MCX COMMODITY MARKET NEWS & LEVELS - 22 NOV 2016

HIGH LIGHTS:-

• Oil prices hit highest since October on hopes of OPEC-led output cut.
• SHFE Copper to Strengthen.

PRECIOUS METALS:- 

ahead of an Gold  Gold prices ticked higher in European hours on Monday, but held near the lowest level since May on expectations for a Federal Reserve rate hike and fiscal stimulus by President-elect Donald Trump. Market analysts warned that the outlook for gold remains cloudy in the near-term, given a U.S. interest rate hike in December is now a near-certainty. Prices of the yellow metal are down more than 7% so far this month amid optimism that increased U.S. fiscal spending under a Trump administration will spur economic growth and inflation, which would ultimately lead to an era of higher interest rates. PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND : BEARISH
RESIST 2: 29550
RESIST 1: 29350
SUP 1: 29000
SUP 2: 28800

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 41700
RESIST 1: 41230
SUP1: 40400
SUP2: 40150

BASE METALS:-

LME copper is expected to range between USD 5,490-5,565/mt during Asian trading hours on Tuesday and SHFE 1701 copper will move at RMB 44,700-45,400/mt. Market will eye euro zone consumer confidence index and US existing home sales on Tuesday. 
Housing starts in the US rose 26% MoM and hit 9-year high in October, with annualized units beating 1.17 million units expected and 1.05 million units in September. Home prices stayed high in October, suggesting house inventories were tight. Even if existing home sales for October are slightly below forecast, US housing market outlook remains positive.The euro zone’s consumer confidence index has been rising most of the months over the past year. Preliminary consumer confidence index should rise as well in November. ECB president said this year is the first year that GDP in the euro zone has recovered to level seen before the 2008 global financial crisis.  
  

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :BULLISH
RESIST 2:395
RESIST 1:390
SUP1:379
SUP2:373

CS NICKEL (NOV) OVERVIEW:

TREND :BULLISH
RESIST 2:800
RESIST 1:790
SUP1:748
SUP2:735

CS ZINC (NOV)OVERVIEW:

TREND :BULLISH
RESIST 2:180.50
RESIST 1:179.00
SUP1:175.20
SUP2:173.00

CS LEAD (NOV) OVERVIEW: 

TREND : BULLISH
RESIST 2:152.00
RESIST 1:150.00
SUP1:148.00
SUP2:146.00

CS ALUMINIUM (NOV) OVERVIEW: 

TREND : BULLISH
RESIST 2:120.00
RESIST 1:119.00
SUP1:117.50
SUP2:116.00

ENERGIES:- 

Oil prices rose to their highest level since late October on Tuesday as the market priced in an expected output cut led by producer cartel OPEC, but analysts warned that a failure to agree a cut could lead to a deepening supply glut by early 2017.
The Organization of the Petroleum Exporting Countries (OPEC) is trying by Nov. 30 to bring its 14 member states and non-OPEC producer Russia to agree on a coordinated production cut to prop up the market by bringing production into line with consumption.
"With investors becoming more optimistic about OPEC reaching an agreement on production cuts, oil prices should continue to edge higher in trading today," ANZ bank said on Tuesday.


ENERGY LEVELS

CS CRUDE OIL (DEC) OVERVIEW:                           

TREND :BULLISH
RESIST 2:3400
RESIST 1:3350
SUP1:3290
SUP2:3250

CS NATURAL GAS (NOV) OVERVIEW: 

TREND :BULLISH
RESIST 2:210.00
RESIST 1:208.00
SUP1:200.00
SUP2:197.00

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