DAILY COMMODITY MARKET STRATEGY- 17 May 2016
Silver July future has advanced over 0.5 percent in early trade at $ 17.260.Gold June and Platinum July contracts have gained 0.4 percent each at $ 1,280 an ounce and $ 1,057.55, respectively.
Crude Oil June expiry has extended gains, and is up over a percent at $ 48.24 per barrel.Brent Oil July delivery has added more than half a percent at $ 49.26.Natural Gas June future is slightly down at $ 2.032.
Crude recorded sharp gains of almost 3% in the day trades ending Monday. In one single session the prices recovered only 2.78 percent to end the day above Rs 3,150.
Copper July contract is quoted at $ 20.95 - up 0.2 percent.Copper gained again on the first trading day of the week though this is mere bottom fishing in the markets the trend reversal still seems far off.
The metal depleted towards Rs 309.15 per kg on 16 May 2016 before recovery. Copper June future is expected to get resisted at Rs 313 and 315 per kg.