Daily Commodity Market News Report:11-Nov-2016

daily
• Oil prices fall on persistent fuel supply overhang.
• Gold prices weaker in Asia as demand cues awaited.
• Copper Prices to Average $2.22 per pound in 2017, Cochilco Survey.

PRECIOUS METALS
Gold reversed course in Asia on Friday with investors awaiting further details on U.S. spending priorities to be set by president-elect Donald Trump that could drive demand for precious and industrial metals.
Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.41% to $1,261.25 a troy ounce and silver futures for December delivery dropped 1.09% to $18.532 a troy ounce.
Overnight, gold prices rose sharply during Europe’s session on Thursday, as the U.S. dollar pulled back from a two-week high touched in wake of Donald Trump’s election victory.
Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $ rate

BASE METALS
A recent Cochilco survey shows copper prices will average $2.22 per pound in 2017, wenhua.com reports. Cochilco said 15 experts participated in the survey. Their forecast is based on Peru’s increasing copper ore supply due to new mines coming online and market expectations of the US dollar’s devaluation.
COMEX copper jumped to a 16-month high of $2.551 per pound on the heels of Trump winning the presidential election. “Chinese and world’s economy will rebound in 2017, and China’s growth is expected to maintain between 6.5-7 in the future,” Mr. Chen told attendees at SMM Summit, one of China’s largest annual gathering of base metals industry.

ENERGIES
Oil prices fell in early trading on Friday, as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers make a significant cut to their output.
Traders said that an ongoing crude and refined product supply overhang that has dogged markets for over two years was weighing on markets.
“Crude oil prices fell as the focus returned to supply growth. The IEA suggested prices may continue to retreat amid relentless supply growth unless OPEC makes significant supply cuts,” ANZ bank said on Friday.

COMMODITY MARKET LEVELS

PRECIOUS LEVELS
CS GOLD (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 30180
RESIST 1: 30000
SUP 1: 29600
SUP 2: 29450

CS SILVER (DECEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 44750
RESIST 1: 44400
SUP1: 43450
SUP2: 43000

BASEMETAL LEVELS
CS COPPER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:384
RESIST 1:381
SUP1:370
SUP2:365

CS NICKEL ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 800
RESIST 1: 787
SUP1: 760
SUP2: 750

CS ZINC ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:171.00
RESIST 1:170.00
SUP1:166.50
SUP2:164.00

CS LEAD ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 144.80
RESIST 1: 143.80
SUP1: 142.00
SUP2: 140.80

CS ALUMINIUM ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 119.20
RESIST 1: 118.80
SUP1: 116.50
SUP2: 115.50

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 : SIDEWAYS
RESIST 2:183.00
RESIST 1:181.00
SUP1:173.00
SUP2:170.00

MCX CRUDE OIL November Thursday as seen in the daily chart opened at 3025 levels and day high of 3040 levels. During this period price corrected & made day low of 2978 levels finally closed at 3011 levels. Now, there are chances of further downward movement technically & fundamentally.

• Crude oil prices fell as the focus returned to supply growth. The IEA suggested prices may continue to retreat amid relentless supply growth unless OPEC makes significant supply cuts,” ANZ bank said on Friday.

DAILY RECOMMENDATION: SELL MCX CRUDE OIL NOVEMBER AROUND 3050 LEVELS FOR TARGET OF T1 2950/T2 2900 WITH SL OF 3150 LEVELS.

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