December 3, 2016

MCX COMMODITY MARKET NEWS & LEVELS – 03 OCT 2016

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HIGH LIGHTS:-

  • Gold up on short covering as Deutsche Bank concerns ease.
  • Oil prices fall despite planned OPEC output cut.
  • Financial markets in Shanghai will be closed for a national holiday for whole week.

PRECIOUS METALS:- 

Gold prices rose slightly in Asia on Monday with a week-long holiday in China dimming regional activity and investors looking ahead to U.S. jobs data at the end of the week.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 0.13% to $1,318.85 a troy ounce.

In the coming week, the U.S. nonfarm payrolls report on Friday is seen by many as the clearest sign on the health of the labor market, amid ongoing speculation over whether U.S. interest rates will rise this year.

PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND : BEARISH

RESIST 2: 31200

RESIST 1: 31050

SUP 1: 30750

SUP 2: 30500

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH

RESIST 2: 46000

RESIST 1: 45700

SUP1: 45250

SUP2: 45000

BASE METALS:-

LME base metals traded higher yesterday (except Nickel) as marketsgot a breather after the Organization of Petroleum ExportingCountries agreed to cut production to a range of 32.5 million to 33million barrels a day.

MCX base metals except nickel traded higher in line withinternational trends.LME Copper prices rose 0.2 percent last week to $4865/ton as the14-member OPEC agreed to cut production for the first time since2008, proposing new production levels at 32.5 million to 33 millionbarrels a day, a 700,000 drop on August production levels at 33.24million barrels a day. However, stock additions at LME’s South East Asian warehouses ofGwangyang, Klang and Busan restricted sharp upside.MCX copper prices traded higher by 0.2 percent to close at Rs.328.6per kg on Friday.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :BULLISH

RESIST 2:334

RESIST 1:331

SUP1:326

SUP2:322

CS NICKEL (OCT) OVERVIEW:

TREND :BULLISH

RESIST 2:715

RESIST 1:710

SUP1:694

SUP2:685

CS ZINC (OCT) OVERVIEW:

TREND : BULLISH

RESIST 2:159.30

RESIST 1:158.50

SUP1:156.50

SUP2:155.50

CS LEAD (OCT) OVERVIEW: 

TREND : BULLISH

RESIST 2:143.50

RESIST 1:142.50

SUP1:140.00

SUP2:138.50

CS ALUMINIUM (OCT) OVERVIEW: 

TREND : BULLISH

RESIST 2:112.50

RESIST 1:111.70

SUP1:110.50

SUP2:109.70

ENERGIES:- 

Oil prices fell away from $50 per barrel on Monday despite an agreement last week by exporters to cut output, with traders doubting the step was enough to rein in production that has exceeded consumption for the better part of three years.

The dips follow fresh production highs from the Organization of the Petroleum Exporting Countries (OPEC) as rival members like Saudi Arabia, Iran and Iraq are reluctant to give away market share.OPEC’s oil output is likely to reach 33.60 million bpd in September from a revised 33.53 million bpd in August, its highest in recent history, a Reuter’s survey found on Friday.”Sentiment has been slightly dented by a Reuter’s survey Friday, showing that despite agreeing to cut production OPEC pumped crude in record amounts through September.

ENERGY LEVELS
CS CRUDE OIL (OCTOBER) OVERVIEW:   
                        

TREND :BULLISH

RESIST 2:3280

RESIST 1:3240

SUP1:3140

SUP2:3100

CS NATURAL GAS (OCTOBER) OVERVIEW: 

TREND :BEARISH

RESIST 2:198.00

RESIST 1:196.00

SUP1:190.00

SUP2:188.00

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