DAILY MCX COMMODITY MARKET NEWS & LEVELS - 30 AUG 2016

                                   

HIGH LIGHTS:- 

LME Copper to See Range-Bound Trading.

Oil prices rise as dollar retreats from two-week high.

Gold prices give up early gains as dollar continues to rise.

PRECIOUS METALS:- 

Gold gave up early gains in Asia on Tuesday as the dollar gained further and data sets from Japan showed noted improvement as investors looked ahead to nonfarm payroll figures in the U.S. at the end of the week for a clearer view of a possible Fed rate hike this year.Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.06% to $1,326.255 a troy ounce. Overnight, gold prices held on to overnight losses in North American hours on Monday, trading at five-week lows after senior Federal Reserve officials indicated a U.S. interest rate increase was on the cards in the near term. According to Investing.com's Fed Rate Monitor Tool, investors are currently pricing in a 24% chance of a rate hike by September, up from 21% before Yellen and Fischer spoke.

PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 31350
RESIST 1: 31200
SUP 1: 30850
SUP 2: 30680

CS SILVER (SEPTEMBER) OVERVIEW:

  
TREND : BULLISH
RESIST 2: 45000
RESIST 1: 44700
SUP1: 43500
SUP2: 43100

BASE METALS:- 

LME copper will range between USD 4,615-4,655/mt today and SHFE 1610 copper should fluctuate at RMB 36,200-36,600/mt.The sentiment index for August from euro zone may fall slightly, which can be reflected by sharp declines in August CCI in euro zone, Germany’s negative IFO business climate index and weaker-than-expected ZEW economic climate index.
US August IBD CCI improved while University of Michigan’s CCI fell back. The conference board CCI may follow the University of Michigan’s CCI to weaken in August. Base metals will see diverging trend on Tuesday with eyes on sentiment index and CCI for August from euro zone, and Germany’s August CPI and US August conference board CCI.

BASE METAL LEVELS

CS COPPER (AUGUST) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:317
RESIST 1:315
SUP1:307
SUP2:305

CS NICKEL (AUG) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:693
RESIST 1:680
SUP1:653
SUP2:640

CS ZINC (AUG) OVERVIEW:

TREND : BEARISH
RESIST 2:156.50
RESIST 1:155.60
SUP1:153.30
SUP2:152.50

CS LEAD (AUG) OVERVIEW: 

TREND : BEARISH
RESIST 2:126.50
RESIST 1:125.70
SUP1:124.00
SUP2:123.00

CS ALUMINIUM (AUG) OVERVIEW: 

TREND : BEARISH
RESIST 2:110.80
RESIST 1:110.00
SUP1:108.50
SUP2:108.00

ENERGIES:- 

Crude rebounded further in Asia on Tuesday as investors took advantage of a sharp overnight fall ahead of U.S. industry estimates on stockpiles later in the day.Crude oil for October delivery on the New York Mercantile Exchange rose 0.26% to $47.10 a barrel. On the ICE Futures Exchange in London, Brent oil for November delivery gained 0.10% to $49.50 a barrel. The American Petroleum Institute will release its estimates of crude and refined product stock at the end of last week, while the U.S. Department of Energy reports more closely-watched data on Wednesday.Overnight, oil prices extended overnight losses during North American hours on Monday, falling almost 2% as a broadly stronger U.S. dollar and fading hopes of a production freeze weighed on sentiment.

ENERGY LEVELS

CS CRUDE OIL (SEPTEMBER) OVERVIEW:                           

TREND :SIDEWAYS
RESIST 2:3250
RESIST 1:3220
SUP1:3140
SUP2:3100

CS NATURAL GAS (SEPTEMBER) OVERVIEW: 

TREND :BULLISH
RESIST 2:199.00
RESIST 1:197.00
SUP1:193.00
SUP2:190.00

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