MCX COMMODITY MARKET NEWS & LEVELS - 07 DEC 2016

HIGH LIGHTS:-

• US Copper Imports and Exports Both Grow in October. 
• Brent, NYMEX weaker in Asia despite API crude draw. 
• Gold prices gain slightly in Asia with demand forces in focus.  

PRECIOUS METALS:- 

Gold prices edged up in Asia on Tuesday on mild buying sentiment following sustained drops in the past month for the yellow metal. Gold futures for February delivery rose 0.07% to $1,170.95 a troy ounce on the New York Mercantile Exchange's Comex division.  Overnight, gold prices dropped to levels approximately 12% from November highs as a stronger dollar and a widely expected Fed rate hike next week combine to tamp down interest in the precious metal. Adding to the downbeat views, risk-on trade appetites have grown globally in the wake of Donald Trump's surprise U.S. presidential win.  PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND : BEARISH
RESIST 2: 28200
RESIST 1: 28000
SUP 1: 27500
SUP 2: 27300

CS SILVER (MARCH) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 41800
RESIST 1: 41550
SUP1: 40700
SUP2: 40300

BASE METALS:-

US Commerce Department said Tuesday the country’s copper imports and exports both grew slightly in October, wenhua.com reported. Cathode copper imports increased to 66,026,060 kg in October, and exports grew to 4,591,316 kg. Jinchuan Group International Resources Co. Ltd entered into a Strategic Framework Agreement with Junhe Holdings Limited, news reported on Dec. 6.   
According to the Agreement, Junhe Holdings will make equity investment in the Company by either subscribing for new shares of the Company or by acquiring existing shares of the Company, and establish several Joint Ventures in Shanghai with Junhe Holdings for different businesses, including a trading joint venture for trading commodities including non-ferrous metals, precious metals and chemical raw materials, a factoring joint venture and a financial leasing joint venture. 

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:410
RESIST 1:406
SUP1:397
SUP2:393

CS NICKEL (DEC) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 815
RESIST 1: 800
SUP1: 780
SUP2: 770

CS ZINC (DEC)OVERVIEW:

TREND : BULLISH
RESIST 2:193.00
RESIST 1:192.00
SUP1:186.50
SUP2:184.50

CS LEAD (DEC) OVERVIEW: 

TREND : BULLISH
RESIST 2: 163.00
RESIST 1: 162.00
SUP1: 157.00
SUP2: 155.00

CS ALUMINIUM (DEC) OVERVIEW: 

TREND : BEARISH
RESIST 2: 118.00
RESIST 1: 117.00
SUP1: 114.50
SUP2: 113.50

ENERGIES:- 

Crude prices held weaker in Asia on Wednesday despite a draw in U.S. stocks in American Petroleum Institute (API) figures that also showed solid builds in gasoline and distillate inventories. 
On the New York Mercantile Exchange, West Texas Intermediate crude for January delivery fell 0.57% to 50.64 a barrel. The API data will be followed Wednesday by more closely-watched official figures from the U.S. Department of Energy. 
Overnight, crude ended a four-day winning streak on views that Organization of Petroleum Exporting Countries would fail to adhere to an agreement to curb output. With both Russia and OPEC producing at record amounts, the market is scratching its head about how both blocs will manage to comply with the Vienna production cut targets.  

ENERGY LEVELS

CS CRUDE OIL (DEC) OVERVIEW:                           

TREND : BEARISH
RESIST 2:3500
RESIST 1:3460
SUP1:3370
SUP2:3320

CS NATURAL GAS (DEC) OVERVIEW: 

TREND : BULLISH
RESIST 2:256.00
RESIST 1:253.00
SUP1:243.00
SUP2:240.00

 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