Daily Commodity Market News Report:6-Dec-2016

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• Gold prices dip in Asia after early bargain hunting, Fed views eyed.
• NYMEX crude falls in Asia as U.S. industry supply data ahead.
• SHFE Copper to Strengthen.

PRECIOUS METALS:
Gold prices fell further in Asia on Friday as sentiment moved into bear territory
Gold eased on Tuesday in Asia after an early round of bargain hunting as investors look beyond the widely expected Fed rate hike this month for any new language on the pace of increases going forward. On the Comex division of the New York Mercantile Exchange gold fell 0.07% to $1,175.65 a troy ounce. Elsewhere in metals trading, silver for March delivery on the Comex rose 0.08% to $16.913 a troy ounce.
Gold initially gained after Italian voters rejected a referendum on constitutional changes backed by the government, prompting Prime Minister Matteo Renzi to step down and sending the euro to 20- month lows.
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: 28400
RESIST 1: 28200
SUP 1: 27800
SUP 2: 27600

CS SILVER (MARCH) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 41800
RESIST 1: 41550
SUP1: 40800
SUP2: 40300

BASE METALS:
LME copper is predicted to range between USD 5,880-5,980/mt during Asian trading hours on Tuesday and SHFE 1702 copper will move at RMB 47,900- 48,800/mt.
Final reading of Eurozone’s GDP in Q3 will be released on Tuesday. Eyes should be on US’s economic data on Tuesday, including October’s balance of trade, October’s durable goods, factory order and December’s IBD consumer confidence index. Most US’s economic data released on Monday’s night were positive, but US dollar index remains weak, supporting base metals. Base metals are expected to strengthen on Tuesday. Eurozone’s economy is stable, although Europe is in troubled times. Eurozone’s GDP growth in Q3 will not rally to 1.7% seen in Q1, hurt by slowing down Germany economy growth in Q3.

LEVELS :

CS COPPER ( FEBRUARY ) OVERVIEW:
TREND : BULLISH
RESIST 2:415
RESIST 1:410
SUP1:400
SUP2:397

CS NICKEL (DECEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 815
RESIST 1: 800
SUP1: 780
SUP2: 770

CS ZINC ( DECEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:191.00
RESIST 1:189.00
SUP1:184.00
SUP2:181.00

CS LEAD (DECEMBER ) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 160.00
RESIST 1: 159.00
SUP1: 154.00
SUP2: 153.00

CS ALUMINIUM (DECEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 120.00
RESIST 1: 119.00
SUP1: 116.00
SUP2: 115.00

ENERGIES:
Crude oil prices fell in Asia on Tuesday with U.S. industry inventory estimates ahead expected to set the tone.
The American Petroleum Institute will release its estimates of crude oil and refined product stocks last week later on Tuesday. On Wednesday, more closely-watched official figures from the U.S. Department of Energy are due.
Overnight, oil prices reached a new, one-year high by mid-day on Monday, as last week’s rally from the Organization of Petroleum Exporting Countries (OPEC) agreement to cut production continued.

LEVELS :

CS CRUDE OIL (DECEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3560
RESIST 1:3530
SUP1:3430
SUP2:3385

CS NATURAL GAS ( DECEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:250.00
RESIST 1:248.00
SUP1:240.00
SUP2:236.00

MCX CRUDE OIL December Monday as seen in the daily chart opened at 3488 levels and day high of 3579 levels. During this period price corrected & made day low of 3485 levels finally closed at 3536 levels. Now, there are chances of further upward movement technically & fundamentally.

• Overnight, oil prices reached a new, one-year high by mid-day on Monday, as last week’s rally from the Organization of Petroleum Exporting
Countries (OPEC) agreement to cut production continued.

DAILY RECOMMENDATION: BUY MCX CRUDE OIL DECEMBER AROUND 3450 LEVELS FOR TARGET OF T1 3550/T2 3600 WITH SL OF 3350 LEVELS.

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