MCX COMMODITY MARKET NEWS & LEVELS - 07 SEP 2016

HIGH LIGHTS:-

LME Copper to Rise Slightly.
Brent, NYMEX up in Asia as output freeze effort drives sentiment.
Gold prices flat in Asia on profit taking as Fed rate hike views dip.

PRECIOUS METALS:- 

Gold prices held mostly steady in Asia on Wednesday as investors took profits after a rally spurred by diminished expectations for a Fed rate hike this month.Gold for December delivery on the Comex division of the New York Mercantile Exchange traded between small gains and losses around $1,353.75 a troy ounce.
Overnight, gold prices extended gains from Europe's session in North American trade on Tuesday, touching a more than one-week high amid reduced expectations that the Federal Reserve will raise interest rates at its policy meeting later this month.
Investors are pricing in an 18% chance of a rate hike at the Fed's September 20-21 meeting in wake of last week's disappointing U.S. employment data.

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: 48500
RESIST 1: 48200
SUP1: 46780
SUP2: 46500

BASE METALS:-

LME copper is expected to move at USD 4,630-4,670/mt on Wednesday and SHFE 1611 copper will range between RMB 36,450-36,750/mt.
Germany’s industrial output in July and US July JOLTs will be released today. The US dollar index slumped overnight, boosting precious metals . But base metals and crude oil received little boost.Germany’s final July manufacturing PMI topped market expectations and June’s, and commodity production also grew steadily, boding well for Germany’s July industrial production.
China’s forex reserve in August slated for release today is expected to fall as yuan’s devaluation may precipitate capital outflows. But market expectations that China’s economy will stabilize combined with attraction to investment by rising home prices, should constrain outflows somewhat.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2:319
RESIST 1:316
SUP1:312
SUP2:309

CS NICKEL (SEPTEMBER) OVERVIEW:

TREND :BULLISH
RESIST 2:695
RESIST 1:685
SUP1:664
SUP2:655

CS ZINC (SEPTEMBER) OVERVIEW:

TREND :BEARISH
RESIST 2:156.70
RESIST 1:155.80
SUP1:153.30
SUP2:152.30

CS LEAD (SEPTEMBER) OVERVIEW: 

TREND : BEARISH
RESIST 2:131.30
RESIST 1:130.20
SUP1:128.20
SUP2:127.20

CS ALUMINIUM (SEPEMBER) OVERVIEW: 

TREND : BEARISH
RESIST 2:107.00
RESIST 1:106.00
SUP1:104.70
SUP2:104.00

ENERGIES:- 

Crude oil prices rebounded in Asia on Wednesday with chances of a deal among major producers to freeze output driving sentiment ahead of industry data on U.S. stockpiles.
Meanwhile, crude oil for October delivery on the New York Mercantile Exchange rose 0.20% to $44.92 a barrel. Later Tuesday, the American Petroleum Institute reports on crude and refined product stock estimates at the end of last week. The data is delayed by a day because of the Labor Day Holiday.Official data from the U.S. Department of Energy on crude and refined product stocks will be released on Thursday.

ENERGY LEVELS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:                           

TREND :BULLISH
RESIST 2:3100
RESIST 1:3060
SUP1:2920
SUP2:2900

CS NATURAL GAS (SEPTEMBER) OVERVIEW: 

TREND :BEARISH

RESIST 2:188.00

RESIST 1:185.00

SUP1:178.00

SUP2:176.00

 CAPITALSTARS

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