DAILY MCX COMMODITY MARKET NEWS & LEVELS - 08 SEP 2016

HIGH LIGHTS:-

Gold prices higher in Asia as China surprises with import gains.
Oil extends gains after data shows huge stock draw.
SHFE Copper to Drift Lower.

PRECIOUS METALS:- 

Gold prices rose slightly in Asia on Thursday after China trade data showed an unexpected gain in imports.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.11 to $1,351.05 a troy ounce.
The world's second largest buyer of the precious metal behind India, China reported a trade balance surplus of $52.05 billion, narrower than the $58.00 billion seen for August with exports down 2.8%, less than the 4.0% decline seen year-on-year, and imports up 1.5%, beating an expected 4.9% drop and making the first gain in 22 months as global commodity prices show signs of a rebound.

CS GOLD (OCT) OVERVIEW:PRECIOUS LEVEL

TREND : BULLISH
RESIST 2: 31670
RESIST 1: 31570
SUP 1: 31200
SUP 2: 31080

CS SILVER (DECEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 48200
RESIST 1: 47600
SUP1: 46420
SUP2: 46000

BASE METALS:-

LME copper is expected to range at USD 4,635-4,670/mt on Thursday and SHFE 1611 copper will move between RMB36,450-36,750/mt.
US crude oil inventories for last week and European Central Bank interest rate decision will be a focus of markets today.Russia’s copper exports to non-CIS countries decreased in the first seven months of this year, while aluminum and nickel exports grew.
LME aluminum will move in a wide range of USD 1,580-1,610/mt on Thursday.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2:319
RESIST 1:316
SUP1:311
SUP2:309

CS NICKEL (SEPTEMBER) OVERVIEW:

TREND :BULLISH
RESIST 2:698
RESIST 1:692
SUP1:670
SUP2:665

CS ZINC (SEPTEMBER) OVERVIEW:

TREND :BEARISH
RESIST 2:156.70
RESIST 1:155.80
SUP1:153.00
SUP2:152.30

CS LEAD (SEPTEMBER) OVERVIEW: 

TREND : BEARISH
RESIST 2:129.30
RESIST 1:128.30
SUP1:126.00
SUP2:125.00

CS ALUMINIUM (SEPEMBER) OVERVIEW: 

TREND : BEARISH
RESIST 2:107.00
RESIST 1:106.00
SUP1:104.50
SUP2:104.00

ENERGIES:- 

Oil prices extended gains by more than 1.5 percent on Thursday after industry data showed what might be the largest weekly crude stock draw in over three decades.
U.S. crude stocks surprisingly plunged by 12.1 million barrels last week, data from the American Petroleum Institute showed aftermarket settlement on Wednesday, compared with expectations for an increase of around 200,000 barrels.If official data released from the U.S. government later on Thursday confirms the draw, it would be the largest one-week decline since April 1985.
NYMEX crude for October delivery was up 85 cents at $46.35, having settled the previous session up 67 cents.

ENERGY LEVELS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:                           

TREND :BULLISH
RESIST 2:3130
RESIST 1:3110
SUP1:2960
SUP2:2920

CS NATURAL GAS (SEPTEMBER) OVERVIEW: 

TREND :BEARISH
RESIST 2:188.00
RESIST 1:185.00
SUP1:178.00
SUP2:176.00

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