Daily Commodity Market News Report:9-Dec-2016

daily

HIGHLITES:

• Why China’s Unwrought Copper and Copper Semis Imports Surge in November?
• Saudi Arabia tells oil buyers of cuts after OPEC deal, PIRA says.
• Gold price drops on Thursday.

PRECIOUS METALS:

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

Gold prices were flat on Thursday, despite a move lower in the dollar. Gold was trading at $1,177.15 a troy ounce by 10:05 GMT, almost unchanged for the day. The dollar slid lower against a basket of six other major currencies, with the U.S. dollar index down 0.21% to 100.08, not far from a three- week low of 99.87 set on Monday.

The ECB is seen as likely to announce an extension of its €80 billion a month quantitative easing program, which is on track to end in March 2017, but may also signal that a decision on when it will begin tapering asset purchases could come soon. Gold remained under pressure ahead of an expected interest rate hike by the U.S. central bank at its upcoming policy meeting next week.

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:
China’s imports of unwrought copper and copper semis witnessed big growth in November. Imports of unwrought copper and copper semis increased 31%
month-on-month to 380,000 tonnes in November,Attention should be on China’s economic data on Friday and US’s December Michigan consumer confident index.

LME copper is predicted to range between USD 5,750-5,850/mt during Asian trading hours on Friday and SHFE 1702 copper will move at RMB 46,500- 47,500/mt.

LEVELS:

CS COPPER ( FEBRUARY ) OVERVIEW:
TREND : BEARISH
RESIST 2:405
RESIST 1:400
SUP1:392
SUP2:390

CS NICKEL (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 785
RESIST 1: 775
SUP1: 750
SUP2: 740

CS ZINC ( DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:190.00
RESIST 1:188.00
SUP1:181.00
SUP2:179.00

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: 120.00
RESIST 1: 119.00
SUP1: 116.50
SUP2: 115.50

ENERGIES:
Saudi Arabia is informing its customers of cuts to their January crude oil supplies to comply with the latest OPEC agreement, according to a PIRA note late on Thursday.

The note adds that cuts will be to varying degrees, but is likely to be larger to North America due to lower margins.

Last week, members of the Organization of the Petroleum Exporting Countries agreed to scale back output, its first cut since 2008.

U.S. crude futures dropped as low as $49.77 per barrel during today’s session after scattered reports that Russian producers may seek to postpone the parley this weekend with OPEC players.

LEVELS:

CS CRUDE OIL (DECEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:3550
RESIST 1:3500
SUP1:3420
SUP2:3380

CS NATURAL GAS ( DECEMBER ) OVERVIEW:
TREND : BULLISH
RESIST 2:254.00
RESIST 1:252.00
SUP1:245.00
SUP2:240.00
MCX CRUDE OIL December Thursday as seen in the daily chart opened at 3390 levels and day high of 3434 levels. During this period price corrected & made day low of 3351 levels finally closed at 3427 levels. Now, there are chances of further upward movement technically & fundamentally.

• U.S. crude futures dropped as low as $49.77 per barrel during today’s session after scattered reports that Russian producers may seek to postpone
the parley this weekend with OPEC players.

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

Capitalstars Financial Research Private Limited is a research house and an investment advisory carrying out operations in the Indian Equities and Commodity market.We also provide 2 days free trial to our client.Join our services and trade with us.

GET MORE DETAILS HERE:-

Commodity Market Tips
Equity Tips
Nifty Future Tips

* INVESTMENT & TRADING IN SECURITIES MARKET IS ALWAYS SUBJECTED TO MARKET RISKS, PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE PERFORMANCE.
* CAPITALSTARS INVESTMENT ADVISER: SEBI REGISTRATION NUMBER: INA000001647
Advertisements