Gold
Pp 26474
R 26546,26612
S 26408,26336
Silver
Pp 36203
R 36407,36569
S 36041,35837
Crude
Pp 4752
R 4786,4821
S 4717,4683
Ng
Pp 267.6
R 274.4,281.8
S 260.2,253.5
Copper
Pp 411.7
R 413.7,417.3
S 408.2,406.1
Nickel
Pp 1023
R 1032,1042
S 1013,1004
Lead
Pp 127
R 127.8,128.5
S 126.2,125.5
Zinc
Pp 141.5
R 142.3,143.3
S 140.5,139.8
Aluminium
Pp 127.5
R 128.5,129.1
S 126.9,126.1
Metals trading, copper for December delivery inched up 1.2 cents, or 0.4%, on Friday to settle at $3.031 a pound by a close of trade.Prices rallied to a session high of $3.077 earlier in the day, before paring gains towards the end of the session, as traders weighed whether a surprise rate cut in China would translate into an increase in demand for the industrial metal.The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.Despite Friday's gains, Comex copper prices shed 1.5 cents, or 0.49%, on the week, amid ongoing concerns over the health of the global economy.Copper is sensitive to the economic growth outlook because of its widespread uses across industries.According to the CFTC, net copper shorts totaled 1,304 contracts as of last week, compared to net shorts of 1,664 contracts in the preceding week.
Silver December delivery climbed 25.8 cents, or 1.6%, on Friday to settle the week at $16.39 a troy ounce by close of trade. Prices hit a daily peak of $16.60 an ounce earlier Friday, the highest level since October 30.The December silver futures contract tacked on 8.0 cents, or 0.48%, on the week, the second straight weekly advance.According to the CFTC, net silver longs totaled 745 contracts as of last week, compared to net shorts of 1,983 contracts in the preceding week.
Gold prices rallied to a three-week high on Friday, after China’s central bank unexpectedly cut interest rates for the first time in more than two years.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose to a session high of $1,207.60 a troy ounce, the most since October 30, before settling at $1,197.70 by close of trade, up $6.80, or 0.57%.On the week, gold prices rose $12.10, or 1.01%, the second consecutive weekly gain.Futures were likely to find support at $1,173.90, the low from November 19, and resistance at $1,216.50, the high from October 30.Gold prices rose on news that the People's Bank of China cut its benchmark one-year deposit rate by 25 basis points to 2.75% and trimmed its one-year lending rate by 40 basis points to 5.6%.The move came in response to recent signs of a slowdown in the world’s second-largest economy.Gold can benefit from such an environment of easy money because of expectations that ample liquidity would put a damper on the value of paper currencies.Meanwhile, European Central Bank President Mario Draghi reiterated on Friday that the central bank is ready to expand its stimulus program to raise inflation and inflation expectations as quickly as possible.Draghi also warned about weak growth in the euro zone, saying that no improvements are expected in the coming months.The ECB's current stimulus program includes purchases of asset-backed securities and covered bonds, though markets are keeping a close eye out for plans to announce purchases of government debt, a stimulus tool known as quantitative easing.Expectations of monetary stimulus tend to benefit gold, as the metal is seen as a safe store of value and inflation hedge.Despite Friday's upbeat performance, gold prices are likely to remain vulnerable in the near-term amid indications a strengthening U.S. economic recovery will force the Federal Reserve to start raising interest rates sooner and faster than previously thought.In the week ahead, the U.S. is to release a string of economic reports on Wednesday due to Thursday’s Thanksgiving holiday, including a look at unemployment claims and durable goods orders.Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers significantly increased their bullish bets in gold futures in the week ending November 18.Net longs totaled 60,307 contracts, up 35.7% from net longs of 38,763 in the preceding week.
Oil futures ended Friday's session higher, as investors bet that fresh stimulus efforts in China and the euro zone will lead to increased global demand. On the ICE Futures Exchange in London,Brent for January delivery jumped $1.19, or 1.3%, on Friday to settle at $80.36 a barrel by close of trade.London-traded Brent futures hit a session high of $81.61 a barrel earlier in the day, the most since November 12.On the week, the January Brent contract rose 95 cents, or 1.18%, the first weekly gain in nine weeks.Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in January tacked on 66 cents, or 0.87%, on Friday to end the week at $76.51 a barrel.Nymex oil touched $77.83 a barrel earlier in the session, the highest level since November 12.New York-traded oil futures picked up 69 cents, or 0.9%, on the week, halting a seven-week losing streak.The spread between the Brent and the WTI crude contracts stood at $3.85 a barrel by close of trade on Friday, compared to $3.59 in the preceding week.Oil prices rose on news that the People's Bank of China cut its benchmark one-year deposit rate by 25 basis points to 2.75% and trimmed its one-year lending rate by 40 basis points to 5.6%.The move came in response to recent signs of a slowdown in the world’s second-largest economy.China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.Meanwhile, European Central Bank President Mario Draghi reiterated on Friday that the central bank is ready to expand its stimulus program to raise inflation and boost growth as quickly as possible.The ECB's current stimulus program includes purchases of asset-backed securities and covered bonds, though markets are keeping a close eye out for plans to announce purchases of government debt, a stimulus tool known as quantitative easing.Market players continued to weigh the likelihood that the Organization of the Petroleum Exporting Countries will cut output to support prices when it meets in Vienna on November 27.Oil ministers from Venezuela and Ecuador have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.London-traded Brent prices have fallen nearly 30% since June, when it climbed near $116, while WTI futures are down almost 29% from a recent peak of $107.50 in June.In the week ahead, the U.S. is to release a string of economic reports on Wednesday due to Thursday’s Thanksgiving holiday, including a look at unemployment claims and durable goods orders.A report from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers decreased their bullish bets in New York-traded oil futures in the week ending November 18.Net longs totaled 175,051 contracts as of last week, down 4.1% from net longs of 182,490 in the preceding week.
U.S. natural gas futures rose to a near five-month high on Friday, before turning lower to end the session down 5% as weather forecasting models pointed to less frigid temperatures across the U.S. later this month.
On the New York Mercantile Exchange, natural gas for delivery in December tumbled 22.3 cents, or 4.97%, on Friday to settle at $4.266 per million British thermal units by close of trade.
Nymex gas prices touched a session high of $4.532 per million British thermal units earlier in the day, just below a five-month peak of $4.544 hit on November 10.
Futures were likely to find support at $4.194 per million British thermal units, the low from November 19, and resistance at $4.544, the high from November 10.
Natural gas came under pressure as milder temperatures were expected to spread across most parts of the U.S., after a blast of cold air swept through much of the country earlier in the week, prompting investors to bet that utilities and homes will burn less natural gas as demand for heating falls.
Despite Friday's downbeat performance, Nymex natural gas prices soared 24.6 cents, or 5.76%, on the week, as blistering cold air blasted across most of the U.S. in the early part of the week.
The frigid weather outlook sent natural gas prices soaring on expectations for households and business to crank up their heating and send thermal power plants to burn more of the commodity to meet demand.
Meanwhile, the U.S. Energy Information Administration said in its weekly report released Thursday that natural gas storage in the U.S. fell by 17 billion cubic feet last week, compared to expectations for a decline of 12 billion.
Inventories fell by 36 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 10 billion cubic feet.
It was the first storage draw of the heating season. The heating season from November through March is the peak demand period for U.S. gas consumption.
Total U.S. natural gas storage stood at 3.594 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 6.4% from a record 54.7% at the end of March.
Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers increased their bullish on natural gas futures in the week ending November 18.
Net longs totaled 16,909 contracts as of last week, compared to net longs of 8,739 in the previous week.
Elsewhere on the Nymex, crude oil for January delivery settled at $76.51 a barrel by close of trade on Friday, up 69 cents, or 0.9%, on the week.
Meanwhile, heating oil for December delivery slumped 0.45% on the week to settle at $2.405 per gallon by close of trade Friday.
Path for the day
Gold
Pp 26499
R 26632,26750
S 26381,26248
Silver
Pp 35880
R 36128,36398
S 35610,35362
Crude
Pp 4668
R 4709,4744
S 4633,4592
Ng
Pp 270.8
R 277.5,285.6
S 262.7,256.1
Copper
Pp 413.9
R 417.2,419.8
S 411.2,407.9
Nickel
Pp 1005
R 1015,1026
S 994,984
Lead
Pp 125.8
R 126.6,127.2
S 125.4,124.7
Zinc
Pp 139.3
R 139.9,140.4
S 138.8,138.3
Aluminium
Pp 126
R 127,127.6
S 125.4,124.6
Gold
Pp 25621
R 26078,26420
S 25279,24822
Silver
Pp 34382
R 35273,26033
S 33622,32731
Crude
Pp 4827
R 4881,4938
S 4770,4716
Ng
Pp 270
R 275.6,282
S 263.6,258
Path
Gold
Pp 25928
R 25928,26145
S 25415,25119
Silver
Pp 34649
R 35568,36146
S 34071,33153
Crude
Pp 4790
R 4875,4976
S 4689,4604
Ng
Pp 259
R 262.6,269.3
S 252.3,248.7
Copper
Pp 408
R 412.6,415.3
S 405.2,400.5
Nickel
Pp 934.9
R 953.1,963.4
S 924.6,906.5
Lead
Pp 122.2
R 124.1,125.1
S 121.1,119.3
Zinc
Pp 137.2
R 139,140.1
S 136.1,134.5
Aluminium
Pp 126.5
R 128.2,129.5
S 125.2,123.5
New path for the day
Kindly have note. Don't trade with it
Gold
Buy at 26130,tgt 26129,162,183,203,sl 26095
Sell gold at 25967,tgt 25935,914,895,sl 26001
Silver
Buy at 35669,tgt 708,732,756,sl 35630
Sell at 35480,tgt 35441,418,394,sl 35520
Crude
Buy at 4856,tgt 70,79,88,sl 4841
Sell at 4786,tgt 71,63,54,sl 4800
Ng
Buy at 260,tgt 263,265,267,sl 256
Sell at 244,tgt 241,239,227,sl 247
