DAILY COMMODITY MARKET NEWS & LEVELS - 09 AUG 2016

                                   

HIGH LIGHTS:- 

NYMEX, Brent weaker in Asia as market looks ahead to API data.

Gold drops slightly in Asia after China prices data.

Copper Markets in Deficit But Prices Lack Momentum.

PRECIOUS METALS:- 

Gold prices dropped slightly in Asia on Tuesday as prices data from China showed a gain in July that kept any views on immediate easier policy prospects in check. On the Comex division of the New York Mercantile Exchange, gold for December delivery dropped 0.12% to $1,339.65 a troy ounce.Silver futures for September delivery fell 0.19% to $19.767 a troy ounce China reported CPI for July with a 0.2% gain in July, a faster pace than the 0.1% gain seen month-on-month and an annual level of 1.7%, a tad below a 1.8% pace seen year-on-year. PPI figures from China showed a decline of 1.7%, less than the fall of 2.0% year-on-year expected.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 31550
RESIST 1: 31300
SUP 1: 31000
SUP 2: 30600

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 47600
RESIST 1: 46900
SUP1: 45600
SUP2: 45000

BASE METALS:- 

Our Copper MMI gained just one point. Unlike other base metals, Copper on the London Metal Exchange continues to trade up and down. The metal struggled near $5,000 for the ninth-consecutive month.
According to the International Copper Study Group (ICSG), the refined copper balance for the first four months of 2016 indicates a production deficit of around 119,000 metric tons.
So the whole metal complex is performing well. Markets appear to be in deficit (although with high stock levels looming), investors are optimistic that they’ll see more stimulus coming from China and copper imports are strong. This all sounds bullish for copper prices this month, but traders seem unwilling to chase prices much higher than $5,000.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : BEARISH
RESIST 2:327
RESIST 1:325
SUP1:318
SUP2:316

CS NICKEL (AUG) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:730
RESIST 1:725
SUP1:710
SUP2:700

CS ZINC (AUG) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:154.00
RESIST 1:153.00
SUP1:151.00
SUP2:149.90

CS LEAD (AUG) OVERVIEW: 

TREND : BEARISH
RESIST 2:122.00
RESIST 1:121.00
SUP1:119.00
SUP2:118.00

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : SIDEWAYS
RESIST 2:111.10
RESIST 1:110.60
SUP1:108.80
SUP2:108.00

ENERGIES:- 

Crude prices held weaker in Asia on Tuesday as investors looked ahead to U.S. industry stockpiles data and noted China consumer and producer prices remained largely in check, confirming tepid demand in the world's second largest crude importer highlighted in trade data on Monday.
The American Petroleum Institute will release its estimates of U.S. crude and refined products in storage by the end of last week, with the figures to be followed on Wednesday with data from the U.S. Department of Energy.Overnight, crude futures rose sharply, hitting near two-week highs on Monday, as investors reacted to bullish comments from OPEC president Mohammed bin Saleh al-Sada on the possibility of an accord between member states at a meeting in Algeria in late-September aimed at stabilizing the volatile global energy market.

ENERGY LEVELS

CS CRUDE OIL (AUGUST) OVERVIEW:                           

TREND :BULLISH
RESIST 2:2930
RESIST 1:2910
SUP1:2795
SUP2:2745

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND :BEARISH
RESIST 2:189.00
RESIST 1:186.00
SUP1:180.00
SUP2:178.00
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