MCX COMMODITY MARKET NEWS & LEVELS - 25 APR 2017

Gold Down amid Big Risk-On Trade after French Election. 
Gold prices were ending the U.S. day session lower but up from the daily low Monday, as safe-haven assets were hit hard by rallying risk assets that include world stock markets and the Euro currency. June Comex gold was last down $12.90 an ounce at $1,276.20. May Comex silver was last down $0.009 at $17.865 an ounce.
The first round of the French presidential elections held Sunday showed the nationalist candidate Marine LePen garner less support than expected and dealing the so-called Euro skeptics another blow. LePen will be in a runoff election May 7 against centrist candidate, Emmanuel Macron. Macron is projected by early polls to be the soild winner of the May 7 vote. European market watchers had been very nervous as the French elections approached and polls showed tight races. A few weeks ago the Dutch elections showed the nationalist candidate go down in defeat.

Vale S.A. Posts Copper Output down 2.6% YoY in Q1 2017.  
Copper output at Vale S.A. was 109,000 tonnes (including output at joint venture enterprises Lubambe) in the first quarter of 2017, down 11% MoM and 2.6% YoY, reported by Vale S.A.. And Sudbury smelter underperformed. Plunging output at bonanza and unscheduled maintenance were attributed to two main factors behind the decline.  

China Aluminum Market to Record Small Surplus in 2017.  
Aluminum output in China will grow 10.3% in 2017 compared with 2016, the China Non-Ferrous Metals Industry Association (CNIA) predicted. The CNIA sees a 230,000 tonne surplus in China aluminum market this year while expecting global aluminum market to remain in deficit.  

Oil edges up after 6 days of straight losses.  
Oil prices inched up on Monday but markets remain under pressure following six consecutive sessions of losses as traders lose confidence that pledged output cuts by major producers will rein in oversupply in a world awash with fuel.

Despite Tuesday’s small price rises, overall market sentiment has turned bearish, with Brent down nearly 10 percent since the end of December despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to cut output by 1.8 million barrels per day (bpd) in the first half of 2017 in order to tighten the market. Is evident that crude markets are still struggling to clear (oversupply)," U.S. bank JPMorgan said in its latest weekly oil market update to clients. "There is further shortterm downside to prices," JPMorgan said, adding that in order to reduce the ongoing supply overhang, OPEC "will be forced to renew, and possibly deepen the agreement if they wish to keep prices much above $50 per barrel."

Precious Levels
CS GOLD (JUNE) OVERVIEW: 
TREND : BEARISH
RESIST 2: 29250
RESIST 1: 29150
SUP 1: 28900
SUP 2: 28800

CS SILVER (MAY) OVERVIEW: 
TREND : BEARISH
RESIST 2: 41800
RESIST 1: 41400
SUP1: 40700
SUP2: 40400

Base Metal Levels
CS COPPER (APRIL) OVERVIEW: 
TREND : BEARISH
RESIST 2:375
RESIST 1:370
SUP1:359
SUP2:353

CS NICKEL (APRIL) OVERVIEW: 
TREND : BEARISH
RESIST 2:620
RESIST 1:610
SUP1:585
SUP2:575

CS ZINC (APRIL) OVERVIEW: 
TREND : BEARISH
RESIST 2:171.50
RESIST 1:170.00
SUP1:164.00
SUP2:162.00

CS LEAD (APRIL) OVERVIEW: 
TREND : BEARISH
RESIST 2: 142.50
RESIST 1: 141.50
SUP1: 136.00
SUP2: 135.00

CS ALUMINIUM (APRIL) OVERVIEW: 
TREND : BEARISH
RESIST 2: 127.50
RESIST 1: 126.50
SUP1: 124.00
SUP2: 123.00

Energy Levels
CS CRUDE OIL (MAY) OVERVIEW: 
TREND : BEARISH
RESIST 2:3320
RESIST 1:3270
SUP1:3150
SUP2:3100

CS NATURAL GAS (MAY) OVERVIEW: 
TREND : BEARISH
RESIST 2:212.00
RESIST 1:208.00
SUP1:200.00
SUP2:196.00
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