Daily Commodity Market News Report:17-Nov-2016

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• NYMEX crude trades weaker in Asia on U.S. inventories, OPEC awaited.
• Gold prices gain in Asia as support continues despite Fed hike views.
• LME Copper to Remain on the Downward Track.

PRECIOUS METALS
Gold gained in Asia on Thursday as investors continued to support the yellow metal despite a widely expected Fed rate hike next month. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.27% to $1,227.15 a troy ounce. Copper futures on the Comex for December delivery fell 0.53% to 2.454 a pound
Overnight, gold futures inched higher in early Europe trading on Wednesday, but gains were limited amid mounting expectations that the Federal Reserve will hike interest rates next month. Market analysts warned that the outlook for gold remains cloudy in the near-term. 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 expected to range between USD 5,420-5,480/mt during Asian trading hours on Thursday and SHFE 1701 copper will move at RMB 43,700- 44,200/mt. Base metals fell last night and will consolidate at lows today.
October CPI and annualized core CPI from Germany and US, US October housing starts and construction permits as well as Philadelphia fed’s manufacturing index will be released today. US September core CPI remained above 2% for 11 months in a row. If the figure in October remains strong, the likelihood of a Fed rate hike will increase. The number of US initial jobless claims stayed below 300,000 for 89 months on end.

ENERGIES
U.S. Crude prices fell in Asia on Thursday as investors gear up for an expected make or break meeting at the end of the month on plans by OPEC to curb OPEC as inventory builds in the U.S. gain attention. Crude oil for December delivery on the New York Mercantile Exchange fell 0.26% to $45.45 a barrel. Brent oil for January delivery on the ICE Futures Exchange in London was last quoted at $46.46 a barrel, up 0.22%.
Overnight, oil prices added to losses during North American hours on Wednesday, falling to the lowest levels of the session after data showed that crude supplies rose the third straight week.

Commodity Market Levels

PRECIOUS LEVELS
CS GOLD (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 29800
RESIST 1: 29600
SUP 1: 29200
SUP 2: 29000

CS SILVER (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 42500
RESIST 1: 41900
SUP1: 40700
SUP2: 40500

BASEMETAL LEVELS
CS COPPER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:380
RESIST 1:373
SUP1:361
SUP2:355

CS NICKEL ( NOVEMBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 782
RESIST 1: 773
SUP1: 748
SUP2: 735

CS ZINC ( NOVEMBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:173.00
RESIST 1:171.50
SUP1:167.00
SUP2:165.00

CS LEAD ( NOVEMBER ) OVERVIEW:
TREND : BEARISH
RESIST 2: 148.00
RESIST 1: 146.00
SUP1: 143.00
SUP2: 142.00

CS ALUMINIUM ( NOVEMBER ) OVERVIEW:
TREND : BEARISH
RESIST 2: 116.50
RESIST 1: 115.50
SUP1: 113.50
SUP2: 112.50

ENERGY LEVELS
CS CRUDE OIL (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:3190
RESIST 1:3160
SUP1:3050
SUP2:3020

CS NATURAL GAS ( NOVEMBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:196.00
RESIST 1:192.00
SUP1:184.00
SUP2:180.00

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