Daily Commodity Market News Report:27-Oct-2016

daily
• LME Copper to See Range-Bound Trading.
• Brent, NYMEX hold slight gains in Asia as OPEC curb effort eyed.
• Gold prices mostly steady in Asia as investors eye U.S. vote, Fed.

PRECIOUS METALS
Gold prices were barely changed in Asia on Thursday with sentiment mixed as investors await further clarity the U.S. presidential election and a widely expected rate hike by the Fed in December.

Gold for December delivery on the Comex division of the New York Mercantile Exchange rose slightly to $1,266.80 a troy ounce. Comex, silver futures for December delivery edged down 0.02% to $17.623 a troy ounce.

Overnight, gold prices traded at a three-week high during North America’s session on Wednesday, as the U.S. dollar pulled back from nine-month peaks hit overnight, boosting the appeal of the precious metal.
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 predicted to range between USD 4,730-4,765/mt on Thursday and SHFE 1612 copper should fluctuate at RMB 37,700-38,050/mt. Market will eye China September industrial profit, US September durable goods orders and pending home sales today.

Profit at above-scale Chinese industrial enterprises is expected to continue rising in September, but the growth will be not as high as in August.
China’ PPI returned to positive growth on a year-on-year basis in August and commodity prices rebounded. China’s fixed asset investment held stable in September and property market recovered steadily. These mean profit at above-scale Chinese industrial enterprises will rise in September.

ENERGIES
Crude oil prices stayed just in the black on Thursday in Asia with Brent edging back above $50 as U.S. inventory data remained supportive, but growing doubts over OPEC’s ability to seal a production curb pact at the end of next month weigh on sentiment.

Crude oil for December delivery on the New York Mercantile Exchange edged up 0.06% to $49.21 a barrel. Brent oil for December delivery on the ICE Futures Exchange in London rose 0.08% to $50.02 a barrel. Overnight, oil prices turned higher in North American hours on Wednesday, reversing earlier losses which took futures to a four-week low, after data showed that crude supplies in the U.S. fell unexpectedly last week.

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 2:321
RESIST 1:319
SUP1:314
SUP2:311

CS NICKEL ( OCTOBER ) OVERVIEW:
TREND :BEARISH
RESIST 2: 690
RESIST 1: 683
SUP1: 670
SUP2: 665

CS ZINC ( OCTOBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:158.50
RESIST 1:157.50
SUP1:155.00
SUP2:153.90

CS LEAD ( OCTOBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 139.00
RESIST 1: 138.00
SUP1: 136.00
SUP2: 135.00

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

ENERGY LEVELS
CS CRUDE OIL (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3360
RESIST 1:3330
SUP1:3250
SUP2:3230

CS NATURAL GAS ( NOVEMBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:208.90
RESIST 1:206.00
SUP1:201.00
SUP2:199.00

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