Daily Commodity Market News Report:29-Nov-2016

daily
• Gold prices inch up in Asia as dollar movements eyed for direction.
• Oil prices dip on skepticism ahead of OPEC meeting.
• SHFE Copper to Close Lower.

Precious Metals
Gold prices fell further in Asia on Friday as sentiment moved into bear territory
Gold prices inched up in Asia on Tuesday with the dollar in focus as it mildly retraces sharp gains in the past month on the surprise win of U.S.
president-elect Donald Trump and widespread expectations for a Fed rate hike in December.
Gold for December delivery rose 0.10% to $1,192.00 a troy ounce on the Comex division of the New York Mercantile Exchange.
Overnight, gold prices rose more than 1% on Monday, rebounding from nine-and-a-half month lows as the dollar reversed some of its post U.S. election
gains after surging to almost 14-year highs last week.
Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $ rate

Base Metals
LME copper will range between USD 5,790-5,940/mt and SHFE 1701 copper is expected to move at RMB 48,000-48,800/mt. Germany’s November CPI slated for
release today is expected to be 0.8% as European Central Bank’s stimulus measures helped Eurozone economy recover.
Conference Board’s November CCI for the US will be released this evening, and is expected to rise. US CCI appeared to have improved as Trump is
expected to push stimulus measures. Besides, US revised actual Q3 GDP and revised annualized and seasonal PCE will also top flash data, which will
support the US dollar index.

Energy
Oil prices dipped on Tuesday on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday
aimed at reining in a global supply overhang and propping up prices.
The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an
effort to curb overproduction that has dogged markets and more than halved prices since 2014.
With a high degree of uncertainty going into the last 24 hours before the meeting, oil price volatility is expected to be high.
Highlights

COMMODITY MARKET LEVELS

PRECIOUS METALS
CS GOLD (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 29200
RESIST 1: 29000
SUP 1: 28500
SUP 2: 28300

CS SILVER (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 41200
RESIST 1: 40800
SUP1: 40100
SUP2: 39800

BASE METALS
CS COPPER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:404
RESIST 1:398
SUP1:387
SUP2:384

CS NICKEL ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 800
RESIST 1: 785
SUP1: 774
SUP2: 760

CS ZINC ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:200.00
RESIST 1:197.00
SUP1:191.00
SUP2:187.00

CS LEAD ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 172.00
RESIST 1: 170.00
SUP1: 165.00
SUP2: 163.00

CS ALUMINIUM ( NOVEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2: 122.50
RESIST 1: 120.00
SUP1: 117.50
SUP2: 116.00

ENERGIES
CS CRUDE OIL (DECEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3320
RESIST 1:3280
SUP1:3190
SUP2:3130

CS NATURAL GAS ( DECEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:239.00
RESIST 1:235.00
SUP1:226.00
SUP2:223.00

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