DAILY MCX COMMODITY MARKET NEWS & LEVELS - 28 DEC 2016

HIGH LIGHTS:-

• Gold, silver settled higher on Tuesday. 
• SHFE Copper to Strengthen. 
• Oil prices edge down ahead of OPEC, non-OPEC production cuts. 

PRECIOUS METALS:- 

The prices of gold and silver settled higher today on Wall Street. The price of gold was $1140.30, up 0.59%, or $6.50 per troy ounce at settlement on Tuesday. Silver settled higher today too, at $16.01, up 1.56%, or 0.256 per ounce. The settlement was near a two-week high on government inflation data from Japan. Trading was moderate with investors in the U.S. returning to work after the lengthy Christmas weekend. London markets are still closed.  Analysts reckon broad concerns about European bank solvency and uncertainty surrounding President-elect Donald Trump's economic policies will likely bolster gold prices in 2017. Trump today named a new national security advisor for domestic terrorism, Tom Bossert, a former deputy assistant for homeland security to President George W. Bush, but made no economic policy news.  PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND : BULLISH 
RESIST 2: 27600 
RESIST 1: 27450 
SUP 1: 27050 
SUP 2: 26850

CS SILVER (MARCH) OVERVIEW:

TREND :   BULLISH 
RESIST 2: 39900 
RESIST 1: 39650 
SUP1: 39150 
SUP2: 38750 

BASE METALS:-

Market will see light data on Wednesday. LME market resumes trading on Wednesday, and LME copper is expected to open higher with firm SHFE 1703 copper and will range between USD 5,540-5,690/mt. SHFE 1703 copper is expected to increase with strong rising strength on Wednesday but will meet resistance at the 20-day moving average, and there is a possible decline resulted by exits of longs. SHFE 1703 copper is predicted to move at RMB 45,150-46,340/mt on Wednesday. 
China has released provisional tax rate for copper import and export in 2017, SMM reported. Tax rates for copper import and export were left untouched in 2017 compared to 2016. 
The Adjustment Plan for Customs Duties in 2017 was approved by the State Council and will take effect January 1, 2017. 

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND :  BULLISH 
RESIST 2:386 
RESIST 1:384 
SUP1:378 
SUP2:375

CS NICKEL (DEC) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 715 
RESIST 1: 707 
SUP1: 685 
SUP2: 670 

CS ZINC (DEC)OVERVIEW:

TREND :  BULLISH 
RESIST 2:178.00 
RESIST 1:176.00 
SUP1:172.00 
SUP2:170.00 

CS LEAD (DEC) OVERVIEW: 

TREND :   BULLISH 
RESIST 2: 146.00 
RESIST 1: 144.00 
SUP1: 138.00 
SUP2: 136.00

CS ALUMINIUM (DEC) OVERVIEW: 

TREND : BULLISH 
RESIST 2: 120.50 
RESIST 1: 115.50 
SUP1: 117.50 
SUP2: 116.00

ENERGIES:- 

Oil prices edged down on Wednesday in quiet early Asian trading as the market waits to see how OPEC and non-OPEC members carry through on planned supply cuts in the new year. U.S. benchmark West Texas Intermediate crude oil prices (CLc1) were down 7 cents at $53.83 per barrel after settling up 88 cents at $53.90 a barrel in the previous session. Trading is expected to remain thin this week ahead of the New Year holiday. 
The market is taking a wait-and-see approach on the official start of the landmark deal reached by the Organization of the Petroleum Exporting Countries (OPEC) and several non-OPEC members to reduce their output. The deal is set to kick in from Jan. 1. 
OPEC and non-OPEC producers are expected to lower production by almost 1.8 million barrels per day (bpd), with Saudi Arabia, OPEC's largest producer, agreeing to bear the lion's share of the cuts. 

ENERGY LEVELS

CS CRUDE OIL (JAN) OVERVIEW:                           

TREND :  BULLISH 
RESIST 2:3760 
RESIST 1:3720 
SUP1:3600 
SUP2:3550  

CS NATURAL GAS (DEC) OVERVIEW: 

TREND : BULLISH 
RESIST 2:260.00 
RESIST 1:257.00 
SUP1:250.00 
SUP2:247.00

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