December 10, 2016

Mcx2

HIGH LIGHTS:-

  • LME Copper to Move in a Tight Range.
  • Oil rises on U.S. crude inventory draw, falling Chinese output.
  • Gold prices hold gains in Asia after China economy data seen solid.

PRECIOUS METALS:- 

Gold held gains Asia on Wednesday after solid China data sets on GDP, output and retail sales.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.12% to $1,264.45 a troy ounce. Also on the Comex, silver futures for December delivery gained 0.11% to $17.657 a troy ounce.Overnight, gold prices added to overnight gains in North American trade on Tuesday, as disappointing U.S. inflation data was seen as easing pressure on the Federal Reserve to tighten monetary policy, weighing on the dollar.

PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 30100

RESIST 1: 29900

SUP 1: 29450

SUP 2: 29300

CS SILVER (DECEMBER) OVERVIEW:

TREND :  SIDEWAYS

RESIST 2: 43300

RESIST 1: 43000

SUP1: 41200

SUP2: 40900

BASE METALS:-

LME copper is expected to move at USD 4,670-4,705/mt during Asian trading hours on Wednesday and SHFE 1612 copper will fluctuate at RMB 37,150-37,400/mt. In China’s domestic market, spot copper should trade at premiums of RMB 90-150/mt on Wednesday.

China’s September investment, consumption and industry output will be announced today. Stable economic indicators from China, combined with RMB 462 billion medium-term lending facility at 20 financial institutions by the People’s Bank of China, will boost base metals.

The macroeconomic situation analysis meeting held on Sunday predicted China’s economic growth in Q4 will remain steady at 6.7%. Government investment and the property market will also contribute to China’s economy.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :BEARISH

RESIST 2:317

RESIST 1:315

SUP1:310

SUP2:308

CS NICKEL (OCT) OVERVIEW:

TREND :SIDEWAYS

RESIST 2:702

RESIST 1:697

SUP1:688

SUP2:680

CS ZINC (OCT) OVERVIEW:

TREND :BULLISH

RESIST 2:154.00

RESIST 1:153.00

SUP1:151.30

SUP2:150.50

CS LEAD (OCT) OVERVIEW: 

TREND : BEARISH

RESIST 2:134.00

RESIST 1:133.00

SUP1:130.50

SUP2:129.70

CS ALUMINIUM (OCT) OVERVIEW: 

TREND : BEARISH

RESIST 2:110.40

RESIST 1:109.80

SUP1:108.00

SUP2:107.00

ENERGIES:- 

Oil prices rose on Wednesday, lifted by a report of a drop in U.S. crude inventories and declining production in China, while an upbeat OPEC statement on its planned output cut also supported the market.

A slightly weaker dollar boosted oil as well, traders said, as it makes fuel purchases cheaper for countries using other currencies, potentially spurring demand.

The American Petroleum Institute crude inventory numbers were released … this has given early Asian trading a bullish start,” said Jeffrey Halley, senior market analyst at OANDA in Singapore.

ENERGY LEVELS
CS CRUDE OIL (OCTOBER) OVERVIEW:   
                        

TREND :BULLISH

RESIST 2:3500

RESIST 1:3470

SUP1:3350

SUP2:3300

CS NATURAL GAS (OCTOBER) OVERVIEW: 

TREND :SIDEWAYS

RESIST 2:223.00

RESIST 1:221.00

SUP1:215.00

SUP2:212.00

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