May 25, 2018

Mcx Commodity Tips

Gold ease in Asia as Trump moves on policy goals.  

Gold prices fell in Asia on Wednesday with copper climbing down from sharp overnight gains as regional data sets showed unexpected gains in Japan exports and investors continued to mull the flurry of executive actions by President Donald Trump, including his latest tweet signaling a border all announcement on Wednesday in the U.S.

Gold for February delivery on the Comex division of the New York Mercantile Exchange fell 0.30% to 1,207.15 a troy ounce. Also on the Comex, silver futures for March delivery fell 0.77% to $17.108 a troy ounce. Japan’s annual exports grew 5.4% in December, the first time in 15 months, led by shipments of car parts and electronics, and well above a forecast of a 1.2% increase. Australia said inflation rose less than expected in the last quarter of 2016, up 0.5% in the fourth-quarter and 1.5% from the previous year. The Reserve Bank of Australia targets an annual inflation rate in the range between 2% to 3%. Overnight, copper soared on Tuesday in the U.S. with investors looking to a pickup in U.S. demand on expected tax cuts and infrastructure spending under the new administration and taking profits on recent gains for gold.
LME Copper to See Range-Bound Trading. 

LME copper will strengthen and range at USD 5,855-5,955/mt on Wednesday and SHFE 1703 copper will move at RMB 47,000-48,000/mt. In China’s domestic market, spot copper should trade at discounts of RMB 250150/mt on Wednesday. Attention should be on US dollar index on Wednesday. LME lead will range between USD 2,350-2,400/mt and SHEF 1703 lead will move at RMB 18,500-19,000/mt. In China’s domestic market, spot lead should rise RMB 100/mt and trade at RMB 18,550-18,700/mt on Wednesday.

LME aluminum will stay firm on Wednesday with rumor of output reduction. The contract will move at USD 1,850-1,890/mt on Wednesday and SHEF 1703 aluminum will swing between RMB 13,900-14,200/mt.
Crude mixed in Asia as API figures curb output cut enthusiasm. 

Crude prices were mixed in Asia on Wednesday as industry data on U.S. inventories put a dampener on recent upbeat sentiment related to global production cuts. Global benchmark Brent crude rose 0.16% on London’s Intercontinental Exchange to $55.29 a barrel, while U.S. crude on the New York Mercantile Exchange fell 0.36% to $52.99 a barrel.

Late on Tuesday figures showed U.S. crude stocks rose 2.9 million barrels at the end of last week, more than expected, according to the American Petroleum Institute (API) released Tuesday showed. API also said gasoline stocks rose 4.8 million barrels and distillate supplies gained 2.0 million barrels with supplies at the Cushing, Oklahoma, and oil hub down 100,000 barrels at the end of last week.

Figures from the Energy Information Administration (EIA) report are due at 10:30 a.m. EST on Wednesday. The official EIA figures are expected to show a build of about 2.8 million barrels.

PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND : BEARISH

RESIST 2: 28820

RESIST 1: 28680

SUP 1: 28450

SUP 2: 28350

CS SILVER (MARCH) OVERVIEW:

TREND :  BEARISH

RESIST 2: 42500

RESIST 1: 42000

SUP1: 41200

SUP2: 40850

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BULLISH

RESIST 2:415

RESIST 1:410

SUP1:402

SUP2:397

CS NICKEL (JAN) OVERVIEW:

TREND :  SIDEWAYS

RESIST 2: 709

RESIST 1: 690

SUP1:660

SUP2:650

CS ZINC (JAN)OVERVIEW:

TREND :  BULLISH

RESIST 2:195.00

RESIST 1:193.00

SUP1:189.00

SUP2:187.00

CS LEAD (JAN) OVERVIEW: 

TREND :   BULLISH

RESIST 2: 166.00

RESIST 1: 164.00

SUP1: 160.50

SUP2: 158.50

CS ALUMINIUM (JAN) OVERVIEW: 

TREND :  BULLISH

RESIST 2: 129.00

RESIST 1: 128.00

SUP1: 126.00

SUP2: 125.00

ENERGY LEVELS

CS CRUDE OIL (JAN) OVERVIEW:                           

TREND : SIDEWAYS

RESIST 2:3710

RESIST 1:3680

SUP1:3560

SUP2:3500

CS NATURAL GAS (JAN) OVERVIEW: 

TREND : BEARISH

RESIST 2:231.00

RESIST 1:228.00

SUP1:220.00

SUP2:215.00

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