MCX COMMODITY MARKET NEWS & LEVELS - 10 JULY 2017

Gold prices gain Asia with China CPI ahead, Yellen later this week.  
Gold prices gained in Asia on Monday with China prices and remarks from the Fed chief later this week to set the tone on the dollar. In the week ahead, investors will focus on Fed Chair Janet Yellen's testimony on monetary policy as well as U.S. data on inflation and retail sales, due out on Friday, and trade data from China on Thursday. Last week, gold prices dropped to almost fourmonth lows on Friday after a stronger-than-forecast U.S. jobs report boosted the dollar against a basket of the other major currencies. The U.S. economy added 222,000 jobs last month the Labor Department reported, more than the 179,000 new jobs expected by economists. The rapid pace of jobs growth reassured investors that the economy is on a strong enough footing to justify the Federal Reserve’s plans to raise interest rates once more this year. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar.

Zinc Prices to Hover at High Levels This Week, SMM Foresees.  
Zinc prices are expected to fluctuate at high levels this week, SMM foresees. Chinese Zinc Mines Hold Zinc Concentrate TCs Firm despite Smelter Efforts, SMM ReportsChina’s supplies will remain tight with fewer inflows of imported goods. Zinc inventories in Shanghai, Tianjin and Guangdong were still low.  

China Primary Lead Output Edges down in June, and to Keep Falling in July, SMM Reports.   
China’s primary lead output totaled 231,873 tonnes in June, down 0.35% MoM and 5.31% MoM, SMM learned. In June, some primary lead smelters resumed output, but contributed limited output. Moreover, many primary lead smelters reported falling output month-on-month, including Henan Yuguang Gold & Lead, Henan Jinli Gold & Lead Group and Hunan Shuikoushan Nonferrous Metals Group, due to environmental factors and insufficient raw material supply.    

Oil recovers some losses but market still under pressure. 
Oil prices recovered some losses on Monday after a 3 percent fall in the previous session, but markets remain under pressure from high drilling activity in the United States and ample supplies from producer club OPEC. Traders said the higher prices were reflected opportunistic buying following Friday's steep fall, but added that overall market conditions remain weak. Brent prices are 17 percent below their 2017 opening despite a deal led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production from January. ANZ bank said on Monday that the market "continued to focus on the increasing (U.S.) drilling activity and higher production." 

Precious Levels
CS GOLD (AUG) OVERVIEW: 
TREND : BEARISH
RESIST 2: 28000
RESIST 1: 27900
SUP 1: 27500
SUP 2: 27400

CS SILVER (SEP) OVERVIEW: 
TREND : BEARISH
RESIST 2: 36800
RESIST 1: 36600
SUP1: 35700
SUP2: 35500

Base Metal Levels
CS COPPER (AUG) OVERVIEW: 
TREND : BEARISH
RESIST 2:387
RESIST 1:384
SUP1:377
SUP2:374

CS NICKEL (JULY) OVERVIEW: 
TREND : BEARISH
RESIST 2:592
RESIST 1:589
SUP1:577
SUP2:574

CS ZINC (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2:184.00
RESIST 1:182.00
SUP1:178.00
SUP2:176.00

CS LEAD (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 151.00
RESIST 1: 149.50
SUP1: 146.00
SUP2: 144.50

CS ALUMINIUM (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 127.00
RESIST 1: 126.00
SUP1: 123.50
SUP2: 122.00

Energy Levels
CS CRUDE OIL (JULY) OVERVIEW: 
TREND : BEARISH
RESIST 2:2980
RESIST 1:2940
SUP1:2820
SUP2:2780

CS NATURAL GAS (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2:193.00
RESIST 1:190.00
SUP1:183.00
SUP2:180.00
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