Daily Commodity Market News Report:13-Oct-2016

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  • Oil prices fall on higher OPEC output, rise in U.S. crude stocks.
  • Gold prices up in early Asia despite rising chances of Fed hike.
  • LME Copper to Face Downward Pressure.

PRECIOUS METALS

Gold prices gained in Asia on Thursday despite the mounting chances for a rate hike in the U.S. by the end of the year.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 0.24% to $1,256.85 a troy ounce.

Elsewhere in metals trading, silver futures for December delivery rose 0.07% to $17.517 a troy ounce.

Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $ rate

BASE METALS
LME copper is expected to move at USD 4,795-4,835/mt and SHFE 1612 copper will range between RMB 37,850-38,050/mt.

Market will digest minutes of the US Fed’s September meeting today, and closely watch US crude oil stocks as well as China September foreign trade data.

China’s foreign trade data in September will not be as positive as in August, citing still slow global economic recovery. New export order sub- indexes under China official manufacturing PMI and that released by Caixin for September both rose. Chinese yuan is still depreciating. This means China’s exports will not weaken significantly in September.

ENERGIES

Oil prices fell on Thursday after OPEC said its production had risen to the highest level in at least eight years and following reports of an increase in U.S. crude stockpiles.
Traders said oil markets had come under pressure after the Organization of the Petroleum

Exporting Countries (OPEC) reported a rise in output, despite the producer cartel having plans, potentially with non-OPEC producer Russia, to cut output in a bid to rein in a global supply overhang.

OPEC on Wednesday reported its oil production climbed in September to the highest in at least eight years and raised its forecast for 2017 non-OPEC supply growth, pointing to a larger surplus next year despite the group’s deal to cut output.

Commodity Market Levels

PRECIOUS LEVELS
CS GOLD (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 30100
RESIST 1: 29950
SUP 1: 29550
SUP 2: 29350

CS SILVER (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 43600
RESIST 1: 43200
SUP1: 41600
SUP2: 41000

BASEMETAL LEVELS
CS COPPER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:327
RESIST 1:325
SUP1:321
SUP2:319

CS NICKEL ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2: 720
RESIST 1: 708
SUP1: 690
SUP2: 680

CS ZINC ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:153.30
RESIST 1:152.00
SUP1:149.30
SUP2:148.00

CS LEAD ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:137.70
RESIST 1:136.20
SUP1:133.30
SUP2:132.50

CS ALUMINIUM ( OCTOBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:113.00
RESIST 1:112.30
SUP1:111.00
SUP2:110.00

ENERGY LEVELS
CS CRUDE OIL (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3400
RESIST 1:3370
SUP1:3270
SUP2:3240

CS NATURAL GAS ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:219.00
RESIST 1:217.80
SUP1:212.00
SUP2:210.00

MCX CRUDE OIL October Wednesday as seen in the daily chart opened at 3400 levels and day high of 3416 levels. During this period price corrected &made day low of 3336 levels finally closed at 3351 levels. Now, there are chances of further downward movement technically & fundamentally.

  • OPEC on Wednesday reported its oil production climbed in September to the highest in at least eight years and raised its forecast for 2017 non-OPEC
    supply growth, pointing to a larger surplus next year despite the group’s deal to cut output.

DAILY RECOMMENDATION: SELL MCX CRUDE OIL OCTOBER AROUND 3350 LEVELS FOR TARGET OF T1 3250/T2 3150 WITH SL OF 3450 LEVELS.

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