DAILY MCX COMMODITY MARKET NEWS & LEVELS - 08 AUG 2016

                                   

HIGH LIGHTS:- 

NYMEX, Brent higher in Asia after China trade surplus widens.

Gold holds weaker after China trade data, copper gains as surplus widens.

LME Copper to Remain under Downward Pressure.

PRECIOUS METALS:- 

Gold prices held lower in Asia on Monday, but copper gained as investors digested trade data from China that showed a wider than expected surplus. But downbeat imports. In China, the trade balance for July is expected at a surplus of $47.6 billion, with exports down 3.0% and imports down 7.0%, both year-on-year.China is the world's top copper importer and second largest gold buyer behind India China said trade balance for July came in at a surplus of $52.31 billion, better than $47.6 billion expected, with exports down 4.4%, below the 3.0% fall seen and imports showing a 12.5% decline, far worse than the down 7.0% seen, both year-on-year.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BEARISH
RESIST 2: 31700
RESIST 1: 31600
SUP 1: 30600
SUP 2: 30370

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 48100
RESIST 1: 47700
SUP1: 45720
SUP2: 45000

BASE METALS:- 

LME copper will suffer pressure from firmer dollar and range USD 4,775-4,815/mt during Asian trading hours Monday.Fierce struggles will be expected between shorts and longs on base metal market on Monday with focus on economic figures from China.
Two manufacturing PMIs from China showed mixed trend in July, triggering caution in market. Chinese yuan started appreciating in late July, which however, limitedly boosted export. The production and new order sub-indexes diverged in July and the export date due for release this week will prove which PMI is more in line with economic situation.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

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

CS NICKEL (AUG) OVERVIEW:

TREND : BULLISH
RESIST 2:727
RESIST 1:720
SUP1:708
SUP2:700

CS ZINC (AUG) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:153.30
RESIST 1:152.00
SUP1:150.50
SUP2:149.50

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 2:112.00
RESIST 1:111.00
SUP1:110.00
SUP2:108.50

ENERGIES:- 

Crude oil prices held gains in Asia as China's trade balance surplus widened, though imports showed a sharp overall decline for the world's second largest importer.On the New York Mercantile Exchange, crude oil for delivery in September rose 0.29% to $41.92 a barrel. China said trade balance for July came in at a surplus of $52.31 billion, better than $47.6 billion expected, with exports down 4.4%, below the 3.0% fall seen and imports showing a 12.5% decline, far worse than the down 7.0% seen, both year-on-year.
Earlier in Japan, the adjusted current account came in at ¥1.65 trillion, well below the surplus of ¥3.20 trillion for July expected. Bank lending rose 2.1%, beating the expected 2.0% gain. In China, FX reserves came in at CNY3.2 trillion, meeting expectations.

ENERGY LEVELS

CS CRUDE OIL (AUGUST) OVERVIEW:                           

TREND :BULLISH
RESIST 2:2880
RESIST 1:2850
SUP1:2750
SUP2:2720

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND :BEARISH
RESIST 2:189.00
RESIST 1:186.00
SUP1:181.00
SUP2:178.00
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