Daily Commodity Market News Report:8-Dec-2016

daily

• NYMEX up, Brent steady as China trade data lifts demand hopes.
• SHFE Copper to Move Lower.
• Gold edges higher, upside seen limited.

PRECIOUS METALS:

Gold prices fell further in Asia on Friday as sentiment moved into bear territory

Gold prices edged higher on Wednesday , but gains looked likely to remain limited as expectations for an interest rate increase by the Federal Reserve next week weighed on the precious metal. Prices fell to lows of $ 1,157.00 on Monday, a level not seen since February 5.

Gold remained under pressure ahead of an expected interest rate hike by the U.S. central bank at its December 13-14 meeting. According to Investing.com’s Fed Rate
Monitor Tool, 97.8% of traders expect the Fed to raise interest rates at the meeting.

Data on Tuesday showing that U.S. factory orders rose at the fastest rate in almost one-and-a-half years in October added to signs that the manufacturing sector is recovering and fed into expectations for a rate hike.

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 : SIDEWAYS
RESIST 2: 28200
RESIST 1: 28000
SUP 1: 27500
SUP 2: 27300

CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH
RESIST 2: 42600
RESIST 1: 42200
SUP1: 41000
SUP2: 40700

BASE METALS

LME copper is predicted to range between USD 5,800-5,900/mt during the Asian trading hours on Thursday and SHFE 1702 copper will move at RMB 47,000 -47,800/mt.

Attention should be on Eurozone December’s interest rate decision and European Central Bank’s President Draghi’s speech on Thursday. China’s trade balance in November and US initial jobless claim from the week ending December 2 will be released on Thursday. On Wednesday’s night trading, base metals dropped across the board and divergence among metals widened. Base metals will be volatile on Thursday, with price corrections in some
metals.

LEVELS

CS COPPER ( FEBRUARY ) OVERVIEW:
TREND : BEARISH
RESIST 2:405
RESIST 1:400
SUP1:390
SUP2:387

CS NICKEL (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 800
RESIST 1: 786
SUP1: 762
SUP2: 755

CS ZINC ( DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:191.00
RESIST 1:189.00
SUP1:183.00
SUP2:180.00

CS LEAD (DECEMBER ) OVERVIEW:
TREND : BEARISH
RESIST 2: 161.00
RESIST 1: 159.00
SUP1: 153.00
SUP2: 151.00

CS ALUMINIUM (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 118.00
RESIST 1: 117.00
SUP1: 114.50
SUP2: 113.50

ENERGIES

Crude prices held steady to higher in Asia on Thursday with trade data from China lifting sentiment on demand prospects by the world’s second largest importer.

China reported its trade balance for November as a surplus of $44.61 billion, compared with a surplus of $46.30 billion seen and exports posted a slight increase of 0.1%, well above the decline of 5.0% expected, while imports jumped 6.7%, well above 1.3% fall seen.

China imported 32.35 million metric tonnes of crude oil in November, compared to 28.79 million tonnes in October, or an 18% gain to 7.87 million barrels per day, while refined product exports reached a new record at 4.85 million tonnes, up 18.3 percent on year.

LEVELS

CS CRUDE OIL (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3460
RESIST 1:3420
SUP1:3320
SUP2:3280

CS NATURAL GAS ( DECEMBER ) OVERVIEW:
TREND : BEARISH
RESIST 2:251.00
RESIST 1:249.00
SUP1:237.00
SUP2:234.00

MCX CRUDE OIL December Wednesday as seen in the daily chart opened at 3433 levels and day high of 3482 levels. During this period price corrected & made day low of 3370 levels finally closed at 3395 levels. Now, there are chances of further downward movement technically & fundamentally.

• China imported 32.35 million metric tonnes of crude oil in November, compared to 28.79 million tonnes in October, or an 18% gain to 7.87 million barrels per day, while refined product exports reached a new record at 4.85 million tonnes, up 18.3 percent on year.

DAILY RECOMMENDATION: SELL MCX CRUDE OIL DECEMBER AROUND 3400 LEVELS FOR TARGET OF T1 3300/T2 3250 WITH SL OF 3500 LEVELS.

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