Daily Commodity Market News Report:15-Nov-2016

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• Oil prices rise on falling shale output, renewed hopes of OPEC cut.
• Gold prices gain in Asia as focus turns to Yellen remarks this week.
• LME Copper to Stay Range Bound.

PRECIOUS METALS
Gold prices rose mildly in Asia on Tuesday with investors awaiting remarks from Fed Chair Janet Yellen this week expected to offer a harder view on a widely expected rate hike next month. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.23% to $1,223.30 a troy ounce.
Overnight, gold prices fell to a more than five-month low on Monday, extending four straight sessions of losses as market players continued to dump the yellow metal in wake of Donald Trump’s victory in the U.S. presidential election.
Gold plunged more than 3% on Friday amid optimism that increased fiscal spending and tax cuts under a Trump administration will spur economic growth and inflation, which would ultimately lead to an era of higher interest rates
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 move between USD 5,500-5,620/mt during Asian trading hours on Tuesday and SHFE 1701 copper will fluctuate at RMB 43,850- 45,250/mt. Copper prices have climbed 25% in November after hovering at lows in the first ten months of this year.
The recent sharp gains in copper prices are due mainly to liquidity, risk aversion and boost from other commodity markets, not fundamentals, said a senior copper analyst from SMM at the 2016 SMM Summit.

ENERGIES
Oil prices rose around 2 percent on Tuesday to move away from multi-month lows struck the day before, pushed higher by expectations of falling shale output and renewed optimism that OPEC will deliver on touted production cuts.
Prices were buoyed by expectations that U.S. shale oil production will in December fall to its lowest since April 2014 at 4.5 million barrels per day (bpd).
“Crude oil prices stabilized after several days of continued falls,” Australian bank ANZ said in a note on Tuesday. “Headlines around increasing OPEC production remained prevalent, although the focus switched to final diplomatic efforts from nations to agree to a production cut.”

Commodity Market Levels

PRECIOUS LEVELS
CS GOLD (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 29800
RESIST 1: 29550
SUP 1: 29250
SUP 2: 29000

CS SILVER (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 42000
RESIST 1: 41600
SUP1: 40800
SUP2: 40500

BASEMETAL LEVELS
CS COPPER (NOVEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:387
RESIST 1:383
SUP1:372
SUP2:365

CS NICKEL ( NOVEMBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 792
RESIST 1: 781
SUP1: 757
SUP2: 744

CS ZINC ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:181.00
RESIST 1:180.00
SUP1:177.20
SUP2:176.00

CS LEAD ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 151.50
RESIST 1: 150.50
SUP1: 148.50
SUP2: 147.00

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

ENERGY LEVELS
CS CRUDE OIL (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3060
RESIST 1:3030
SUP1:2930
SUP2:2880

CS NATURAL GAS ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:195.00
RESIST 1:192.00
SUP1:186.00
SUP2:181.00

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