Daily Commodity Market News Report:25-Oct-2016

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• LME Copper to Move in a Range.
• Brent, NYMEX weaker in Asia as investors eye OPEC, API estimates.
• Gold prices fall in Asia as stronger dollar, Fed rate views weigh.

PRECIOUS METALS
Gold prices dipped in Asia on Tuesday with the dual combination of a stronger dollar and rising expectations of a Fed rate hike by the end of the year keeping sentiment downbeat.

Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.07% to $1,262.85 a troy ounce. Also on the Comex, silver futures for December delivery eased 0.18% to $17.572 a troy ounce.Overnight, gold prices faced selling as expectations rose for a Fed rate hike by the end of the year. Investors currently price a 73.6% chance of a rate hike at the Fed’s December meeting, according to federal funds futures tracked on Investing.com’s Fed Rate Monitor Tool.Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $ rate

BASE METALS
LME copper will range between USD 4,640-4,670/mt during Asian trading hours on Tuesday and SHFE 1612 copper is expected to move at RMB 37,300- 37,600/mt. Market will eye US August home prices, October IBD consumer confidence index and October Richmond Fed Manufacturing Index today.
US housing starts and building permits fell sharply in August, and new home sales and existing home sales fell unexpectedly. But, single home permits increased in August, and inventories of existing house are limited. Home prices rose faster than wages. Hence, US housing market is still positive and home price index is expected to extend gains in August.

ENERGIES
Crude prices held weaker in Asia on Tuesday as investors assessed chances of a finalized and workable plan for a complicated output curb pact that includes OPEC and Russia and noted a stronger dollar hitting demand.
U.S. crude futures for December delivery on the New York Mercantile Exchange fell 0.12% to $50.46 a barrel. On the ICE Futures Exchange in London, the December Brent contract traded down 0.23% to $51.34 a barrel. Later on Tuesday, the American Petroleum Institute will release its estimates of crude and refined product inventories in the U.S. at the end of last week. The figures are followed on Wednesday by closely-watched official data
from the U.S. Department of Energy.

COMMODITY MARKET LEVELS

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 2:319
RESIST 1:316
SUP1:311
SUP2:309

CS NICKEL ( OCTOBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 695
RESIST 1: 689
SUP1: 675
SUP2: 670

CS ZINC ( OCTOBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:158.50
RESIST 1:157.50
SUP1:154.50
SUP2:153.50

CS LEAD ( OCTOBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 138.70
RESIST 1: 137.50
SUP1: 134.50
SUP2: 133.00

CS ALUMINIUM ( OCTOBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 112.20
RESIST 1: 111.30
SUP1: 109.00
SUP2: 108.00

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

CS NATURAL GAS ( OCTOBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:194.00
RESIST 1:191.00
SUP1:187.00
SUP2:185.00

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