Daily Commodity Market News Report:10-Nov-2016

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  • Brent, NYMEX down in Asia on U.S. stockpiles build, Trump policies eyed.                       • Gold prices higher in Asia on Fed views in wake of Trump victory.                                         • Why Copper Surge after Trump’s Victory? Banks Views.

PRECIOUS METALS
Gold prices gained in Asia on Thursday as markets assessed the near-term impact of the U.S. presidential election with an eye on chances it may lead the Fed to hold off on a widely expected rate hike in December.
Investing.com’s Fed Rate Monitor Tool shows investors see a 76.3% chance of a hike, but uncertainty remains over the range of policy changes possible by the administration of president-elect Donald Trump. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.26% to $1,276.75 a troy ounce. Comex silver futures for December delivery rose 0.46% to $18.462 a troy ounce.
Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $ rate

BASE METALS
Republican candidate Donald Trump beat Hillary Clinton to become the 45th President of the United States. Base metal market surged across the board after the election result. Copper, underperforming others for most part of the year, also outshined. Why does copper market cheer the news? The followings are views of major banks.

Bjarne Schieldrop, chief commodity analyst, said Trump’s promise to increase infrastructure spending and to cut taxes has boosted market expectation over copper demand. The view also echoed by Tom Kendall, the analyst from ICBC Standard Bank. The bank said that copper market response is overdue, and it is not rational, and noted that projecting of limited copper exports from China is one of copper price drivers.

ENERGIES
Crude prices held weaker in Asia on Thursday with inventory levels in the U.S. aiding bearish views and investors awaiting detailed moves by president-elect Donald Trump on energy policy.
Crude oil for December delivery on the New York Mercantile Exchange fell 0.53% to $45.03 a barrel. Brent oil for January delivery on the ICE Futures Exchange in London dropped 0.71% to $46.23 a barrel.
Overnight, oil prices edged lower during North American hours on Wednesday, after data showed that crude supplies rose the second straight week.

Commodity Market Levels

PRECIOUS LEVELS
CS GOLD (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 30400
RESIST 1: 30150
SUP 1: 29800
SUP 2: 29700

CS SILVER (DECEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 44750
RESIST 1: 44100
SUP1: 43000
SUP2: 42600

BASEMETAL LEVELS
CS COPPER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:380
RESIST 1:376
SUP1:365
SUP2:361

CS NICKEL ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 805
RESIST 1: 782
SUP1: 770
SUP2: 755

CS ZINC ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:169.50
RESIST 1:168.50
SUP1:166.00
SUP2:165.00

CS LEAD ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 145.00
RESIST 1: 144.00
SUP1: 141.40
SUP2: 139.40

CS ALUMINIUM ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 118.50
RESIST 1: 117.50
SUP1: 116.00
SUP2: 115.00

ENERGY LEVELS
CS CRUDE OIL (NOVEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3080
RESIST 1:3050
SUP1:2960
SUP2:2920

CS NATURAL GAS ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:186.00
RESIST 1:183.00
SUP1:177.00
SUP2:174.00

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