MCX COMMODITY MARKET TIPS & LEVELS - 09 DEC 2016

HIGH LIGHTS:-

• Why China’s Unwrought Copper and Copper Semis Imports Surge in November. 
• Saudi Arabia tells oil buyers of cuts after OPEC deal, PIRA says. 
• Gold price drops on Thursday. 

PRECIOUS METALS:- 

Gold prices were flat on Thursday, despite a move lower in the dollar. Gold was trading at $1,177.15 a troy ounce by 10:05 GMT, almost unchanged for the day. The dollar slid lower against a basket of six other major currencies, with the U.S. dollar index down 0.21% to 100.08, not far from a threeweek low of 99.87 set on Monday.  The ECB is seen as likely to announce an extension of its €80 billion a month quantitative easing program, which is on track to end in March 2017, but may also signal that a decision on when it will begin tapering asset purchases could come soon. Gold remained under pressure ahead of an expected interest rate hike by the U.S. central bank at its upcoming policy meeting next week.  PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

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

CS SILVER (MARCH) OVERVIEW:

TREND : BULLISH 
RESIST 2: 42600 
RESIST 1: 42200 
SUP1: 41000 
SUP2: 40700 

BASE METALS:-

China’s imports of unwrought copper and copper semis witnessed big growth in November. Imports of unwrought copper and copper semis increased 31% month-on-month to 380,000 tonnes in November,  
Attention should be on China’s economic data on Friday and US’s December Michigan consumer confident index. 
LME copper is predicted to range between USD 5,750-5,850/mt during Asian trading hours on Friday and SHFE 1702 copper will move at RMB 46,500-47,500/mt.

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BEARISH 
RESIST 2:405 
RESIST 1:400 
SUP1:392 
SUP2:390 

CS NICKEL (DEC) OVERVIEW:

TREND :   BEARISH 
RESIST 2: 785 
RESIST 1: 775 
SUP1: 750 
SUP2: 740 

CS ZINC (DEC)OVERVIEW:

TREND :  BEARISH 
RESIST 2:190.00 
RESIST 1:188.00 
SUP1:181.00 
SUP2:179.00 

CS LEAD (DEC) OVERVIEW: 

TREND :   BEARISH 
RESIST 2: 161.00 
RESIST 1: 159.00 
SUP1: 153.00 
SUP2: 151.00

CS ALUMINIUM (DEC) OVERVIEW: 

TREND :   BEARISH 
RESIST 2: 120.00 
RESIST 1: 119.00 
SUP1: 116.50 
SUP2: 115.50 

ENERGIES:- 

Saudi Arabia is informing its customers of cuts to their January crude oil supplies to comply with the latest OPEC agreement, according to a PIRA note late on Thursday. 
The note adds that cuts will be to varying degrees, but is likely to be larger to North America due to lower margins. 
Last week, members of the Organization of the Petroleum Exporting Countries agreed to scale back output, its first cut since 2008. 
U.S. crude futures dropped as low as $49.77 per barrel during today's session after scattered reports that Russian producers may seek to postpone the parley this weekend with OPEC players. 

ENERGY LEVELS

CS CRUDE OIL (DEC) OVERVIEW:                           

TREND : BULLISH 
RESIST 2:3550 
RESIST 1:3500 
SUP1:3420 
SUP2:3380 

CS NATURAL GAS (DEC) OVERVIEW: 

TREND : BULLISH 
RESIST 2:254.00 
RESIST 1:252.00 
SUP1:245.00 
SUP2:240.00 

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