Daily Commodity Market News Report:19-Oct-2016

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  • LME Copper to Move in a Tight Range.
  • Oil rises on U.S. crude inventory draw, falling Chinese output.
  • Gold prices hold gains in Asia after China economy data seen solid.

PRECIOUS METALS
Gold held gains Asia on Wednesday after solid China data sets on GDP, output and retail sales. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.12% to $1,264.45 a troy ounce. Also on the Comex, silver futures for December delivery gained 0.11% to $17.657 a troy ounce.

Overnight, gold prices added to overnight gains in North American trade on Tuesday, as disappointing U.S. inflation data was seen as easing pressure on the Federal Reserve to tighten monetary policy, weighing on the dollar.

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 4,670-4,705/mt during Asian trading hours on Wednesday and SHFE 1612 copper will fluctuate at RMB 37,150- 37,400/mt. In China’s domestic market, spot copper should trade at premiums of RMB 90-150/mt on Wednesday.

China’s September investment, consumption and industry output will be announced today. Stable economic indicators from China, combined with RMB 462 billion medium-term lending facility at 20 financial institutions by the People’s Bank of China, will boost base metals.

The macroeconomic situation analysis meeting held on Sunday predicted China’s economic growth in Q4 will remain steady at 6.7%. Government investment and the property market will also contribute to China’s economy.

ENERGIES
Oil prices rose on Wednesday, lifted by a report of a drop in U.S. crude inventories and declining production in China, while an upbeat OPEC statement on its planned output cut also supported the market.

A slightly weaker dollar boosted oil as well, traders said, as it makes fuel purchases cheaper for countries using other currencies, potentially spurring demand.

The American Petroleum Institute crude inventory numbers were released … this has given early Asian trading a bullish start,” said Jeffrey Halley, senior market analyst at OANDA in Singapore.

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 2:317
RESIST 1:315
SUP1:310
SUP2:308

CS NICKEL ( OCTOBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 702
RESIST 1: 697
SUP1: 688
SUP2: 680

CS ZINC ( OCTOBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:154.00
RESIST 1:153.00
SUP1:151.30
SUP2:150.50

CS LEAD ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:134.00
RESIST 1:133.00
SUP1:130.50
SUP2:129.70

CS ALUMINIUM ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:110.40
RESIST 1:109.80
SUP1:108.00
SUP2:107.00

ENERGY LEVELS
CS CRUDE OIL (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:3500
RESIST 1:3470
SUP1:3350
SUP2:3300

CS NATURAL GAS ( OCTOBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:223.00
RESIST 1:221.00
SUP1:215.00
SUP2:212.00

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