MCX COMMODITY MARKET TIPS & LEVELS - 23 DEC 2016

HIGH LIGHTS:-

• LME Copper to Move in a Tight Range. 
• Oil prices fall on profit taking, strong dollar. 
• Gold flirts with 11-month lows after positive U.S. data. 
    

PRECIOUS METALS:- 

Gold prices fell towards last week's 11-month lows on Thursday, after data showed that the U.S. economy grew faster than initially estimated in the third quarter, notching its best performance in two years. Gold for February delivery on the Comex division of the New York Mercantile Exchange dipped $3.00, or 0.25%, to $1,130.15 a troy ounce.  The Commerce Department said the U.S. economy grew 3.5% in the three months ended September 30, up from a previous estimate of 3.2% and improving from growth of 1.4% in the second quarter.  The dollar turned higher in wake of the mostly upbeat data, bouncing back towards its 14-year-high against a basket of currencies with investors focused on the possibility of further U.S. interest rate hikes next year 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 :  SIDEWAYS 
RESIST 2: 40000 
RESIST 1: 39400 
SUP1: 38650 
SUP2: 38300

BASE METALS:-

 LME copper will range between USD 5,460-5,540/mt during Asian trading hours on Friday and SHFE 1702 copper is expected to move at RMB 44,300-45,050/mt. In China’s domestic market, spot copper should trader at discounts of RMB 200-80/mt on Friday. 
A series of economic data will be released on Friday, including final reading of UK’s and France’s annual GDP in Q3, US’s new home sales in November and US’s Michigan consumer confidence index in December. LME market will close at 20:30 on Friday with arriving of Christmas. Economic data effect will reduce significantly with quiet trading. Base metals in China’s market market increased across the board during US trading hours on Thursday’s night trading, but price resistance at the upper moving averages and pre-holiday quiet trading are expected to restrict price gains. Weak performance in other commodity markets will also undermine base metals.  

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND :  SIDEWAYS 
RESIST 2:381 
RESIST 1:378 
SUP1:372 
SUP2:369

CS NICKEL (DEC) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 742 
RESIST 1: 735 
SUP1: 715 
SUP2: 710 

CS ZINC (DEC)OVERVIEW:

TREND :   SIDEWAYS 
RESIST 2:182.00 
RESIST 1:180.00 
SUP1:174.00 
SUP2:172.00 

CS LEAD (DEC) OVERVIEW: 

TREND :  BEARISH 
RESIST 2: 146.50 
RESIST 1: 145.50 
SUP1: 141.50 
SUP2: 140.00 

CS ALUMINIUM (DEC) OVERVIEW: 

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

ENERGIES:- 

Oil prices slipped on Friday in thin Asian trade ahead of the Christmas and New Year holidays, eroding some of the gains in the previous session as traders took profits. 
There's some profit taking after the last session's gains. Oil prices are also weaker due to the stronger dollar," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance. 
"But overall, the fact the dollar and commodities are soaring either tells you demand for commodities has picked up or there is a need for more supply," he added. 
Oil prices are trading around their highest levels since mid-2015, supported by a deal by the Organization of the Petroleum Exporting Countries and non-OPEC oil producers to cut output by almost 1.8 million bpd from Jan. 1. 

ENERGY LEVELS

CS CRUDE OIL (JAN) OVERVIEW:                           

TREND : BEARISH 
RESIST 2:3700 
RESIST 1:3650 
SUP1:3530 
SUP2:3500 

CS NATURAL GAS (DEC) OVERVIEW: 

TREND : BULLISH 
RESIST 2:250.00 
RESIST 1:246.00 
SUP1:235.00 
SUP2:230.00 

 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