MCX COMMODITY MARKET NEWS & LEVELS - 01 AUG 2016

                                   

HIGH LIGHTS:- 

Gold flat as China PMIs diverge, Caixin in expansion. 

NYMEX, Brent boosted as China PMIs diverge, Caixin in expansion. 

LME Copper to Stay Range-Bound. 

PRECIOUS METALS:- 

Gold drifted traded flat in Asia on Monday as manufacturing data in China diverged and the New York Fed's William Dudley said market views on interest rates are too pessimistic.  The Caixin manufacturing PMI came in at 50.6, well above a reading of 48.7 expected for July, which was up a tad from 48.6 the previous month. Earlier, in China, the semi-official manufacturing PMI published by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing for July rose to 49.9. Just missing the expected expansion level of 50.  Gold for December delivery on the Comex division of the New York Mercantile Exchange was flat at $1,357.45 a troy ounce. Silver futures for September delivery jumped 1.29% to $20.6082 a troy ounce.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BULLISH 
RESIST 2: 32100 
RESIST 1: 31700 
SUP 1: 31250 
SUP 2: 31050  

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH 
RESIST 2: 48800 
RESIST 1: 48400 
SUP1: 47120 
SUP2: 46650 

BASE METALS:- 

LME copper will narrowly range USD 4,885-4,935/mt during Asian trading hours Monday. 
This week will see release of July manufacturing PMIs from major economies, US non-farm employment data, as well as policy meeting of the Bank of England (BOE). 
China’s official manufacturing PMI, due for release today, is expected to be unchanged from June in July. Despite downward pressure on the economy, official manufacturing PMI will still hover around 50.  
The BOE will announce policy decision for its August meeting on Thursday. The BOE made no changes in monetary policy during its July meeting while waiting for more economic data. 

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : SIDEWAYS 
RESIST 2:334 
RESIST 1:332 
SUP1:327 
SUP2:325 

CS NICKEL (AUG) OVERVIEW:

TREND : BULLISH 
RESIST 2:734 
RESIST 1:725  
SUP1:704 
SUP2:695  

CS ZINC (AUG) OVERVIEW:

TREND : BULLISH 
RESIST 2:153.50 
RESIST 1:152.50  
SUP1:149.70 
SUP2:148.00 

CS LEAD (AUG) OVERVIEW: 

TREND : BULLISH 
RESIST 2:125.30 
RESIST 1:124.70 
SUP1:122.30 
SUP2:121.50 

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : BULLISH 
RESIST 2:111.30 
RESIST 1:110.50 
SUP1:108.50 
SUP2:107.20 

ENERGIES:- 

Oil prices started August trading with fresh falls on Monday after several bearish reports, including rising output from OPEC, a rise in U.S. drilling and weak economic data from Asia. 
U.S. West Texas intermediate futures were trading at 41.58 per barrel, down 2 cents from July's last close. WTI shed 13 percent of value in July. Overproduction of crude and a wave of refined products were the main factors weighing on oil. 
Last week's crude build in the U.S. and the return of production in both Canada and Nigeria was a rude awakening that rebalancing (of oil markets) is probably further away than the market thought," Singapore Exchange (SGX) said on Monday. 

ENERGY LEVELS

CS CRUDE OIL (AUGUST) OVERVIEW:                           

TREND :BEARISH 
RESIST 2:2880 
RESIST 1:2850 
SUP1:2730 
SUP2:2700

CS NATURAL GAS (AUGUST) OVERVIEW: 

TREND : BULLISH 
RESIST 2:198 
RESIST 1:196 
SUP1:188 
SUP2:185 

 CAPITALSTARS