Daily Commodity Market News Report:21-Nov-2016

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  • Gold December contract has declined around a percent at $ 1,208 an ounce.                     • Oil prices climb on expectation of OPEC-led output cut.
  • Anglo American Restarts Los Bronces Copper Mine.

PRECIOUS METALS
Gold prices fell to the lowest level since May on Friday as the dollar rallied to almost 14-year highs amid a rally driven by the U.S. presidential election and expectations that the Federal Reserve will raise interest rates next month.
Gold for December delivery on the Comex division of the New York Mercantile Exchange hit lows of $1,202.05 a troy ounce and settled down 0.74% at $1,207.9, the lowest close since June 3.
Faster growth would spark inflation, which in turn would prompt the Fed to tighten monetary policy a faster rate than had previously been expected.
Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $ rate

BASE METALS
Anglo American said November 17 it is restarting its Los Bronces copper mine which is located in Chile, according to wenhua.com. The copper mine was suspended as protesters controlled production facility on November 16. About 100 protestors illegally entered the mine and blocked the roads. The macro front will be relatively quiet on Monday, with eyes on Chicago Fed National Activity Index.
US manufacturing PMI improved significantly in October from September. Growing expectations for US rate hike in December are based on recent positive US economic data. As such, there is a good chance that Chicago Fed National Activity Index will rise as well in October.

ENERGIES
Oil prices rose around 1 percent on Monday as producer cartel OPEC moved closer to an output cut to rein oversupply that has kept prices low for over two years.
Traders said that markets were being supported by advancing plans by the Organization of the Petroleum Exporting Countries (OPEC) to cut production in a bid to prop up the market following over two years of low prices as a result of output exceeding demand.
Such a deal has proved tricky to agree as some producers, most notably Iran, have been reluctant to cut output. As a result, Barclays said that some form of production cut deal was likely, but the bank added that any such agreement might have little impact on markets.

COMMODITY MARKET LEVELS

PRECIOUS LEVELS
CS GOLD (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 29350
RESIST 1: 29200
SUP 1: 28900
SUP 2: 28800

CS SILVER (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 41700
RESIST 1: 41230
SUP1: 40100
SUP2: 39800

BASEMETAL LEVELS
CS COPPER (NOVEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:386
RESIST 1:383
SUP1:368
SUP2:363

CS NICKEL ( NOVEMBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 775
RESIST 1: 765
SUP1: 740
SUP2: 732

CS ZINC ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:178.00
RESIST 1:177.00
SUP1:174.50
SUP2:173.00

CS LEAD ( NOVEMBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 151.00
RESIST 1: 149.50
SUP1: 146.00
SUP2: 144.00

CS ALUMINIUM ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 118.50
RESIST 1: 117.20
SUP1: 115.50
SUP2: 114.50

ENERGY LEVELS
CS CRUDE OIL (DECEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:3320
RESIST 1:3280
SUP1:3150
SUP2:3100

CS NATURAL GAS ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:207.00
RESIST 1:204.00
SUP1:194.00
SUP2:189.00

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