Daily Commodity Market News Report:21-Oct-2016

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  • SHFE Copper Sets for Losses.
  • Gold prices down in Asia as stronger dollar, Fed views weigh.
  • Brent, NYMEX down in Asia as sentiment turns down ahead of U.S. rig data.

                                                             PRECIOUS METALS
Gold prices fell in Asia on Friday with a stronger dollar and the rising chances of rate hike weighing on the hedge commodity.

Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.16% to $1,265.50 a troy ounce. Also on the Comex, silver futures for December delivery dropped 0.46% to $17.468 a troy ounce.

Overnight, gold prices were trading close to two-week highs on Thursday after the European Central Bank indicated that it would wait until December to discuss tapering its asset purchase program, or the possible horizon at which stimulus might end, aiding dollar strength.

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 range between USD 4,640-4,670/mt during Asian trading hours on Friday and SHFE 1612 copper will move at RMB 37,050- 37,350/mt. Home price index in China’s 70 large and medium cities in September and Eurozone October CCI will be released today. The US dollar index rose overnight, taking a toll on commodities. Some base metals may fall, with lead still promising.

Eurozone October CCI should improve, as Sentix CCI for Eurozone in October topped both forecast and August. Besides, ZEW economic sentiment index in
October almost doubling expectations and August’s.

                                                                              ENERGIES
Crude oil prices dropped in Asia on Friday as sentiment turned downbeat on the supply outlook with U.S. rig count data ahead to cap the week. U.S.crude oil on the New York Mercantile Exchange fell 0.49% to $50.38 a barrel. Global benchmark Brent futures on the Intercontinental Exchange eased 0.37% to $51.19 a barrel.
Last week, oilfield services provider Baker Hughes said the number of rigs drilling for oil in the U.S. last week rose by 4 to 432, marking the 15th increase in 16 weeks. Overnight, oil prices fell on Thursday as traders took profits following a rally in the previous session fueled by an unexpectedly large U.S. oil inventory drawdown last week and hopes for an output cut by major producers.

Commodity Market Updates

PRECIOUS LEVELS
CS GOLD (DECEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 30100
RESIST 1: 30000
SUP 1: 29600
SUP 2: 29500

CS SILVER (DECEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 42600
RESIST 1: 42400
SUP1: 41500
SUP2: 40900

BASEMETAL LEVELS
CS COPPER (NOVEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:318
RESIST 1:315
SUP1:310
SUP2:308

CS NICKEL ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2: 686
RESIST 1: 678
SUP1: 668
SUP2: 660

CS ZINC ( OCTOBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:155.00
RESIST 1:154.00
SUP1:151.10
SUP2:149.90

CS LEAD ( OCTOBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:137.00
RESIST 1: 136.00
SUP1:133.20
SUP2:131.30

CS ALUMINIUM ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:110.00
RESIST 1:109.00
SUP1:107.50
SUP2:106.30

ENERGY LEVELS
CS CRUDE OIL (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3450
RESIST 1:3420
SUP1:3330
SUP2:3300

CS NATURAL GAS ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:213.00
RESIST 1:211.00
SUP1:205.00
SUP2:203.00

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