Daily Commodity Market News Report:1-Dec-2016

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• SHFE Copper to Move in a Tight Range.
• NYMEX, Brent hold gains in Asia on OPEC cut, China PMIs help.
• Gold prices dip in Asia as sentiment up on Chin PMIs, risk views grow.

PRECIOUS METALS:
Gold prices fell further in Asia on Friday as sentiment moved into bear territory
Gold prices dipped in Asia on Thursday as regional signals on growth in China came in upbeat, aiding sentiment for more risk assets. On the Comex
division of the New York Mercantile Exchange dipped 0.26% to $1,170.85 a troy ounce. Silver futures on the Comex fell 0.21% to $16.447 a troy ounce, while copper futures edged up 0.04% as manufacturing data from China lifted sentiment for the world’s top importer of the industrial metal.
The Caixin index has now been above the 50-point neutral level which separates expansion in activity from contraction for five straight months, adding to views that in the world’s second-largest economy growth has stabilized thanks to a credit and construction boom.
Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $ rate

LEVELS:

CS GOLD (FEBRUARY) OVERVIEW:
TREND : BEARISH
RESIST 2: 28450
RESIST 1: 28300
SUP 1: 28000
SUP 2: 27800

CS SILVER (MARCH) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 41800
RESIST 1: 41400
SUP1: 40500
SUP2: 40000
BASE METALS:
LME copper is predicted to move between USD 5,720-5,820/mt during Asian trading hours on Thursday and SHFE 1702 copper will move at RMB 46,600- 47,500/mt.
China’s official and Caixin November manufacturing PMIs due for release today are expected to remain around 50. Supply is expected to have gained momentum after price increased. Besides, some industries began to replenish stocks.
ISM manufacturing PMI will also be a focus of markets as US manufacturing appeared to have stabilized from October. The US dollar index will be supported before the release of non-farm payroll.

LEVELS:

CS COPPER ( FEBRUARY ) OVERVIEW:
TREND : BEARISH
RESIST 2:410
RESIST 1:405
SUP1:392
SUP2:387

CS NICKEL (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 795
RESIST 1: 780
SUP1: 755
SUP2: 740

CS ZINC ( DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:193.00
RESIST 1:191.00
SUP1:183.00
SUP2:180.00

CS LEAD (DECEMBER ) OVERVIEW:
TREND : BEARISH
RESIST 2: 166.00
RESIST 1: 164.00
SUP1: 158.00
SUP2: 154.00

CS ALUMINIUM (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 121.50
RESIST 1: 120.00
SUP1: 117.50
SUP2: 116.50

ENERGIES:
Crude oil prices held overnight gains into Asia on Thursday as manufacturing figures out of China lifted regional sentiment on demand by the world’s second largest importer.
Overnight, oil prices surged nearly 9%, climbing after the Organization of the Petroleum Exporting Countries (OPEC) agreed to slash production.
The meetings it has undertaken have been extremely constructive, providing us all with a better appreciation and understanding of the various viewpoints among OPEC and non-OPEC producers,” said Mohammed Bin Saleh Al-Sada, Qatar’s Minister of Energy and Industry and President of the OPEC Conference.

LEVELS:

CS CRUDE OIL (DECEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:3540
RESIST 1:3480
SUP1:3370
SUP2:3320

CS NATURAL GAS ( DECEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:235.00
RESIST 1:231.00
SUP1:224.00
SUP2:220.00

MCX CRUDE OIL December Wednesday as seen in the daily chart opened at 3135 levels and day high of 3388 levels. During this period price corrected & made day low of 3128 levels finally closed at 3377 levels. Now, there are chances of further upward movement technically & fundamentally.

• The meetings it has undertaken have been extremely constructive, providing us all with a better appreciation and understanding of the various
viewpoints among OPEC and non-OPEC producers.

DAILY RECOMMENDATION: BUY MCX CRUDE OIL DECEMBER AROUND 3400 LEVELS FOR TARGET OF T1 3500/T2 3550 WITH SL OF 3300 LEVELS.

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