DAILY COMMODITY MARKET NEWS & LEVELS - 31 AUG 2016

                                   

HIGH LIGHTS:- 

LME Copper to Remain on Downward Track.

Brent, NYMEX down in Asia after API estimates show crude build.

Gold falls slightly in Asia with Fed rate hike more likely this year.

PRECIOUS METALS:- 

Gold prices drifted lower in Asia on Wednesday with expectations growing for a Fed rate hike by the end of the year.Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.09% to $1,315.25 a troy ounce.Overnight, gold prices faced pressure during North American hours on Tuesday. Market players are also looking ahead to Friday’s nonfarm payrolls report for further hints on the timing of the next U.S. rate hike. The consensus forecast is that the data will show jobs growth of 180,000 in August, following an increase of 255,000 in the preceding month.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BEARISH
RESIST 2: 31200
RESIST 1: 31100
SUP 1: 30650
SUP 2: 30500

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 45000
RESIST 1: 44700
SUP1: 43950
SUP2: 43750

BASE METALS:- 

LME copper is expected to move between USD 4,600-4,635/mt on Wednesday and SHFE 1610 copper to range at RMB 36,100-36,350/mt.
Eurozone and regional unemployment and inflation, ADP employment for the US and July pending home sales are due for release today. The US dollar index strengthened overnight, while crude oil weakened. Base metals continued to diverge.
Inflation rates in Italy, eurozone and France are expected to improve, but will still remain low. In this context, the European Central Bank may continue to expand its easy monetary measures in the near future.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:319
RESIST 1:316
SUP1:312
SUP2:310

CS NICKEL (SEPTEMBER) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:677
RESIST 1:670
SUP1:657
SUP2:650

CS ZINC (SEPTEMBER) OVERVIEW:

TREND :SIDEWAYS
RESIST 2:156.50
RESIST 1:155.60
SUP1:154.00
SUP2:153.00

CS LEAD (SEPTEMBER) OVERVIEW: 

TREND : SIDEWAYS
RESIST 2:127.60
RESIST 1:127.00
SUP1:125.70
SUP2:125.00

CS ALUMINIUM (SEPEMBER) OVERVIEW: 

TREND : BEARISH
RESIST 2:110.80
RESIST 1:110.20
SUP1:108.70
SUP2:108.00

ENERGIES:- 

Crude held weaker in Asia on Wednesday after U.S. industry estimates showed a build in stockpiles last week furthering concerns about global oversupply. Crude oil for October delivery on the New York Mercantile Exchange fell 0.17% to $46.27 a barrel.The American Petroleum Institute said crude oil stockpiles rose 940,000 barrels at the end of last week and gasoline supplies dropped 1.6 million barrels as the summer driving season nears a close. Oil's losses on Monday came as a broadly stronger U.S. dollar, fading hopes of a production freeze and concerns about additional output from the Middle East and Africa weighed on sentiment.

ENERGY LEVELS

CS CRUDE OIL (SEPTEMBER) OVERVIEW:                           

TREND :SIDEWAYS
RESIST 2:3220
RESIST 1:3190
SUP1:3100
SUP2:3080

CS NATURAL GAS (SEPTEMBER) OVERVIEW: 

TREND :BEARISH
RESIST 2:195.00
RESIST 1:193.00
SUP1:188.00
SUP2:186.00

 CAPITALSTARS

             CLICK HERE FOR DETAILS - http://blog.capitalstars.com/