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MCX COMMODITY MARKET NEWS & LEVELS - 13 JULY 2017

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Gold up in Asia as USD weakens.  
Gold continued climbing in Asia on Thursday, as investors backed away from the dollar following dovish testimony by US Federal Reserve Chair Janet Yellen and ongoing political concerns in the US.Gold has been rebounding this week, pushed up by a raft of news that pushed the dollar down and sent investors towards the security of gold, which typically moves in the opposite direction to the greeback. Yellen's testimony that the Fed will continue to raise rates but without committing to a timeline and saying it was still unclear whether the US would meet inflation targets send the dollar down. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding nonyielding assets such as bullion, while boosting the dollar. That added to ongoing political concerns associated with President Donald Trump and links to Russia.

Jinlong Copper Recycling Rate Hit Record in First Half, Production Tops Target.  
 Jinlong Copper Industry Co. performed well in production in the first half of 2017, which is a subsidiary of Tongling Nonferrous Metals Group Co. Citibank’s Bold Copper Price Forecast for 2017-2020. China’s demand will grow 3-4% in the back half of 2017 due to grid upgrading and vehicle sales. This will drive up copper prices. Its copper smelting recycling rate was 98.56%, the highest in record.  

LME Aluminum to Face Downward Pressure.   
LME aluminum fell below the 20-day moving average on Wednesday’s nigh trading. Rising LME aluminum inventory showed weakening demand in foreign market, weighing down LME aluminum. In China’s domestic market, spot aluminum should trade at discounts of RMB 100-60/mt. 

 Oil stable as strong Chinese demand eases concern of ongoing glut. 
Oil stable as strong Chinese demand eases concern of ongoing glut. China imported 212 million tonnes of crude oil, or 8.55 million barrels per day (bpd), in the first six months of the year, up 13.8 percent on the same period in 2016, customs data showed on Thursday, making China the world's biggest crude importer ahead of the United States. The strong demand from China eased concerns of an ongoing fuel supply overhang.Despite the ongoing supply overhang, there are signs of a gradual reduction in the global glut. In the United States, crude oil inventories last week dropped the most in 10 months. Crude inventories fell 7.6 million barrels in the week to July 7, to 495.35 million barrels. The decline was the biggest since the week ended Sept. 4. While U.S. crude inventories remain far above their five-year average, stocks have fallen 7 percent since record levels from late March. "U.S. inventory numbers confirmed that a drawdown (of excess inventories) was in train," ANZ bank said.

Precious Levels
CS GOLD (AUG) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 28200
RESIST 1: 28100
SUP 1: 27800
SUP 2: 27700

CS SILVER (SEP) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 37700
RESIST 1: 37500
SUP1: 36600
SUP2: 36400

Base Metal Levels
CS COPPER (AUG) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 390
RESIST 1: 387
SUP1: 380
SUP2: 377

CS NICKEL (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 605
RESIST 1: 601
SUP1: 590
SUP2: 586

CS ZINC (JULY) OVERVIEW: 
TREND : BULLISH
RESIST 2: 187.00
RESIST 1: 185.50
SUP1: 180.00
SUP2: 178.00

CS LEAD (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 152.00
RESIST 1: 151.00
SUP1: 147.00
SUP2: 146.00

CS ALUMINIUM (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 124.00
RESIST 1: 123.00
SUP1: 120.50
SUP2: 119.00

Energy Levels
CS CRUDE OIL (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 3040
RESIST 1: 3000
SUP1: 2880
SUP2: 2840

CS NATURAL GAS (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 202.00
RESIST 1: 198.00
SUP1: 190.00
SUP2: 187.00
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