DAILY MCX COMMODITY MARKET NEWS & LEVELS - 18 NOV 2016

HIGH LIGHTS:-

• SHFE Copper to Move Higher.
• Oil prices fall as strong dollar wipes out OPEC cut optimism.
• Gold prices drop further in Asia as Fed rate hike chances in focus.

PRECIOUS METALS:- 

Gold prices fell further in Asia on Friday as sentiment moved into bear territory ahead of an expected Fed rate hike next month and a strong dollar curbed buying interest. Gold for December delivery on the Comex division of the New York Mercantile Exchange eased 0.85% to 1,206.55 a troy ounce. Copper prices for January delivery on the Comex dropped 0.97% to $2.461 a pound. Investors are currently pricing 95.4% chance of a rate hike at the Fed's December 13-14 meeting, according to Investing.com's Fed Rate Monitor Tool. Overnight, gold prices traded in a narrow range after remarks from Federal Reserve Chair Janet Yellen that signaled a rate hike soon and U.S. data that was seen as upbeat. PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND :  BEARISH
RESIST 2: 29400
RESIST 1: 29250
SUP 1: 28750
SUP 2: 28500

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 41700
RESIST 1: 41230
SUP1: 39900
SUP2: 39300

BASE METALS:-

LME copper is expected to range between USD 5,440-5,520/mt during Asian trading hours on Friday and SHFE 1701 copper will move at RMB 44,200-44,700/mt. Fed Chairwoman Janet Yellen’s hawkish tone means a good chance the Fed will increase interest rate in December. But base metals give little response to this. Base metals are expected to remain range-bound in the near term.
China Index Academy (CIA) shows of China’s 100 cities, home prices in 79 cities rose MoM in October, down 2 from September. Home prices in 21 cities fell MoM, up 3. In first and second-tier cities, most reported slight month-on-month growth in home prices. This means the number of cities that will report month-on-month drop in home price in October may increase.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:380
RESIST 1:373
SUP1:361
SUP2:355

CS NICKEL (NOV) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 782
RESIST 1: 773
SUP1: 748
SUP2: 735

CS ZINC (NOV)OVERVIEW:

TREND : BEARISH
RESIST 2:173.00
RESIST 1:171.50
SUP1:167.00
SUP2:165.00

CS LEAD (NOV) OVERVIEW: 

TREND :   BEARISH
RESIST 2: 149.30
RESIST 1: 147.00
SUP1: 143.00
SUP2: 142.00

CS ALUMINIUM (NOV) OVERVIEW: 

TREND :  BEARISH
RESIST 2: 116.50
RESIST 1: 115.50
SUP1: 113.50
SUP2: 112.50

ENERGIES:- 

Oil prices fell in early trading on Friday as the strengthening U.S. dollar snuffed out rekindled hopes that OPEC might agree production cuts. A stronger U.S. dollar makes oil, which is priced in dollars, more expensive to buyers in other currencies.
"Oil traded in a sideways range overnight, as stronger U.S. dollar optimism from Saudi's Energy Minister over a production cut agreement," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore.
"With the dollar reigning supreme, Asia trading of crude should have a slightly heavy tone today as traders lighten up positioning into the weekend," Halley said.

ENERGY LEVELS

CS CRUDE OIL (NOV) OVERVIEW:                           

TREND : SIDEWAYS
RESIST 2:3220
RESIST 1:3180
SUP1:3070
SUP2:3030

CS NATURAL GAS (NOV) OVERVIEW: 

TREND : SIDEWAYS
RESIST 2:192.00
RESIST 1:189.00
SUP1:180.00
SUP2:176.00

 CAPITALSTARS

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

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647