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Global Commodities Roundup: Market Talk

19 Jul 2017 8:34 am

0834 GMT [Dow Jones] Silver has bounced up from another test of the lower boundary of a bullish channel, which emerged on July 14, and is likely to challenge its next resistance at $16.38, on the 30-minute chart. The RSI just crossed above its neutrality level at 50 and lacks downward momentum, while MACD is turning up and is likely to cross above the 0-level. In addition, the rising 50-period moving average maintains the upside bias. As long as $16.14 holds on the downside, look for a further advance towards $16.38. A break above this level would call for a further upside towards $16.46. Only a break below $16.14 would turn the outlook to negative with a down target at $16.06. Silver is trading at $16.17 an ounce. [This piece contains the opinions of Trading Central and does not constitute personalized investment advice or form part of any invitation or inducement to buy or sell any security. The author has been prohibited by Trading Central from purchasing or otherwise directly or indirectly acquiring any direct or indirect beneficial ownership of any instruments or markets for which Trading Central or its affiliates issues recommendations. To read more, visit bit.ly/1MehCU9.] (analysts-europe@tradingcentral.com)

0711 GMT - Tokyo rubber futures jumped amid gains in Shanghai caused by hopes of improved demand there. "Some investors saw a buying opportunity as prices inched up," says Kaname Gokon of Okato Shoji. The Tokyo Commodity Exchange rubber contract for December delivery climbed 3.1% to Y207.7/kilogram. (vibhuti.agarwal@wsj.com)


0710 GMT - China stocks rebounded strongly, with the state-owned giants in coal and steel helping lead the way as liquidity worries eased. The Shanghai Composite rose 1.4% to notch a 3-month high amid a 6% surge for brokerages. Analysts say while there is demand for brokers to catch up, state-backed funds also likely bought shares to reverse Monday's sharp losses, which were especially seen in Shenzhen-listed stocks. The Shenzhen Composite rose 1.5% today while the ChiNext added 1% as small caps got off the mat. Earlier Wednesday, China's central bank injected a net CNY170 billion ($25 billion) into the money market after releasing a net CNY140 billion yesterday. (yifan.xie@wsj.com)


0637 GMT - While getting toward its best levels of the month and prospects being for further gains short-term, "the rising prospects of tighter global monetary policy may dampen" gold's allure in 3Q, contends FXTM. "From a technical standpoint, bulls need a breakout and daily close above $1,240 for a further incline higher towards $1,260." But "repeated weakness below the $1,240 resistance level may encourage sellers to drag gold back towards $1,225." Futures are currently around $1,240. (ese.erheriene@wsj.com; @Ese_Journo) (END)

(END) Dow Jones Newswires

July 19, 2017 04:34 ET (08:34 GMT)

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