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Global Commodities Roundup: Market Talk

10 Oct 2017 9:22 am

The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.

0922 GMT [Dow Jones] Gold is holding on the upside and is trading above its 20-period and 50-period moving averages, which play support roles and maintain the upside bias, on the 30-minute chart. A new challenge to its next resistance level at $1,290 seems more likely to occur. The MACD is above its 0-level and the signal line. The RSI stands firmly above is its neutrality level at 50. The downside potential should be limited by the key support at $1,279 (October 9 low). As long as this key level is not broken, look for a further upside to $1,290 and even to $1,295 seems more likely to occur. Only a break below $1,279 would turn the outlook to positive with a down target at $1,275. Gold is trading at $1,286.5 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)

0555 GMT - Record stockpiles of pulses have become a headache for the Indian government, which is planning to sell up to 800,000 tons of the grain in the local market, creating room for fresh supplies. A government official notes pulses "cannot be stored for more than 6 months." India is the world's largest producer and created a buffer stock of close to 2 million tons so it could push prices down in case of a spike. But following a bumper crop and subsequent price drop, the government started buying to support prices. Pulse output was a record 23 million tons in the year through June, helped by good rains. (vibhuti.agarwal@wsj.com)

0514 GMT - The Aussie dollar broadly rose in Asian trading Tuesday despite fresh declines in iron-ore prices. That as there was another favorable report midday on Australian business conditions, which was consistent with CBA's fundamental view that Australia's economy will move towards 3% GDP growth during the next year. It's broadly up some 0.2%, but 0.4% versus the greenback, which is lagging today. (james.glynn@wsj.com; @JamesGlynnWSJ)

(END) Dow Jones Newswires

October 10, 2017 05:22 ET (09:22 GMT)

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