MCX COMMODITY MARKET TIPS & LEVELS - 17 OCT 2016

HIGH LIGHTS:-

• Brent, NYMEX down in Asia as supply concerns dominate sentiment.
• Gold prices fall in Asia as policy remarks, China data eyed this week.
• LME Copper to See Range-Bound Trading.

PRECIOUS METALS:- 

Gold prices dipped in Asia on Monday ahead of a busy week of policymaker remarks and a slew of key Chinese data and with comments from Bank of Japan Governor Haruhiko Kuroda noted. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.16% to $1,253.55 a troy ounce.Silver futures on the Comex for December delivery edged up 0.03% to $17.447 a troy ounce. This week will see the European Central Bank’s post policy meeting press conference on Thursday amid speculation over whether it will further expand its stimulus program in the face of sluggish growth and inflation.  PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 30100
RESIST 1: 29900
SUP 1: 29450
SUP 2: 29300

CS SILVER (DECEMBER) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 43300
RESIST 1: 43000
SUP1: 41200
SUP2: 40900

BASE METALS:-

LME copper should range between USD 4,670-4,705/mt during Asian trading hours on Monday and SHFE 1612 copper will move at RMB 37,000-37,400/mt.
Four global central banks will announce their interest rate decision for October this week.China’s Q3 growth and September credit loans data will be released in the first half of the week.
Commodity prices edged up given sufficient liquidity. Yuan’s depreciation helped China’s commodity prices remain firm. Supply-side reform also lent some support to commodities.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :BEARISH
RESIST 2:319
RESIST 1:317
SUP1:311
SUP2:309

CS NICKEL (OCT) OVERVIEW:

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

CS ZINC (OCT) OVERVIEW:

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

CS LEAD (OCT) OVERVIEW: 

TREND : SIDEWAYS
RESIST 2:136.80
RESIST 1:135.70
SUP1:132.20
SUP2:131.00

CS ALUMINIUM (OCT) OVERVIEW: 

TREND : BEARISH
RESIST 2:122.90
RESIST 1:112.00
SUP1:110.60
SUP2:109.80

ENERGIES:- 

Crude oil prices held weaker in Asia on Monday as investors noted more drilling activity in the U.S. and other downbeat supply signals from top producers.Last week, oil futures slipped on Friday, but still scored their fourth weekly gain in a row as market players awaited details of a planned output cut by the Organization of the Petroleum Exporting Countries.
The Organization of the Petroleum Exporting Countries reached an agreement to limit production to a range of 32.5 million to 33.0 million barrels per day in talks held on the sidelines of an energy conference in Algeria late last month.
The 14-member oil group said it won’t finalize details or complete its production agreement until the group’s next official meeting in Vienna on November 30.

ENERGY LEVELS
CS CRUDE OIL (OCTOBER) OVERVIEW:                           

TREND :SIDEWAYS
RESIST 2:3440
RESIST 1:3400
SUP1:3300
SUP2:3270

CS NATURAL GAS (OCTOBER) OVERVIEW: 

TREND :BEARISH
RESIST 2:225.00
RESIST 1:222.00
SUP1:213.00
SUP2:211.00

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