MCX COMMODITY MARKET NEWS & LEVELS - 14 OCT 2016

HIGH LIGHTS:-

• LME Copper to Move Higher.
• Oil prices edge up on tighter U.S. fuel market.
• Gold prices hold gains in Asia as China prices data stronger than seen.

PRECIOUS METALS:- 

Gold prices stayed positive in Asia on Friday after stronger than expected gains in China consumer and producer prices data. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.08% to $1,258.55 a troy ounce.Also on the Comex, silver futures for December delivery gained 0.07% to $17.473 a troy ounce. China reported CPI for September with a gain of 0.7% month-on-month, well above the 0.3% pace seen and led by food prices, and a 1.9% increase year-on-year, faster than the 1.6% rise expected. PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND : BEARISH
RESIST 2: 30100
RESIST 1: 29950
SUP 1: 29550
SUP 2: 29350

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 43600
RESIST 1: 43200
SUP1: 41600
SUP2: 41000

BASE METALS:-

LME copper is expected to move between USD 4,690-4,740/mt on Friday and SHFE 1612 copper will move at RMB 37,150-37,400/mt.
Chinese copper imports plummeted by 26% to 340,000 metric tons during the month of September from 455,258 tons a year earlier and up 2.9% against 350,000 tons in August, as per the latest Chinese Customs data.
China, the world’s biggest producer and user of refined copper, cut imports for a sixth month to the lowest level since February 2015 as demand slowed and domestic production rose.Chinese copper imports in the first nine months rose 12 percent to 3.79 million tons.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :BEARISH
RESIST 2:323
RESIST 1:319
SUP1:312
SUP2:309

CS NICKEL (OCT) OVERVIEW:

TREND :BEARISH
RESIST 2:720
RESIST 1:708
SUP1:690
SUP2:680

CS ZINC (OCT) OVERVIEW:

TREND :BEARISH
RESIST 2:153.30
RESIST 1:152.00
SUP1:149.00
SUP2:148.00

CS LEAD (OCT) OVERVIEW: 

TREND : BEARISH
RESIST 2:135.80
RESIST 1:134.50
SUP1:132.50
SUP2:131.00

CS ALUMINIUM (OCT) OVERVIEW: 

TREND : BULLISH
RESIST 2:114.50
RESIST 1:113.30
SUP1:111.60
SUP2:110.70

ENERGIES:- 

Oil prices edged up on Friday, pushed by a tighter U.S. fuel market and as technical indicators attracted buying from financial players.
Oil prices rose overnight despite rising stockpiles in the U.S., as fuel supplies in the U.S. fell to the lowest level this year, ANZ bank said in a morning note on Friday.
The U.S. Energy Information Administration reported a drop of 3.7 million barrels for distillates late on Thursday, which include diesel and heating oil, and a 1.9-million barrel decline for gasoline. 
Outside the United States, traders said that Brent prices were being supported by technical indicators, which had attracted investment from financial market participants.

ENERGY LEVELS
CS CRUDE OIL (OCTOBER) OVERVIEW:                           

TREND :BULLISH
RESIST 2:3480
RESIST 1:3440
SUP1:3350
SUP2:3300

CS NATURAL GAS (OCTOBER) OVERVIEW: 

TREND :BULLISH
RESIST 2:229.00
RESIST 1:226.00
SUP1:220.00
SUP2:218.00

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