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Wholesale inventories and commodity trading tips

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Crude oil Commodity market trading as of the latest cues in Asia, WTI adding marginally, higher by 0.2percentage currently with markets hoping that government

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Wholesale inventories and commodity trading tips

  1. 1. Wholesale Inventories and Commodity Trading Tips Crude oil Commodity market trading as of the latest cues in Asia, WTI adding marginally, higher by 0.2percentage currently with markets hoping that government report might show a better than expected fall in Crude stocks as also seen in the case of API reading which was released earlier this morning. Crude stocks slipped by 1.9 million barrels in the past week as per news reports suggested for the API. Today evening the more important DoE stocks data would be released wherein the markets forecasts range from a fall of about 1-1.5 million barrel. In Products though, the reading was not very positive over the movement in gasoline and distillate stocks. Looking at the other developments, quite in the Asia region were trading weaker with average falls around 0.5percentage on backed by issues over weaker growth in China. Separately, yesterday we saw the US EIA coming out with its monthly Energy report wherein the agency reduced forecasts over demand and also trimmed prices forecasts for the Brent and the WTI for the latter half of the year. We feel that along with good drop in Brent yesterday might be one of the major reasons behind drop in WTI from its highs. We feel, all above cues would continue to weigh the commodity wherein we hold our selling view in oil for the day. Volatility may remain higher especially in the evening session due to the US DoE inventory report. Bias remains weaker today. Economic data: India’s car sales number, Export-import data and US wholesale inventories. Global Market View: Some of the large cap stocks posted a negative trend last day so entire US market traded down by more than half percent and the same is seen today in the Asia. However, Asian markets are at present trading down by more than a per cent. From the global currency front, euro, pound and Yen have attempted to recover a tad and currently trading marginally positive. We now move on to commodities, gold, silver traded down but the pace of loss were very minimal. Crude oil was down with good intraday volatility and ended lower while base metals had seen a massacre bearish movement in a single day, such kind was not noticed in the recent past. Natural gas commodity market trading as there are no major changes in market dynamics for the commodity with weather related updates too showing continued cooler temperatures in the larger part of the US. Nevertheless, cooler weather which was seen as a subdued demand indicator during the lead shifting of summer to autumn season. The same however is in last two days is being projected as the factor which might lead to better heating demand. Tough Short-term scenario still remains bearish due to persistently rising production, lower actual demand and unfavorable weather, we are getting hit due
  2. 2. to high volatility in intraday lately. We are refraining from any recommendation in NG for the day and would await fresh cues before developing our stance. Commodity trading tips Sell Crude oil mcx sep below 5710 sl 5740 tgt 5610 Sell Silver mcx Dec below 42340 sl 42600 tgt 41600