DAILY MCX COMMODITY MARKET NEWS & LEVELS – 27 JULY 2016

                                   

HIGH LIGHTS:- 

Gold prices lower in Asia with markets awaiting Fed policy views.

NYMEX, Brent slightly weaker in Asia after bearish API estimates.
LME Copper to Range Narrowly.

PRECIOUS METALS:- 

Gold prices edged lower in Asia on Wednesday with investors glued for the latest policy review by the Fed to be announced later in the day.
On the Comex division of the New York Mercantile Exchange, Gold for December delivery fell 0.24% to $1,325.15 a troy ounce.Silver futures for September delivery dropped 0.22% to $19.640 a troy ounce.
The Federal Open Market Committee (FOMC) is widely expected to leave its benchmark interest rate at a targeted range between 0.25 and 0.50% for their fifth straight meeting.

PRECIOUS LEVEL

CS GOLD (AUGUST) OVERVIEW:

TREND : BEARISH
RESIST 2: 31290
RESIST 1: 31090
SUP 1: 30660
SUP 2: 30420

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 47100
RESIST 1: 46650
SUP1: 45800
SUP2: 45600

BASE METALS:- 

benchmark interest LME copper will fall to USD 4,880-4,925/mt during Asian trading hours Wednesday.
Base metals will lack rising strength on Wednesday with focus on profits at Chinese above-scale industrial enterprises for June, US API and EIA reports, US June durable goods orders and pending home sales.
IMF economist Obstfeld believed that many uncertain factors may lead to delay in US rate hike to December. And whether US Fed will raise rate at that time will rely on economic figures and who is the US president after generation election.US housing starts and building permits registered growth in June and new and existing home sales were upbeat, a reflection of recovery in demand in US housing market. This will be reflected in the pending home sales for June.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:336
RESIST 1:333
SUP1:329
SUP2:326

CS NICKEL (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2:715
RESIST 1:702
SUP1:687
SUP2:681

CS ZINC (JULY) OVERVIEW:

TREND : BEARISH
RESIST 2:151.60
RESIST 1:150.50
SUP1:148.50
SUP2:147.50

CS LEAD (JULY) OVERVIEW: 

TREND : SIDEWAYS
RESIST 2:124.40
RESIST 1:123.80
SUP1:122.00
SUP2:121.20

CS ALUMINIUM (JULY) OVERVIEW: 

TREND : BEARISH
RESIST 2:108.20
RESIST 1:107.60
SUP1:106.00
SUP2:105.50

ENERGIES:- 

Crude prices eased in Asia on Wednesday as industry data on U.S. stockpiles was bearish.Estimates from the American Petroleum Institute showed a drop of 800,000 barrels last week, short of an expected decline of more than 2 million barrels, while the figures showed supplies at the oil-storage hub at Cushing, Okla. rose by a more than expected 1.4 million barrels.Analysts also expect gasoline inventories to rise by 675,000 barrels and distillate fuel inventories to tick up by 700,000 on the week. Earlier this month, distillate fuel inventories, which include heating and diesel oil, spiked by 4.1 million barrels for the week ending on July 8.Globally, supply levels remain high as Iraq and Libya ramp up exports in the coming weeks.
As a result, analysts from Morgan Stanley predict that oil could drop as low as $35 a barrel before the end of this year.

ENERGY LEVELS

CS CRUDE OIL (AUGUST) OVERVIEW:                           

TREND :BEARISH
RESIST 2:3000
RESIST 1:2970
SUP1:2870
SUP2:2850

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND : BEARISH
RESIST 2:190
RESIST 1:187
SUP1:178
SUP2:176

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