MCX COMMODITY MARKET NEWS & LEVELS - 20 JAN 2017

Gold rebound in Asia as China data, Yellen offer support.
Gold rebounded in Asia on Friday after China reported solid GDP, retail sales and industrial output and the Fed chief showed caution in remarks about the growth capacity of the economy. Gold for February delivery on the Comex division of the New York Mercantile Exchange rose 0.43% to $1,206.65 a troy ounce. Copper futures gained 0.27% to $2.618 a pound.
China's gross domestic product (GDP) grew 6.8% year-on-year in the fourth quarter, slightly beating expectations by analysts of 6.7% growth for the calendar year, but in line with estimates from the head of China's state planning agency.
The figures likely signaled that China's economic growth is starting to stabilize as it transitions from heavy manufacture to domestic-led consumption. For the quarter-on-quarter GDP figure the increase of 1.7% as expected. Industrial production gained 6.0%, a tick below the 6.1% rise seen, while retail sales jumped 10.9%, beating the 10.7% increase expected.

Pan Pacific Copper Agreed on 5% Cut in Copper Concentrate Term TC/RCs for in 2017
Japan-based Pan Pacific Copper agreed on a 5% cut on term copper concentrate TC/RCs to $92.50 per tonne and 9.25 cent per pound in 2017 amid supply tightness, wenhua.com reported.
The name of the copper ore supplier was not disclosed, though. The copper concentrate TC/RCs have been slashed further from 2016’s term TC/RCs at $97.35 per tonne and 9.735 cent per pound.
SHFE 1705 nickel led declines on Thursday’s nigh trading. Positions of SHFE 1705 nickel continued rising, despite nearing of 2017 Chinese New Year, with capitals inflowing at RMB 210 million. LME nickel will move lower on Friday and SHFE 1705 nickel is expected to range between RMB 81,000-84,000/mt.
In China’s domestic market, spot nickel should trade at RMB 81,200-83,500/mt on Friday. Attention should be on China’s GDP in Q4 2016 and Trump’s inaugural address on Friday.

Crude holds gains in Asia after China GDP, Trump, U.S. rig count ahead. 
Crude gain in Asia held steady on Friday after China GDP figures beat expectations and with the inauguration of Donald Trump at the 45th president of the U.S. ahead likely to set the market tone, while data on U.S. shale drillers will be in focus for the extent of the supply response to higher prices.
China's gross domestic product (GDP) grew 6.8% year-on-year in the fourth quarter, slightly beating expectations by analysts of 6.7% growth for the calendar year, but in line with estimates from the head of China's state planning agency. The figures likely signaled that China's economic growth is starting to stabilize as it transitions from heavy manufacture to domestic-led consumption.
Ahead on Friday comes drilling data from oilfield services firm Baker Hughes that will be closely watched by the market. U.S. oil drillers cut rigs, figure released the previous Friday showed, by 7 rigs to 522.

PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND : BEARISH 
RESIST 2: 28850 
RESIST 1: 28750 
SUP 1: 28500 
SUP 2: 28400 

CS SILVER (MARCH) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 42100 
RESIST 1: 41750 
SUP1: 41000 
SUP2: 40700 

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : SIDEWAYS 
RESIST 2:402 
RESIST 1:398 
SUP1:390 
SUP2:385 

CS NICKEL (JAN) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 709 
RESIST 1: 690 
SUP1:660 
SUP2:650 

CS ZINC (JAN)OVERVIEW:

TREND :  SIDEWAYS 
RESIST 2:191.00 
RESIST 1:190.00 
SUP1:185.00 
SUP2:183.00

CS LEAD (JAN) OVERVIEW: 

TREND :  SIDEWAYS 
RESIST 2: 160.00 
RESIST 1: 158.00 
SUP1: 153.00 
SUP2: 151.00

CS ALUMINIUM (JAN) OVERVIEW: 

TREND :  BULLISH 
RESIST 2: 126.00 
RESIST 1: 125.00 
SUP1: 122.50 
SUP2: 121.00 

ENERGY LEVELS

CS CRUDE OIL (JAN) OVERVIEW:                           

TREND : BEARISH 
RESIST 2:3680 
RESIST 1:3640 
SUP1:3520 
SUP2:3480

CS NATURAL GAS (JAN) OVERVIEW: 

TREND : BEARISH 
RESIST 2:233.00 
RESIST 1:230.00 
SUP1:220.00 
SUP2:217.00 

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