Crude Oil Noon Update:

Crude oil futures prices are trading down by Rs.20 below Rs.4775/bbl in MCX platform. We may expect oil prices to remain under pressure initially driven by news of new oil pipeline which bypassed Strait of Hormuz. Concern of lower growth outlook of global economy is also a negative driver of oil prices.

However, on the other side, US empire manufacturing and retail sales are expected to climb up which may support oil to regain its losses. Civilian war in Syria is also igniting supply concern , supporting oil prices positive trend.

Base Metals Update : 

LME Inventory:

  • Copper    DOWN    -50
  • Zinc    UP      11375
  • Lead    DOWN    -1600
  • Nickel  UP      1368
  • Aluminum        DOWN    -3625

Cancelled warrant ratio

  • Copper  DOWN     (0.23)
  • Zinc    DOWN     (0.66)
  • Lead    DOWN     (0.26)
  • Nickel  DOWN     (0.25)

IMPACT: Metal inventories witnessed drawdown except Zinc and Nickel while the cancelled warrants have declined indicating weak spot activity and may continue to have negative impact on base metals

Free Recommendation : Sell Zinc @ cmp:103.1o,Buy Aluminium @ Cmp:103.9,Current Differance :0.8, Expected: 2 ,SL:-2 -www.Commodity20.com @16.07.12,01:30 PM

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