Daily Commodity Market News Report:17-Oct-2016

mcx1

  • Brent, NYMEX down in Asia as supply concerns dominate sentiment.
  • Gold prices fall in Asia as policy remarks, China data eyed this week.
  • LME Copper to See Range-Bound Trading.

PRECIOUS METALS
Gold prices dipped in Asia on Monday ahead of a busy week of policymaker remarks and a slew of key Chinese data and with comments from Bank of Japan
Governor Haruhiko Kuroda noted.

Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.16% to $1,253.55 a troy ounce. Silver futures on the
Comex for December delivery edged up 0.03% to $17.447 a troy ounce.

This week will see the European Central Bank’s post policy meeting press conference on Thursday amid speculation over whether it will further expand
its stimulus program in the face of sluggish growth and inflation.

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

BASE METALS
LME copper should range between USD 4,670-4,705/mt during Asian trading hours on Monday and SHFE 1612 copper will move at RMB 37,000-37,400/mt.
Four global central banks will announce their interest rate decision for October this week. China’s Q3 growth and September credit loans data will
be released in the first half of the week.

Commodity prices edged up given sufficient liquidity. Yuan’s depreciation helped China’s commodity prices remain firm. Supply-side reform also lent
some support to commodities.

ENERGIES
Crude oil prices held weaker in Asia on Monday as investors noted more drilling activity in the U.S. and other downbeat supply signals from top
producers. Last week, oil futures slipped on Friday, but still scored their fourth weekly gain in a row as market players awaited details of a
planned output cut by the Organization of the Petroleum Exporting Countries.

The Organization of the Petroleum Exporting Countries reached an agreement to limit production to a range of 32.5 million to 33.0 million barrels
per day in talks held on the sidelines of an energy conference in Algeria late last month.

The 14-member oil group said it won’t finalize details or complete its production agreement until the group’s next official meeting in Vienna on
November 30.

Commodity Market Levels

PRECIOUS LEVELS
CS GOLD (DECEMBER) 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

BASEMETAL LEVELS
CS COPPER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:319
RESIST 1:317
SUP1:311
SUP2:309

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

CS ZINC ( OCTOBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:153.30
RESIST 1:152.00
SUP1:149.00
SUP2:148.00

CS LEAD ( OCTOBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:136.80
RESIST 1:135.70
SUP1:132.20
SUP2:131.00

CS ALUMINIUM ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:122.90
RESIST 1:112.00
SUP1:110.60
SUP2:109.80

ENERGY LEVELS
CS CRUDE OIL (OCTOBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3440
RESIST 1:3400
SUP1:3300
SUP2:3270

CS NATURAL GAS ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:225.00
RESIST 1:222.00
SUP1:213.00
SUP2:211.00

Capitalstars Financial Research Private Limited is a research house and an investment advisory carrying out operations in the Indian Equities and Commodity market.We also provide 2 days free trial to our client.Join our services and trade with us.

GET MORE DETAILS HERE:-

Commodity Market Tips
Equity Tips
Nifty Future Tips

Advertisements