MCX DAILY COMMODITY MARKET NEWS & LEVELS - 10 AUG 2016

                                   

HIGH LIGHTS:- 

Oil dips on oversupply; calls for producer meeting met with skepticism. 

Gold gains in Asia as investors shrug of Fed rate hike views. 

LME Copper to Ease from Softer Dollar. 

PRECIOUS METALS:- 

Gold posted gains in Asia on Wednesday as investors followed an overnight trend in the face of renewed expectations of a Fed rate hike this year and better than expected machinery orders data from Japan.  On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.52% to $1,353.65. Silver futures for September delivery jumped 0.89% to $20.027 a troy ounce.  Overnight, gold ticked up in quiet trade, as equities worldwide hit their highest level in almost a year dampening the precious metal's appeal as a safe-haven asset while investors engaged in a search for higher dividends amid a continuing rout in global bond yields.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND :  BULLISH 
RESIST 2: 31800 
RESIST 1: 31650 
SUP 1: 31300 
SUP 2: 31000 

CS SILVER (SEPTEMBER) OVERVIEW:

TREND :   BULLISH 
RESIST 2: 48220 
RESIST 1: 47650 
SUP1: 46460 
SUP2: 45840

BASE METALS:- 

LME copper will narrowly range USD 4,760-4,800/mt during Asian trading hours Wednesday with softer dollar. 
Diverging trend will intensify on base metal market on Wednesday with focus on US API and EIA reports and JOLTs job openings for June. 
US JOLTS job openings may be positive in June, which came in at 5.5 million in May, its lowest for the year. This was in line with the negative reading of nonfarm payrolls in May. But the nonfarm payrolls were upbeat in June and thus JOLTS job openings will also improve, which will support US dollar. 

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : BEARISH 
RESIST 2:325 
RESIST 1:322 
SUP1:317 
SUP2:315 

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 : BULLISH 
RESIST 2:123.00 
RESIST 1:122.00 
SUP1:120.00 
SUP2:119.00 

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : SIDEWAYS 
RESIST 2:111.10 
RESIST 1:110.20 
SUP1:109.00 
SUP2:108.20 

ENERGIES:- 

Oil prices dipped on Wednesday as a global supply overhang weighed on markets, while talk of a potential producer meeting to discuss propping up prices lent some support but was met with skepticism by analysts. Traders said that markets were being weighed down by an ongoing supply overhang in crude and refined fuel products, while a suggested meeting by oil producers was unlikely to result in a significant market tightening. 
Oil eased lower as another round of proposed production freeze talks by OPEC failed to excite investors. An upgrade in U.S. oil production forecasts by EIA also weighed on sentiment. EIA is now expecting U.S. output to reach 8.31 million barrels per day in 2017, up from its forecast of 8.2 million barrels per day in July," ANZ Bank said on Wednesday. 

ENERGY LEVELS

CS CRUDE OIL (AUGUST) OVERVIEW:                           

TREND :BEARISH 
RESIST 2:2930 
RESIST 1:2910 
SUP1:2820 
SUP2:2790 

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND :BEARISH 
RESIST 2:181.00 
RESIST 1:179.00 
SUP1:172.00 
SUP2:170.00 
 CAPITALSTARS