark for oil prices, Brent crude futures, climbed to their highest since March 7 at USD 56.16 a barrel. Brent was trading up 9 cents, or 0.2 percent, at USD 56.07 per barrel by 0135 GMT.

US West Texas Intermediate (WTI) was trading 6 cents higher, or 0.1 percent, at USD 53.14 a barrel after climbing to a five-week high of $53.23 a barrel earlier in the session.

Brent is up for a seventh consecutive session, while WTI has risen for six straight days.

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Sunday, 9 April 2017

Best Commodity Tips
Refined Gold prices were down 0.2 percent to end at Rs 28,665 per 10 grams. The metal tested a high of Rs 29,000 per kg and a low of Rs 28,661 per 10 grams.

Resistance for Refined Gold is at Rs 29,200 per 10 grams. Support for Gold is at Rs 28,500 per 10 grams. Breaking Rs 29,200 would mean further elevation of Gold towards Rs 29,500 per 10 grams.

The prices of MCX Copper depleted yet again last week. Copper declined by 1.01 percent to end at Rs 376.80 per kg. On the higher side, Rs 379.40 per kg was noted while on the lower side, Rs 370.60 per kg was noted.

The resistances for Copper is at Rs 380 per kg, while supports are at Rs 368 per kg remains active.

The session for Crude Oil was silent as the prices rolled forward by only 0.3 percent. Crude Oil ended at Rs 3,362 per barrel.

Crude Oil tested a high of Rs 3,399 per barrel and a low of Rs 3,320 per barrel. Resisting at higher levels Rs 3,450 per barrel will be upper cap.

On the lower side, supports for Crude Oil would be at Rs 3,280 and 3,250 per barrel.

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Thursday, 6 April 2017

Best Commodity Tips

The prices of Copper resumed backwards after selling pressure reemerged. The metal declined by 1.4 percent to end the day trades at Rs 380.8 per kg.

On the higher side, Rs 385.40 per kg was noted while on the lower side Rs 378.80 per kg was tested. The prices have again reached levels of Rs 380 which means breaking the same will be adverse with ground at Rs 375 per kg.

On the upside, Rs 385 per kg remains active friction zone for Copper.

Prices of Refined Gold were down 0.2 percent to end the trades at Rs 28,737 per 10 grams. On the higher side Rs 28,950 per 10 grams was noted while lows were at Rs 28,701 per 10 grams.

The metal remains under a volatile zone where Rs 29,000 levels will be beneficial for long term. Failure to breach these levels would mean that the prices of Gold would reach Rs 28,500 per 10 grams.

Crude Oil gained by 0.5 percent to end the day at Rs 3350 per barrel. On the higher side Rs 3,359 per barrel was noted, while on the lower side Rs 3,308 per barrel was the noted lows.

The resistance for Crude Oil is at Rs 3400 per barrel while on the lower side supports of Rs 3,200 per barrel is active.

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Wednesday, 5 April 2017

Best Commodity Tips

Oil prices fall on record U.S. crude stocks, rising production

Oil prices fell on Thursday as record US crude inventories underscored that markets remain bloated by high production and brimming storage despite efforts led by OPEC to cut output and prop up prices.

Brent crude futures, the international benchmark for oil, were at $54.09 per barrel at 0124 GMT, down 27 cents, or 0.5 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 29 cents, or 0.6 percent, at $50.86 a barrel.

Traders said the price falls came on the back of rising U.S. crude oil production that resulted in record inventories.

U.S. fuel inventories and oil production levels are key to determine whether the United States will remain the world's biggest oil importer, which is a price supporting indicator, or if its soaring production and bloated stocks lead to lower imports and trigger shipments to the rest of the world, which would weigh on oil markets.

The U.S. Energy Information Administration (EIA) reported a 1.57 million barrels increase in crude inventories late on Wednesday, bringing total U.S. stocks to a new record of 535.5 million barrels.

"Weaker-than-expected U.S. oil inventory data saw the sector sell off," ANZ bank said on Thursday.

Crude stocks at Cushing rose 1.4 million barrels to a record 69.1 million barrels.

Cushing crude tank farms have a total storage capacity of 77 million barrels, said Ole Hansen, head of commodity strategy at Saxo Bank.

U.S. Gulf Coast inventories also jumped, by 2.7 million barrels, to a peak of 280.9 million barrels, the EIA said.

Because of the glut, U.S. crude exports have soared to a record 1.1 million bpd, with most cargoes going to Asia, eroding efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output in an effort to prop up prices.

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Tuesday, 4 April 2017

Best Commodity Tips

Oil rises on signs of gradual tightening in global supply

Oil prices climbed on Wednesday on signs of gradual tightening in a market bloated by years of overproduction that has left storage tanks around the world brimming with unsold fuel.

Prices for front-month Brent crude futures, the international benchmark for oil, were at $54.28 per barrel at 0149 GMT, up 11 cents from their last close.

In the United States, West Texas Intermediate (WTI) crude futures were up 16 cents at $51.19 a barrel.

Traders said that slowly tightening market conditions were driving price rises, with the Organization of the Petroleum Exporting Countries (OPEC) leading an effort to cut output.

With most of OPEC's crude exported on tankers, tracking ship movements can be a good gauge of market conditions.

Shipped oil supplies have reduced by as much as 17 percent since the beginning of the year, according to oil analysis firm Vortexa.

"We have seen a significant reduction in global oil supply since January, with oil on water going from 978 million barrels on Jan. 1 to 812 million barrels on April 3," said Vortex chief executive Fabio Kuhn.

"These changes are a signal that the rebalancing is happening faster than many in the market believe."

Oil trading data in Thomson Reuters Eikon shows that OPEC shipments to the rest of the world fell to 813.7 million barrels by the end of March from 796.6 million barrels in January.

But the tighter markets will only gradually lead to a reduction in bloated inventories as production in some countries, especially the United States, is rising.

U.S. crude stocks fell by 1.8 million barrels last week to 533.7 million, still a near all-time record, according to data released late Tuesday from the American Petroleum Institute.

The U.S. Energy Information Administration will issue its inventory figures on Wednesday.

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Monday, 3 April 2017

Best Commodity Tips

Oil prices edged lower in early Asian trading on Tuesday as a rebound in Libyan production put pressure on the market, along with a rise in U.S. drilling rig capacity that signals potential for increased supply.

"Crude oil prices fell as increased drilling in the United States and a rebound in Libyan output weighed on investor sentiment,"

Libya's crude output increased on Monday after state-owned National Oil Corp (NOC) lifted force majeure on loadings of Sharara crude oil from the Zawiya terminal in the west of the country, sources familiar with the matter told Reuters. U.S. drillers added the most rigs in a quarter since the second quarter of 2011, data from energy services company Baker Hughes showed on Friday, extending a 10-month drilling recovery. to Libya's oil production recovery, Iran's exports of crude oil and gas condensate hit a record 3.05 million barrels per day (bpd) by March 20, the end of the Iranian month of Esfand, according to a report by the Islamic Republic News Agency (IRNA). oil market continues to await signs of a tightening market as concerns over OPEC production cut compliance, designed to erode a global crude oil glut, and high U.S. oil output linger.

The Organization of the Petroleum Exporting Countries (OPEC), and non-OPEC members including Russia, agreed late last year to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017. The market's focus has now shifted whether the major oil producers will extend the cuts.

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Thursday, 30 March 2017

Best Commodity Tips

Oil dips after 3-day rally, but support seen above $50 per barrel

Oil prices eased on Friday as traders took profits following three days of straight gains on the expectation that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year would be extended.

Prices for front-month Brent crude futures, the international benchmark for oil, were at $52.83 per barrel at 0134 GMT, down 13 cents from their last close.

In the United States, West Texas Intermediate (WTI) crude futures were down 10 cents at $50.25 a barrel.

Despite Friday's dips, crude prices remain over 4 percent higher than they were at the start of the three-day rally on Tuesday.

"Oil looks to have found a range in the low $50s," ANZ Bank said on Friday.

Traders said there was a growing sense that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil production giant Russia would agree to continue their production cut deal seeking to drive prices higher.

OPEC and non-OPEC producers including Russia agreed late last year to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year in order to rein in a global supply overhang and prop up prices.

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