September 26, 2017

Mcx Commodity Tips

Gold drifts lower in Asia with Chile mine strike in focus.  

Gold for April delivery on the Comex division of the New York Mercantile Exchange eased 0.46% to $1,213.85 a troy ounce. Gold prices rose in the U.S. on Thursday with investors keeping an eye on political risk as the Trump administration looks to find its footing at home and abroad with U.S. jobs at the end of the week expected to set a tone. A walk out could begin as early as Friday, but could be deferred for a five-day government mediation effort to attempt a resolution.

On Wednesday, the Federal Reserve held its fire on interest rates as widely expected on Wednesday, but was optimistic on the outlook for the economy in keeping its benchmark overnight lending rate target at 0.5% to 0.75% following a 25 basis point hike in December. “Measures of consumer and business sentiment have improved of late,” the committee said in its statement, using new language that jibes with voices on Wall Street following the election of Donald Trump as president.


Barclays: Copper Prices May Rise to over 2-Year High on Decreasing Supply. 

Barclays said copper prices may be pushed to the highest from November 2014 due to falling supply, wenhua.com reported. Copper supply has been falling due to strike at Chile’s Escondido mine and low production ratio at Freeport-McMoRan Copper & Gold’s Grasberg copper mine. Chile government reported Chile’s copper output was 5,572,375 tonnes in 2016, down 3.8% year-on-year, according to wenhua.com. The country’s copper production was 503,874 tonnes in December 2016, an increase of 1.6% year-on-year, due mainly to higher ore grade and increased operating rates at major mines.

KAZ Minerals PLC’s copper cathode output rose 73% year-on-year to 140,300 tonnes in 2016, finet.com reported. Its copper cathode output was 43,200 tonnes in the fourth quarter of 2016. Its Bozshakol contributed additional 44,800 tonnes of output, while Aktogay contributed 18,100 tonnes of copper cathode output.
Brent, NYMEX gain in Asia with Iran- U.S. tensions eyed. 

Crude oil posted gains in Asia on Friday with U.S. tension with Iran in focus for any spillover into the oil markets from sanction or other actions, while U.S. rig count data is ahead.

Ahead on Friday, oilfield services firm Baker Hughes will report data on U.S. drilling activity at the end of last week that will be closely watched. Last week, Baker Hughes said the number of rigs drilling for oil in the U.S. increased by 15 last week, the 12th gain in 13 weeks. That brought the total count to 566, the most since November 2015.

Overnight, crude prices settled lower in U.S. trade on Thursday as investors waited for end of the week rig count data and took profits on what are seen as so far adequate compliance with coordinated cuts to global oil production of almost 1.8 million barrels per day for the first six months of the year by OPEC and non-OPEC nations.

PRECIOUS LEVEL

CS GOLD (APRIL) OVERVIEW:

TREND : BULLISH

RESIST 2: 29200

RESIST 1: 29000

SUP 1: 28750

SUP 2: 28550

CS SILVER (MARCH) OVERVIEW:

TREND : BULLISH

RESIST 2: 42200

RESIST 1:41900

SUP1: 41400

SUP2: 41000

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BEARISH

RESIST 2:403

RESIST 1:398

SUP1:387

SUP2:384

CS NICKEL (FEB) OVERVIEW:

TREND :  BULLISH

RESIST 2: 705

RESIST 1: 695

SUP1:675

SUP2:665

CS ZINC (FEB)OVERVIEW:

TREND : BEARISH

RESIST 2:191.00

RESIST 1:190.00

SUP1:186.00

SUP2:184.00

CS LEAD (FEB) OVERVIEW: 

TREND : BEARISH

RESIST 2: 159.00

RESIST 1: 157.00

SUP1: 153.00

SUP2: 151.00

CS ALUMINIUM (FEB) OVERVIEW: 

TREND :  SIDEWAYS

RESIST 2: 125.50

RESIST 1: 124.50

SUP1: 121.50

SUP2: 120.50

ENERGY LEVELS

CS CRUDE OIL (FEB) OVERVIEW:                           

TREND : SIDEWAYS

RESIST 2:3680

RESIST 1:3640

SUP1:3580

SUP2:3540

CS NATURAL GAS (FEB) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2:225.00

RESIST 1:220.00

SUP1:210.00

SUP2:207.00

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