MCX COMMODITY MARKET NEWS & LEVELS - 26 DEC 2016

HIGH LIGHTS:-

• Crude settles at $53.05 on Friday. 
• SHFE Copper to See Range-Bound Trading. 
• Relaxation of restrictions in Singapore, India boosting gold price.

PRECIOUS METALS:- 

The price of gold settled at $1133.30 on Friday, up $2.60 per troy ounce, or 0.23%. News from around the globe may be giving the precious metal, whose price has been tarnished lately, a significant boost.  Reports emerged this week that the government of India are poised to cut taxes on gold. The government there is seeking to drop gold import taxes to 6%, a major reduction from the present 10% import tax.  The lower taxes are part of a policy to curb gold smuggling, experts said, noting the black market for gold there has grown since taxes were increased earlier this year. Analysts reckon the price of gold may be bolstered if this policy is implemented.  PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND : SIDEWAYS 
RESIST 2: 27300 
RESIST 1: 27120 
SUP 1: 26800 
SUP 2: 26700 

CS SILVER (MARCH) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 39500 
RESIST 1: 39000 
SUP1: 38000 
SUP2: 37500 

BASE METALS:-

 LME market closes on Monday for Christmas. SHFE 1702 copper will move at RMB 44,600-45,050/mt on Monday with resistance at the 40-day moving average. In China’s domestic market, spot copper should trade at discounts of RMB 220-120/mt on Monday. 
Market activity will weaken noticeably in the last week of 2016. Holiday factors in China and overseas, combined with liquidity crunch at the year’s end, and precipitated leaving of investors after profit-taking. Commodity prices are expected to fall limitedly this week. 
UK and US markets will be closed on Monday and Tuesday. SHFE market will consolidate narrowly. Profit at China’s large industrials will be released on Tuesday. Profit may be left to producers based on purchase index of PPI and PMI.

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND :  BEARISH 
RESIST 2:373 
RESIST 1:370 
SUP1:365 
SUP2:363

CS NICKEL (DEC) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 722 
RESIST 1: 703 
SUP1: 670 
SUP2: 650 

CS ZINC (DEC)OVERVIEW:

TREND :  BEARISH 
RESIST 2:176.00 
RESIST 1:173.00 
SUP1:166.00 
SUP2:165.00  

CS LEAD (DEC) OVERVIEW: 

TREND :  BEARISH 
RESIST 2: 140.00 
RESIST 1: 138.00 
SUP1: 134.00 
SUP2: 132.00 

CS ALUMINIUM (DEC) OVERVIEW: 

TREND : SIDEWAYS 
RESIST 2: 118.50 
RESIST 1: 117.50 
SUP1: 116.50 
SUP2: 115.00

ENERGIES:- 

The market was not very active today, as the Christmas holiday weekend sent many home early from work. Traders continue to worry that OPEC will not be able to keep producers in line and force a production cut next year. 
The Kurdistan Regional Government (KRG) in war-torn Iraq appears poised to ignore the OPEC agreement last month to slash oil production and is planning to increase output in the coming weeks, according to industry sources. 
Since the U.S. pullout of most troops from Iraq, Baghdad has no control over the regional Kurdistan government. The government is not sovereign, and is not recognized by the international community as such, and so it was not given a seat at the Nov. 30 meeting of the Organization of Oil Exporting Countries in Vienna, and so could not make its objections known widely at the time of the production cutting accord. 

ENERGY LEVELS

CS CRUDE OIL (JAN) OVERVIEW:                           

TREND : SIDEWAYS 
RESIST 2:3700 
RESIST 1:3650 
SUP1:3550 
SUP2:3500  

CS NATURAL GAS (DEC) OVERVIEW: 

TREND : BULLISH 
RESIST 2:255.00 
RESIST 1:253.00 
SUP1:245.00 
SUP2:242.00

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