December 9, 2016

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HIGH LIGHTS:-

LME Copper to Move Lower.

Crude gains in Asia on output freeze prospects, Brent nears $51/bbl.

Gold prices down in Asia as debate grows on need for Fed hike this year.

PRECIOUS METALS:-

Gold prices dipped in Asia on Friday with a cautious eye on the Federal Reserve as debate grows on the need for a rate hike by the end of the year.

On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.28% to $1,353.45 a troy ounce.Silver futures for September delivery fell 0.34% to $19.672 a troy ounce.

Overnight, gold inched up as the dollar fell to a seven-week low against its main rivals, while investors digested minutes from the Federal Reserve and the European Central Bank for further indications on the scope and duration of a host of low interest rate policies from major central banks throughout the world.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 31700

RESIST 1: 31600

SUP 1: 31250

SUP 2: 31100

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH

RESIST 2: 46900

RESIST 1: 46500

SUP1: 45600

SUP2: 45000

BASE METALS:-

LME copper will fall to USD 4,780-4,830/mt during Asian trading hours Friday.

For  those who are still pessimistic over copper market fundamentals, latest data  from the World Bureau of Metal Statistics (WBMS).WBMS data showed global  copper supply deficit expanded in H1 2016 and consumption grew faster than  supply.

The market will lack solid macroeconomic news today. The US dollar index weakened due to sluggish economic indicators from the US and dovish July meeting minutes by the Fed. This should continue to boost base metals today.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : SIDEWAYS

RESIST 2:325

RESIST 1:324

SUP1:318

SUP2:316

CS NICKEL (AUG) OVERVIEW:

TREND : SIDEWAYS

RESIST 2:706

RESIST 1:694

SUP1:680

SUP2:670

CS ZINC (AUG) OVERVIEW:

TREND : BULLISH

RESIST 2:155.00

RESIST 1:154.30

SUP1:152.50

SUP2:151.80

CS LEAD (AUG) OVERVIEW: 

TREND : BULLISH

RESIST 2:128.00

RESIST 1:127.00

SUP1:124.60

SUP2:123.60

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : BULLISH

RESIST 2:114.00

RESIST 1:113.00

SUP1:111.20

SUP2:110.40

ENERGIES:-

Crude oil held gains in Asia on Friday with Brent comfortably above $50 a barrel as an output freeze by key producers was said to be gaining traction, though vast global oversupply continues to hang over the market.

Overnight, Brent crude futures surged above $50 for the first time since Fourth of July, while hitting its highest level in nearly two months, as global oil prices continued to rally on the prospects that major producers could reach a deal to stabilize worldwide energy markets at a closely-watched meeting next month.The latest rally in crude prices was triggered by comments from former OPEC head Chakib Khelil on the possibility of a production freeze by participants at an energy forum in Algeria in late-September. Speaking exclusively with Bloomberg, Khelil said leading OPEC members.

ENERGY LEVELS

CS CRUDE OIL (SEPTEMBER) OVERVIEW:   

TREND :BULLISH

RESIST 2:3400

RESIST 1:3350

SUP1:3250

SUP2:3200

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND :BULLISH

RESIST 2:183.00

RESIST 1:181.00

SUP1:174.00

SUP2:172.00

 CAPITALSTARS

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