BULLION:
Gold prices dipped in early Asia Thursday on profit taking as investors exercise caution after sharp gains overnight. On Tuesday evening, Fed governor Stanley Fischer said that members of the Federal Open Market Committee are still uncertain on whether they will raise short-term interest rates at their next meeting in three weeks. While Fischer said the FOMC could discuss the prospects of implementing a negative interest rate policy, he indicated that it is unlikely that the U.S. central bank will push rates into sub-zero territory.
Gold prices dipped in early Asia Thursday on profit taking as investors exercise caution after sharp gains overnight. On Tuesday evening, Fed governor Stanley Fischer said that members of the Federal Open Market Committee are still uncertain on whether they will raise short-term interest rates at their next meeting in three weeks. While Fischer said the FOMC could discuss the prospects of implementing a negative interest rate policy, he indicated that it is unlikely that the U.S. central bank will push rates into sub-zero territory.
BASE METAL:
LME copper should fluctuate between USD 4,620-4,670/mt during Asian trading hours Thursday. In China, spot copper supply remains ample while downstream purchase stays weak, Spot discounts of RMB 150-250/mt are expected against SHFE 1603 copper. US January durable goods orders and Eurozone January CPI are slated for release today. Base metal prices are expected to remain range-bound. Germany’s annualized January CPI hit an eight-month high, meaning Eurozone January CPI will likely improve.
LME copper should fluctuate between USD 4,620-4,670/mt during Asian trading hours Thursday. In China, spot copper supply remains ample while downstream purchase stays weak, Spot discounts of RMB 150-250/mt are expected against SHFE 1603 copper. US January durable goods orders and Eurozone January CPI are slated for release today. Base metal prices are expected to remain range-bound. Germany’s annualized January CPI hit an eight-month high, meaning Eurozone January CPI will likely improve.
ENERGY:
Crude oil prices fell in Asia on Thursday as marginal U.S. shale oil producers are in sharper focus for production or operations cuts. At the Cushing Oil Hub in Oklahoma, inventories rose by 333,000 barrels to surge above 65 million, reaching a fresh record-high. It marked the 15th build at the nation’s largest storage facility in the last 16 weeks. Storage levels at Cushing, the main delivery point for Nymex oil, are dangerously close to reaching full-capacity.
Crude oil prices fell in Asia on Thursday as marginal U.S. shale oil producers are in sharper focus for production or operations cuts. At the Cushing Oil Hub in Oklahoma, inventories rose by 333,000 barrels to surge above 65 million, reaching a fresh record-high. It marked the 15th build at the nation’s largest storage facility in the last 16 weeks. Storage levels at Cushing, the main delivery point for Nymex oil, are dangerously close to reaching full-capacity.
BULLION & ENERGY
| CS GOLD (APRIL) OVERVIEW: | |
 | TREND : BULLISH
RESIST 2: 29830
RESIST 1: 29650
SUP 1: 29190
SUP 2: 28990
STRATEGY: BUY ON DIPS
|
| CS SILVER (MARCH) OVERVIEW: | |
 | TREND : BULLISH
RESIST 2: 37830
RESIST 1: 37520
SUP1: 36930
SUP2: 36730
STRATEGY : BUY ON DIPS
|
| CS CRUDE OIL (MARCH) OVERVIEW: | |
 |
TREND : BEARISH
RESIST 2:2320
RESIST 1:2280
SUP1:2180
SUP2:2120
STRATEGY: SELL ON DIPS
|
| CS NATURAL GAS (MARCH) OVERVIEW: | |
 |
TREND : BEARISH
RESIST 2:131
RESIST 1:129
SUP1:123
SUP2:120
STRATEGY: SELL ON RISE
|
BASE METAL
| CS COPPER (FEBRUARY) OVERVIEW: | |
 |
TREND :BEARISH
RESIST 2:321
RESIST 1:319
SUP1:315
SUP2:313
STRATEGY: SELL ON RISE
|
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