MCX COMMODITY MARKET NEWS UPDATES - 18 JULY 2016

HIGH LIGHT
Oil prices rise as market shrugs off Turkey coup bid.
Gold prices dip in Asia as political risk concerns over Turkey wane.
Copper currently residing in warehouses licensed by the LME has climbed by 18%.

PRECIOUS METAL 
Gold eased off gains in Asia on Monday in cautious trade after a failed weekend military takeover in NATO ally Turkey was assessed with sentiment that political risk for now from the event was on the wane.Gold for August delivery on the Comex division of the New York Mercantile Exchange dipped 0.05% to $1,326.70 a troy ounce will step up monetary stimulus to counteract the negative economic shock from the Brexit.
Markets in Japan are shut on Monday for a holiday.


while copepr futures 
see if policymakers 
What’s copper demand like in China, the world’s largest consumer? If the volume flooding warehouses in Asia is any indication, then copper prices could be weighed down as a result of that apparent demand.
According to a report from the Financial Times, copper currently residing in warehouses licensed by the LME has climbed by 18% over the past week, the highest level since February.Along with the LME copper inventory, bonded copper stocks held in free trade zones in China have climbed this year. Higher inventory levels are, perhaps, limiting the upside potential of copper prices. Although copper rose in June, the outlook remains neutral and, due to all of this uncertainty, we could continue to see choppy price action in the coming months.

Premier Li Keqiang 
Dealmakers have recovered from the shock of Britain's "Brexit" vote last month to leave the European Union and have resumed buying oil and gas fields in choice locations in Canada and the United States, restocking their inventories on a bet that a two-year slump in the price of oil has abated.
Istanbul's Bosporus Strait, a key chokepoint for oil which handles about 3 percent of global shipments, mainly from Black Sea ports and the Caspian region, was reopened on Saturday after being shut for several hours after Friday's attempted military coup.
U.S. crude futures climbed 10 cents to $46.05 a barrel after ending the previous session up 27 cents, gaining more than 1 percent for the week.

DAILY RECOMMENDATION: BUY MCX CRUDE OIL AUGUST AROUND 3140 LEVELS FOR TARGET OF T1 3240/T2 3290 WITH SL OF 3040 LEVELS.

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