Diamond : Technical View : 05.12.2019

Diamond : Technical View : 05.12.2019

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Diamond 1Ct on ICEX settled down -0.39% at 3580.45 as market remained cautious due to trade war and Hong Kong unrest. Specific demand creating high inventory of less popular qualities. De Beers 2018 global market estimate finds rough sales +3% to $16.9B, production volume -3% to 154M cts. and value +2% to $17.4B, polished demand +2% to $25.3B, diamond-jewelry demand +2% to $76B.

Insight Report outlines changing attitudes toward love and their impact on the industry. De Beers has restated its estimation of global diamond-jewelry sales following a new study valuing the diamond content in jewelry purchases since the 2008 recession. The group also revised its production data to reflect lower output than previously believed, stemming from an overestimation of the artisanal mining sector.

Global diamond jewelry demand rose 2.4% to $76 billion in 2018, driven by growth in the US and China, De Beers said in its annual Diamond Insight Report published last week. However, that figure was below the $82 billion it had originally reported for 2017, as the company gained new insight relating to the elements that are included when valuing jewelry, De Beers explained.

Technically market is under fresh selling as market has witnessed gain in open interest by 9.74% to settled at 68136 while prices down -13.9 rupees, now Diamond 1Ct is getting support at 3574 and below same could see a test of 3568 levels, and resistance is now likely to be seen at 3592, a move above could see prices testing 3604

Rubber : Technical View : 05.12.2019

Rubber : Technical View : 05.12.2019

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Rubber on ICEX settled down -0.24% at 13244 as demand from tyre makers has been subdued due to a slowdown in the domestic automobile sector. India's natural rubber imports for September fell 26.4% on month to 42,550 tn, Directorate General of Commercial Intelligence and Statistics data showed.

Vietnam gained nearly 1.8 billion U.S. dollars from exporting over 1.3 million tons of rubber in the first 10 months of this year, seeing respective year-on-year increases of 6.4 percent and 7.6 percent. China was Vietnam's largest importer of rubber in the period, accounting for over 65 percent of the total value, tailed by India and South Korea, according to the General Department of Vietnam Customs.

Rubber Board has revised downwards the production, consumption and import target for the current fiscal year for natural rubber keeping in mind the uncertainties in the global economy. The projection for production in 2019-20 has been revised to 730,000 tonnes, a decrease of 20000 tonnes from the earlier target. The new consumption figure for the year is 1140,000 tonnes against earlier 1270,000 tonnes. Considering the decline in import, the target for the year has been revised downwards by 85,000 tonnes to 415,000 tonnes.

Technically market is under long liquidation as market has witnessed remain unchanged in open interest by 0% to settled at 197 while prices down -32 rupees, now Rubber is getting support at 13200 and below same could see a test of 13170 levels, and resistance is now likely to be seen at 13260, a move above could see prices testing 13290.

Steellong : Technical View : 05.12.2019

Steellong : Technical View : 05.12.2019

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Steellong on ICEX settled up 0.21% at 29260 on short covering after prices dropped as renewed trade uncertainties intensified risk aversion and weighed prices.

US President Donald Trump has signed two bills supporting the Hong Kong protesters into law, and this fueled trade deal doubts. China's stainless steel output in November is seen falling 2% from the previous month to 2.4 million tonnes and could fall further to 2.37 million tonnes in December. Handan, a major steelmaking hub in north China’s Hebei province, will activate an orange alert for heavy air pollution for three days starting from 12:00 CST November 28.

 Under the secondhighest pollution warning in China's four-tier system, polluting enterprises including steel mills are required to cut or suspend production, and heavy-duty trucks with lower emission standards are banned from the road. China’s crude steel production dipped for a second straight month to 81.5 million mt in October, according to data from the World Steel Association (Worldsteel) reported. This was 0.6% lower than the same period a year earlier.

The Worldsteel report also revealed that crude steel production across 64 countries decreased 2.8% from a year ago to 151.5 million mt in October, barely changed from September. Inventories of construction steel rebar in China shrank from a year ago for the first time in the second half of this year so far.

Technically market is under fresh buying as market has witnessed gain in open interest by 3.11% to settled at 630 while prices up 60 rupees, now Steellong is getting support at 29150 and below same could see a test of 29050 levels, and resistance is now likely to be seen at 29330, a move above could see prices testing 29410.