November 22, 2017

Mcx Commodity Tips

Gold gains in Asia as investor’s eye political risk.  

Gold gained in Asia on Monday as investors eyed political risk elements with President Donald Trump’s administration on the back foot over its immigration and other policies. The market is caught between a situation of “Trump-flation”, that is higher yields and stronger dollar, or “Donald Doubt,” which sees a softer dollar and lower yields due to protectionism and dollar jaw-boning, said Mizuho Bank’s Vishnu Varathan in a Monday note. On the Comex division of the New York Mercantile Exchange, gold for March delivery rose 0.36% to $1,225.15 a troy ounce.  In China, the Caixin Services PMI stayed in expansion at 53.1, but missed the expected 53.6 level and was below the previous month figure of 53.4.

Last week, gold ended slightly higher on Friday, after the latest U.S. jobs report showing weak wage growth last month dampened expectations for a faster rate of interest rate hikes this year. The Labor Department said the U.S. economy added 227,000 jobs in January from the prior month, while the unemployment rate ticked up to 4.8% from 4.7% in December, as more Americans joined the workforce.


SHFE Copper to Move in a Tight Range. 

LME copper will range at USD 5,730-5,820/mt on Monday and SHFE 1703 copper will move at RMB 46,20046,800/mt. In China’s domestic market, spot copper should trade at discounts of RMB 80-20/mt on Monday. Freeport-McMoRan Inc said last Friday it will slash output in Indonesia if it fails to gain a new export permit before mid-February, according to wenhua.com. Freeport is now under negotiation with Indonesia government on export issue. The company’s copper concentrate exports were suspended January 12. It will cut production at Grasberg copper mine if its copper concentrate exports are still forbidden.

US’s nonfarm payrolls increased in February while wage growth declined. US dollar and offshore yuan dived on last Fridays night trading and both stabilized on Monday morning. Glencore is expected to expand nickel output in 2017. However, effect from mine closure in Philippines keeps affecting market. LME nickel will be weighed by the 40-day moving average on Monday and SHFE 1705 nickel will move between RMB 84,80087,000/mt with mixed factors.
Crude prices gain in Asia as output curbs seen on track. 

Crude prices edged up in Asia on Monday as investors continued to expect a coordinated plan to curb global oil production to stay on track. London-traded Brent futures rose 0.16% to $56.89, while on the New York Mercantile Exchange, crude oil for delivery in March rose 0.15% to $53.91 a barrel. In China, the Caixin Services PMI stayed in expansion at 53.1, but missed the expected 53.6 level and was below the previous month figure of 53.4.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer. Meanwhile, investors will keep an eye out for the International Energy Agency’s monthly report to gauge global supply and demand levels.

Last week, oil futures finished higher on Friday, logging a weekly gain, as traders cheered signs that global supply was beginning to tighten in wake of a planned agreement by major crude producers to cut output.

PRECIOUS LEVEL

CS GOLD (APRIL) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 29200

RESIST 1: 29100

SUP 1: 28850

SUP 2: 28750

CS SILVER (MARCH) OVERVIEW:

TREND : BULLISH

RESIST 2: 41700

RESIST 1:41250

SUP1: 41700

SUP2: 41400

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: 715

RESIST 1: 705

SUP1:680

SUP2:670

CS ZINC (FEB)OVERVIEW:

TREND : BEARISH

RESIST 2:191.00

RESIST 1:190.00

SUP1:185.00

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 : BEARISH

RESIST 2:210.00

RESIST 1:208.00

SUP1:200.00

SUP2:197.00

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