MCX COMMODITY MARKET NEWS & LEVELS - 22 SEP 2016

HIGH LIGHTS:-

• LME Copper Sets for Gains.
• NYMEX, Brent prices gain solidly as U.S. stockpile figures aid sentiment.
• Gold prices gain in Asia as Fed holds pat as expected, FOMC views eyed.

PRECIOUS METALS:- 

Gold prices gained in Asia on Thursday as the Federal Reserve held steady on interest rates as expected, though the outlook for a possible hike this year by the FOMC remained subject to debate. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.48% to $1,337.75 a troy ounce. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases. PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BULLISH
RESIST 2: 31630
RESIST 1: 31500
SUP 1: 31150
SUP 2: 30950

CS SILVER (DECEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 48300
RESIST 1: 47700
SUP1: 46600
SUP2: 45800

BASE METALS:-

LME copper is predicted to move at USD 4,760-4,800/mt on Thursday and SHFE 1611 copper will range between RMB 37,200-37,550/mt.
Base metals should stay firm on Thursday with US Fed leaving rate unchanged at September rate meeting. Those figures will be in focus today, including US August existing home sales, last week’s initial jobless claims and September CCI from euro zone.  
US August manufacturing PMI was negative and manufacturing employment sub-index of US August non-farm payrolls unexpectedly dropped notably. This may indicate negative reading of Chicago Fed national activity index.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :SIDEWAYS
RESIST 2:326
RESIST 1:324
SUP1:319
SUP2:317

CS NICKEL (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2:715
RESIST 1:705
SUP1:685
SUP2:680

CS ZINC (SEPTEMBER) OVERVIEW:

TREND :BULLISH
RESIST 2:155.60
RESIST 1:154.30
SUP1:151.50
SUP2:150.60

CS LEAD (SEPTEMBER) OVERVIEW: 

TREND : BULLISH
RESIST 2:132.50
RESIST 1:131.20
SUP1:129.00
SUP2:128.00

CS ALUMINIUM (SEPEMBER) OVERVIEW: 

TREND : BULLISH
RESIST 2:108.50
RESIST 1:107.00
SUP1:105.50
SUP2:105.00

ENERGIES:- 

Crude prices held gains in Asia on Thursday as U.S. stockpile figures aided more upbeat demand views even as global oversupply persists.
Crude oil for November delivery on the New York Mercantile Exchange rose 1.01% to $45.80 a barrel. 
Overnight, West Texas Intermediate oil futures extended gains surging to intraday highs, in North American trade on Wednesday, after data showed that oil supplies in the U.S. unexpectedly fell.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 6.2 million barrels in the week ended September 16.

ENERGY LEVELS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:                           

TREND :BULLISH
RESIST 2:3170
RESIST 1:3130
SUP1:3030
SUP2:3000

CS NATURAL GAS (SEPTEMBER) OVERVIEW: 

TREND :BULLISH
RESIST 2:210.00
RESIST 1:208.00
SUP1:204.00
SUP2:201.00

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