Nickel Rally, Crude and Bullions Recovered:: Edelweiss

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Commodity Weekly Perspective

• Bullions uncertainty is expected to remain high ahead of upcoming Swiss gold referendum.
• The US currency remains supported by optimism about US economy and diverse monetary policy professed by Fed and other central banks.
• MCX Gold bounced sharply by 5.3% taking support at previous bottom. The move above Rs.26,700/gm can target Rs.27,100/gm for the week.
• MCX Silver ended week by gaining 1.6% after five consecutive negative weeks. The prices are expected to move towards 37,500 this week.
• Crude oil prices showed some recovery. NYMEX Crude Oil ended up by 1.7% while MCX Crude oil gained 2.4%. Market players are on sidelines ahead of key OPEC meeting this week.
• Interest rate cut by China and talks of more stimulus from Euro Zone lends support to the base metals prices.
• MCX Copper price are expected to move towards Rs.420 taking support at the rising trendline for the week.
• The expectation of supply tightness next year, continuing Indonesian ban on ore export and reduce supply from Philippines support Nickel prices.

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