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Bullion to remain under pressure, sell on rise: Emkay

19 Jun

In an interview to CNBC-TV18, Ashok Mittal, CEO of Emkay Commodities spoke about the current trend in commodities market.

Below is a verbatim transcript of the interview:

Q: How would you approach bullion going into that Federal Open Market Committee (FOMC) meet today?

A: We are expecting that there will be a lot of pressure on bullion prices , although they have moved up little bit in the last few sessions largely in India because of the weakening of rupee. We think that USD 1400 per ounce remains a strong resistance for gold. Hence we are recommending to sell it at any upside towards USD 1375-1385 per ounce. We expect gold to come back around USD 1320 per ounce or so. Once USD 1320 per ounce breaks then we can expect further downside.

In the Indian market, Rs 28,100-28,200 per 10gm is a selling level and we expect it to come back to Rs 27,500 per 10gm and maybe lower than that.

People will be looking at what Ben Bernanke says because although we do not expect them to say that this USD 85 billion bond buying will be stopped but they might put some kind of conditions on that. If there is any kind of condition then obviously there will be further pressure on bullion prices. So overall the prices will remain under pressure.

Similarly, for silver also we think that USD 22 per ounce is a resistance and we can sell there and we expect silver prices to fall back.

In rupee terms we expect silver prices to fall somewhere around Rs 42,500-42,800 per kilogram range. So we should sell both gold and silver on the uptick.

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Q: There seems to be reports that money is flowing back into crude now as an asset class, how would you trade that particular commodity and at what kind of targets?

A: We expect that the broader long-term range for nymex crude oil will be somewhere around USD 80-100 per barrel approximately. We are on the higher band on that technically. We expect that around USD 100 per barrel Nymex crude should get strong resistance .

Today the data will be out and we expect that inventories will be lesser, we cannot see some kind of uptick happening. But overall inventory levels are quite high and right now the tension in Syria is something which is driving the prices on the higher side. Economic outlook is changing drastically, where we see a lot of demand coming in. There is a lot of supply available and there is no such thing that Organization of Petroleum Exporting Countries (OPEC) will cut down on the production side as well.

So our idea is that for short-term we might see some uptick happening but we do expect that crude oil prices also will not be rising too much and we can sell them maybe at some uptick when we see today’s data and we expect that Nymex crude should come back to around USD 95-94 per barrel.

Silver prices today: Updates on Silver rates in India

29 May

Spot silver prices of 999 purity were trading weak in major metros of India. However, silver prices on MCX were trading slightly higher.

At 14:50 hrs MCX Silver July contract was trading at Rs 43352 up Rs 90, or 0.21 percent. The Silver rate touched an intraday high of Rs 43468 and an intraday low of Rs 43126. So far 12100 contracts have been traded. Silver prices have moved down Rs 21658, or 33.31 percent in the July series so far.

Mumbai

Spot silver 999 prices shed by Rs 145 at Rs 45000 per one kilogram.

Ahmedabad

Spot silver 999 prices fell by Rs 85 at Rs 43750 per one kilogram.

Chennai

Spot silver 999 prices advanced by Rs 200 at Rs 43900 per one kilogram.

Delhi

Spot silver 999 prices were down by Rs 60 at Rs 43940 per one kilogram.

Jaipur

Spot silver 999 prices slipped by Rs 100 at Rs 43800 per one kilogram.

 

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MCX SILVERM down 32% in June series

8 May

MCX SILVERM June contract was trading at Rs 44856 down Rs 30, or 0.07 percent, at 11:07 hours IST. The SILVERM rate touched an intraday high of Rs 45020 and an intraday low of Rs 44842. So far 5797 contracts have been traded. SILVERM prices have moved down Rs 21429, or 32.33 percent in the June series so far.

MCX SILVERM August contract was trading at Rs 45563 down Rs 41, or 0.09 percent. The SILVERM rate touched an intraday high of Rs 45750 and an intraday low of Rs 45563. So far 192 contracts have been traded. SILVERM prices have moved down Rs 11599, or 20.29 percent in the August series so far.

MCX SILVERM November contract was trading at Rs 46742 up Rs 140, or 0.30 percent. The SILVERM rate touched an intraday high of Rs 46742 and an intraday low of Rs 46742. So far 1 contracts have been traded. SILVERM prices have moved up Rs 936, or 2.04 percent in the November series so far.

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