December 5, 2016

mcx tips

HIGH LIGHTS:-

  • Brent, NYMEX mixed in Asia as API data factored in, OPEC moves awaited.
  • Gold prices mostly steady in Asia as rates, politics and OPEC mix.
  • LME Copper to Move in a Tight Range.

PRECIOUS METALS:- 

Gold prices were mostly steady in early Asia on Wednesday as investors navigated a mix of U.S. interest rate and presidential election views, prospects for an OPEC output freeze and an upbeat U.S. survey on consumer confidence.Gold for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.01% to $1,330.55 a troy ounce.Earlier, Federal Reserve Vice Chair Stanley Fischer said Tuesday that the U.S. economy has started to generate better wages, but they need to go higher.

“Finally incomes of working people began to rise faster than incomes of people higher up” on the income scale, Fischer said while answering questions at Howard University after a speech.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BEARISH

RESIST 2: 31300

RESIST 1: 31150

SUP 1: 30800

SUP 2: 30600

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH

RESIST 2: 46350

RESIST 1: 45900

SUP1: 45000

SUP2: 44500

BASE METALS:-

LME copper will range at USD 4,780-4,815/mt and test support at the 60-day moving average during Asian trading hours. SHFE 1611 copper is predicted to fluctuate between RMB 37,300-37,600/mt today.

US August durable goods orders are expected to fall from July. ISM manufacturing PMI in August returned below 50 and fell far short of market expectations, with new order sub-indice falling below 50 for the first time since December 2015. Markit manufacturing PMI in August for the US also fell short of expectations and July’s final figures, with new order slowing further. The number of regions in which new order sub-indice weakened was larger than those in which new order sub-indice improved.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :BEARISH

RESIST 2:327

RESIST 1:325

SUP1:320

SUP2:317

CS NICKEL (SEPTEMBER) OVERVIEW:

TREND :BULLISH

RESIST 2:719

RESIST 1:712

SUP1:693

SUP2:685

CS ZINC (SEPTEMBER) OVERVIEW:

TREND : BULLISH

RESIST 2:155.30

RESIST 1:154.30

SUP1:152.30

SUP2:151.00

CS LEAD (SEPTEMBER) OVERVIEW: 

TREND : BULLISH

RESIST 2:132.20

RESIST 1:131.00

SUP1:129.00

SUP2:128.00

CS ALUMINIUM (SEPEMBER) OVERVIEW: 

TREND : BULLISH

RESIST 2:110.40

RESIST 1:109.80

SUP1:108.00

SUP2:106.50

ENERGIES:- 

Crude oil prices swayed in Asia on Wednesday as industry data showed a continued demand trend for crude and refined product stockpiles and an OPEC meeting later in the day looms with chances for a freeze on production seen slim.Crude oil for November delivery on the New York Mercantile Exchange was up 0.04% to $44.69 a barrel.The figures come ahead of more closely-watched data from the U.S. Department of Energy on Wednesday.

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