MCX COMMODITY MARKET NEWS & LEVELS - 27 JULY 2017

Gold gains in Asia as Fed holds steady as expected, notes prices data.  
Gold posted gain in Asia on Friday as the Fed held as expected and signaled that future interest rate hikes depend on key economic data from inflation and wage growth. Overnight, gold prices traded slightly below break-even on Wednesday, as the dollar edged higher ahead of the Federal Reserve’s rate decision later during the session but weaker-than-expected housing data capped losses. The Federal Reserve voted Wednesday not to raise its key interest rate, and said it expected to begin normalizing its $4.5 trillion balance sheet "relatively soon. In a move largely expected in financial markets, the policymaking Federal Open Market Committee (FOMC) agreed to keep its benchmark rate target at 1%-1.25%. The accompanying statement revealed concerns among policymakers about the recent slowdown in inflation, which remained well below the central bank’s target of 2%. Inflation data has undershot market expectations for four-straight months, showing little sign of improvement.   

 Vedanta Zinc Output in India Skyrockets in Q1 2018 FY.  
Vedanta Resources’ zinc output at mines in India jumped in the first quarter of 2018 fiscal year (ending June 30, 2017), according to wenhua.com. It’s Not Necessary to Get Frustrated after China Zinc Imports Jump, SMM Says. The company’s zinc output at mines in India leapt 84% to 233,000 tonnes in the first quarter. China Zinc Concentrate Output to Grow January-July, SMM Says.   

Will Aluminum Prices Soar from China’s “Category 7” Scrap Metal Import Ban? SMM Reports.   
China will forbid imports of “category 7” scrap metals, which cover scrap electric wire & cable, scrap motor and bulk scrap hardware, from the end of 2018, SMM has confirmed with a source from China Nonferrous Metals Industry Association Recycling Metal Branch (CMRA).  

Oil prices hover near eight-week highs on lower U.S stocks. 
Oil prices were sitting just below 8-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in U.S. crude oil inventories will reduce global oversupply. "This marks the fourth consecutive week that total hydrocarbon inventories have fallen during a time of year when they normally increase," said PIRA Energy oil analyst Jenna Delaney. U.S. shale producers including Hess Corp (NYSE:HES), Anadarko Petroleum (NYSE:APC) and Whiting Petroleum this week announced plans to cut spending this year as a result of low oil prices. Optimism that the long-oversupplied market is moving towards balance was also supported by news earlier in the week that Saudi Arabia plans to limit its crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below its export levels a year earlier. 

Precious Levels
CS GOLD (AUG) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 28850 
RESIST 1: 28750 
SUP 1: 28450 
SUP 2: 28350 

CS SILVER (SEP) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 39200 
RESIST 1: 39000 
SUP1: 38000 
SUP2: 37800 

Base Metal Levels
CS COPPER (AUG) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 420.00 
RESIST 1: 415.00 
SUP1: 405.00 
SUP2: 400.00 

CS NICKEL (JULY) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 653.00 
RESIST 1: 648.00 
SUP1: 632.00 
SUP2: 627.00 

CS ZINC (JULY) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 185.00 
RESIST 1: 183.00 
SUP1: 178.00 
SUP2: 176.00 

CS LEAD (JULY) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 152.00 
RESIST 1: 150.00 
SUP1: 146.00 
SUP2: 144.00 

CS ALUMINIUM (JULY) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 126.00 
RESIST 1: 125.00 
SUP1: 122.00 
SUP2: 121.00 

Energy Levels
CS CRUDE OIL (AUG) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 3240 
RESIST 1: 3200 
SUP1: 3080 
SUP2: 3040

CS NATURAL GAS (JULY) OVERVIEW: 
TREND : BEARISH 
RESIST 2: 195.00 
RESIST 1: 192.00 
SUP1: 185.00 
SUP2: 182.00 
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