DAILY COMMODITY MARKET STRATEGY- 4 May 2016

BULLION

Silver May future is trading with significant losses, and is down 2 percent at $ 17.310.Gold June contract has declined more than 0.5 percent at $ 1,282.95 an ounce.Platinum July delivery is down 0.5 percent at $ 1,062.70.

ENERGY

Crude Oil July expiry is unchanged at $ 43.65 a barrel.Brent Oil July contract is down 0.2 percent at $ 44.90.Natural Gas June delivery has gained 0.4 percent at $ 2.091.

The commodity is expected to move towards Rs 2,878 per barrel that is again a serious threat for the commodity. Having said that, price has shown a tendency to correct from those levels.

On the lower side supports for Crude Oil May is at Rs 2,853 per barrel. Last night prices closed at Rs 2,896 per barrel against Rs 2,987 per barrel.

BASE METAL

Copper July future is quoted at $ 2.212 - down 0.2 percent.The prices gained on Tuesday marking a second consecutive declining session. The metal depleted below Rs 330 per kg on 3 May 2016 before minor recovery. Copper June is expected to get resisted at Rs 333 and 335 per kg.

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