MCX COMMODITY MARKET NEWS & LEVELS - 19 JULY 2017

Gold marches higher as dollar collapses to 11-month lows. 
Gold prices extended overnight gains in North American trade on Tuesday, as the dollar tanked after a second attempt by Republicans to replace Obamacare failed, delivering a major policy blow to the Trump administration. Prices settled higher for a second-straight session on Monday on bets that lackluster U.S. data will keep the Federal Reserve cautious about the future pace of policy tightening. The dollar took a hit after Republican Senators Jerry Moran and Mike Lee announced their opposition to a revised Republican healthcare bill late on Monday. Investors were now more doubtful over the future of the Trump administration's planned tax reforms, given the difficulty the healthcare bill has faced in making progress. Fading expectations for another rate hike by the Federal Reserve this year further weighed on the greenback. Futures traders are pricing in less than a 40% chance of a rate hike by December, according to Investing.com’s Fed Rate Monitor Tool.

Rio Tinto Copper Concentrate Output Dives Remarkably in H1 2017. 
Rio Tinto’s copper concentrate output declined 21% on a yearly basis to 208,900 tonnes (Cu content) in the first half of 2017 due mainly to the strike at Escondida copper mine, the company reported.Its copper concentrate output was 132,200 tonnes (Cu content) in the second quarter, a rise of 48% on a quarterly basis, according to the company’s Q2 earnings report. Copper concentrate output recovered in the second quarter after the strike at Escondida mine.

Nickel Comes Back! How High Will Price Reach? SMM Reports. 
Nickel price has begun rallying from lows from Jul. 10, with LME nickel up from $8,800 to $9,700 per tonne. SMM attributes the gain to support from market fundamentals on top of positive economic data. Purchasing demand from domestic stainless steel mills is growing with higher profits. Decent profits encouraged mills, which previously ran at low rates, to step up production.

Oil weaker in Asia as US stocks post surprise rise. 
Crude traded weaker in Asia on Wednesday as doubts over OPEC production cuts began to spread and the American Petroleum Instute reported an increase in U.S. supplies of crude. In Asia, China's refinery activity continued to indicate strong demand, with oil refineries increasing throughput in June. The bullish data from China, coincided with a report from the International Energy Agency released last week, suggesting that stronger consumption in the second half of the year could offset the glut in supply. U.S. crude oil inventories estimates from the American Petroleum Institute API) on Tuesday reportedly showed an increase of 1.6 million barrels for the week to July 14, against an expected drop of 3.740 million barrels.

Precious Levels
CS GOLD (AUG) OVERVIEW: 
TREND : BULLISH
RESIST 2: 28550
RESIST 1: 28450
SUP 1: 28100
SUP 2: 28000

CS SILVER (SEP) OVERVIEW: 
TREND : BULLISH
RESIST 2: 38300
RESIST 1: 38100
SUP1: 37100
SUP2: 36900

Base Metal Levels
CS COPPER (AUG) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 396.00
RESIST 1: 392.00
SUP1: 385.00
SUP2: 381.00

CS NICKEL (JULY) OVERVIEW: 
TREND : BULLISH
RESIST 2: 634.00
RESIST 1: 630.00
SUP1: 614.00
SUP2: 610.00

CS ZINC (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 182.00
RESIST 1: 180.00
SUP1: 175.00
SUP2: 173.00

CS LEAD (JULY) OVERVIEW: 
TREND : BEARISH
RESIST 2: 150.00
RESIST 1: 148.00
SUP1: 143.00
SUP2: 141.00

CS ALUMINIUM (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 126.00
RESIST 1: 124.50
SUP1: 121.00
SUP2: 120.00

Energy Levels
CS CRUDE OIL (AUG) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 3090
RESIST 1: 3050
SUP1: 2930
SUP2: 2890

CS NATURAL GAS (JULY) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 205.00
RESIST 1: 202.00
SUP1: 194.00
SUP2: 191.00
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