MCX COMMODITY MARKET NEWS & LEVELS - 13 FEB 2017

Gold down in Asia as concerns over North Korea missile test on wait-and-watch.  
Gold prices eased in Asia on Monday with initial concerns over a ballistic missile test by North Korea settled for now, though claims by the reclusive state of achieving the ability to hold a nuclear payload and use solid fuel were noted. Gold for February delivery fell 0.41% to $1,230.85 a troy ounce, while silver futures rose 0.06% to $17.943 a troy ounce. Copper futures gained 0.76% to $2.798 a pound.  
Japan's GDP grew at an annualized rate of 1.0% in the fourth-quarter, below a Reuters poll estimates of 1.1%. This week, the UK and China are to release what will be closely watched data on inflation. Meanwhile, Federal Reserve Chair Janet Yellen is due to testify to Congress for the first time since Donald Trump entered the White House.  
Trump said Thursday he would be announcing something over the next two or three weeks that would be “phenomenal” in terms of tax. A strong dollar is typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise. 

Turmoil in both Indonesian and Filipino Mining Policies Means Volatility for Nickel Supply. 
Nickel was said to be in a supply deficit last year of 209,000 metric tons, according to Bloomberg, and is projected to remain in deficit this year to the tune of 188,000 mt. The Philippines has just ordered the closure of 21 mines and the suspension of another six. The island chain is a source of around half of the country’s nickel output. After Indonesia’s 2014 export ban, the Philippines became the world’s largest exporter of nickel ore and the primary supplier to China’s massive nickel-pig iron industry, raw material for the alloying of stainless steel. Yet, while there has been an uptick in prices, nickel’s performance can hardly be said to have been stellar. Since the middle of the summer the London Metal Exchange‘s LMEX index of six key base metals is up almost 18% yet nickel has risen by only 1.2%. 
Deficit or not, the market does not seem to be in short supply yet. Between Indonesia and the Philippines the two countries produced about 700,000 metric tons of nickel a year in 2014 and 2015, with about 170,000 mt of that coming from Indonesia due to the export ban. 

Crude dips slightly in Asia with concern on North Korea missile test. 
Crude prices dipped moderately in Asia on Monday with tensions over a ballistic missile test over the weekend by North Korea supporting sentiment, particularly after Pyongyang said it had achieved the ability to carry a nuclear payload and use solid fuel. OPEC is scheduled to publish its first assessment of its January production based on the secondary sources in its monthly oil market report on Monday. Later in the day, the U.S. Energy Information Administration will release its monthly update on domestic oil and natural-gas shale output. 

Japan's GDP grew at an annualized rate of 1.0% in the fourth-quarter, below a Reuters poll estimates of 1.1%. This week, the UK and China are to release what will be closely watched data on inflation. Meanwhile, Federal Reserve Chair Janet Yellen is due to testify to Congress for the first time since Donald Trump entered the White House. 

PRECIOUS LEVEL

CS GOLD (APRIL) OVERVIEW:

TREND : BULLISH 
RESIST 2: 29400 
RESIST 1: 29250 
SUP 1: 28950 
SUP 2: 28800

CS SILVER (MARCH) OVERVIEW:

TREND : BULLISH 
RESIST 2: 43500 
RESIST 1:42900 
SUP1: 42100 
SUP2: 41800

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BULLISH 
RESIST 2:420 
RESIST 1:417 
SUP1:402 
SUP2:397

CS NICKEL (FEB) OVERVIEW:

TREND :  BULLISH 
RESIST 2: 735 
RESIST 1: 725 
SUP1:700 
SUP2:680

CS ZINC (FEB)OVERVIEW:

TREND : BULLISH 
RESIST 2:202.00 
RESIST 1:200.00 
SUP1:193.50 
SUP2:191.00 

CS LEAD (FEB) OVERVIEW: 

TREND : BULLISH 
RESIST 2: 168.00 
RESIST 1: 166.00 
SUP1: 161.00 
SUP2: 159.00 

CS ALUMINIUM (FEB) OVERVIEW: 

TREND : BULLISH 
RESIST 2: 128.00 
RESIST 1: 127.00 
SUP1: 122.50 
SUP2: 121.50 

ENERGY LEVELS

CS CRUDE OIL (FEB) OVERVIEW:                           

TREND : BULLISH 
RESIST 2:3670 
RESIST 1:3640 
SUP1:3540 
SUP2:3500

CS NATURAL GAS (FEB) OVERVIEW: 

TREND : BEARISH 
RESIST 2:208.00 
RESIST 1:204.00 
SUP1:195.00 
SUP2:197.00

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