MCX COMMODITY MARKET TIPS & LEVELS - 28 NOV 2016

HIGH LIGHTS:-

• Copper headed for the biggest monthly gain in a decade.
• Brent, NYMEX rebound in Asia as sentiment volatile on OPEC curbs. 
• Gold recovers in Asia as investors see buying opportunities.  

PRECIOUS METALS:- 

Gold prices gained in early Asia on Monday as investors focused on the recent declines as an opportunity to buy. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.73% to $1,187.00 a troy ounce. Silver futures on the Comex were flat at $16.554 a troy ounce.  On Monday, European Central Bank President Mario Draghi is due to testify about the ECB’s outlook on economic and monetary developments and the consequences of Brexit to the Economic Committee in the European Parliament.  PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 29200 
RESIST 1: 29000 
SUP 1: 28500 
SUP 2: 28300  

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH 
RESIST 2: 41900 
RESIST 1: 41600 
SUP1: 40800 
SUP2: 40400

BASE METALS:-

The copper prices have surged higher by nearly 25% so far in 2016 and by nearly 21% in the month of November alone. The metal prices are headed for the biggest monthly gain in almost a decade. It must be noted that copper had been the worst performing commodity since past two years. The sudden surge in prices is mainly on account of surge in Chinese demand for the metal. Incidentally, China is the world’s largest copper consumer, accounting for nearly 49% of the global copper demand. 
Copper for three-month delivery in the London Metal Exchange (LME) surged higher Thursday by 3.8%. The prices have been rallying ever since the victory of Donald Trump in the US presidential elections, on hopes of speculated demand rise on account of multibillion dollar infrastructure projects to be announced, once after assuming presidential office in January.  

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND : BULLISH 
RESIST 2:414 
RESIST 1:410 
SUP1:401 
SUP2:396 

CS NICKEL (NOV) OVERVIEW:

TREND : BULLISH 
RESIST 2: 820 
RESIST 1: 810 
SUP1: 794 
SUP2: 780 

CS ZINC (NOV)OVERVIEW:

TREND :  BULLISH 
RESIST 2:206.00 
RESIST 1:204.00 
SUP1:197.00 
SUP2:195.00 

CS LEAD (NOV) OVERVIEW: 

TREND :   BULLISH 
RESIST 2: 174.00 
RESIST 1: 172.00 
SUP1: 168.00 
SUP2: 166.00

CS ALUMINIUM (NOV) OVERVIEW: 

TREND :   BULLISH 
RESIST 2: 124.50 
RESIST 1: 123.00 
SUP1: 120.50 
SUP2: 119.50

ENERGIES:- 

Crude oil prices rebounded in Asia on Monday as investors bet nervously on a down-to-the-wire decision by OPEC to curb output as proposed. 
Doubts over whether major global exporters will be able to reach an agreement on November 30 to rein in output also kept investors on the sidelines. OPEC is to hold a meeting in Vienna on Wednesday aimed at finalizing the details of a proposed output cut, which it is hoped will reduce a global supply glut that has pressured oil prices lower for more than two years. 
The producer cartel is attempting to get its 14 member states, along with non-OPEC member Russia, to implement coordinated production cuts. 

ENERGY LEVELS

CS CRUDE OIL (DEC) OVERVIEW:                           

TREND : BEARISH 
RESIST 2:3240 
RESIST 1:3200 
SUP1:3130 
SUP2:3100

CS NATURAL GAS (DEC) OVERVIEW: 

TREND : BULLISH 
RESIST 2:230.00 
RESIST 1:227.00 
SUP1:220.00 
SUP2:216.00 

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