HIGH LIGHTS:-
U.S. crude oil remains below $40 as oversupply still weighs.
Gold prices fall in Asia on profit-taking after overnight surge.
LME Copper to Stay Range-Bound.
PRECIOUS METALS:-
Gold prices fell on Wednesday in Asia on profit-taking as the yellow metal benefits from continued easy global monetary policies. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.17% to $1,370.25 a troy ounce.
Silver futures for September delivery fell 0.14% to $20.672 a troy ounce. Overnight, gold surged on Tuesday, soaring more than $10 an ounce to test 28-month highs, as the dollar slumped to its lowest level since late-June and inflation remained relatively weak, potentially delaying the timing of the Federal Reserve's latest interest rate hike. |
PRECIOUS LEVEL
CS GOLD (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2: 32250
RESIST 1: 32050
SUP 1: 31600
SUP 2: 31400
RESIST 2: 32250
RESIST 1: 32050
SUP 1: 31600
SUP 2: 31400
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 48800
RESIST 1: 48500
SUP1: 47700
SUP2: 47500
RESIST 2: 48800
RESIST 1: 48500
SUP1: 47700
SUP2: 47500
BASE METALS:-
LME copper will narrowly range USD 4,870-4,910/mt during Asian trading hours Wednesday.
Market attention will focus on US crude oil stocks and July ADP employment today. Despite volatility in US non-farm payrolls in May and June, ADP employment held largely stable. Employment sub-index under manufacturing index of the US Federal Reserve Bank of Philadelphia and New York and ISM manufacturing PMI all fell in July, except employment sub-index under the US Federal Reserve Bank of Dallas. Hence, ADP employment is likely to drop slightly in July.
The UK’s service PMI hit the biggest fall in 20 years in June, which is blamed on Brexit. Should the UK’s service PMI continue falling in July, this will be interpreted as deterioration of UK economic outlook.
Market attention will focus on US crude oil stocks and July ADP employment today. Despite volatility in US non-farm payrolls in May and June, ADP employment held largely stable. Employment sub-index under manufacturing index of the US Federal Reserve Bank of Philadelphia and New York and ISM manufacturing PMI all fell in July, except employment sub-index under the US Federal Reserve Bank of Dallas. Hence, ADP employment is likely to drop slightly in July.
The UK’s service PMI hit the biggest fall in 20 years in June, which is blamed on Brexit. Should the UK’s service PMI continue falling in July, this will be interpreted as deterioration of UK economic outlook.
BASE METAL LEVELS
CS COPPER (AUGUST) OVERVIEW:
TREND : BEARISH
RESIST 2:333
RESIST 1:330
SUP1:324
SUP2:321
RESIST 2:333
RESIST 1:330
SUP1:324
SUP2:321
CS NICKEL (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2:734
RESIST 1:726
SUP1:713
SUP2:705
RESIST 2:734
RESIST 1:726
SUP1:713
SUP2:705
CS ZINC (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2:153.50
RESIST 1:152.50
SUP1:150.50
SUP2:149.50
RESIST 2:153.50
RESIST 1:152.50
SUP1:150.50
SUP2:149.50
CS LEAD (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2:123.50
RESIST 1:122.50
SUP1:120.00
SUP2:119.00
RESIST 2:123.50
RESIST 1:122.50
SUP1:120.00
SUP2:119.00
CS ALUMINIUM (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2:111.30
RESIST 1:110.00
SUP1:108.00
SUP2:107.00
RESIST 2:111.30
RESIST 1:110.00
SUP1:108.00
SUP2:107.00
ENERGIES:-
Oil prices edged up early on Wednesday, supported by a weaker dollar, but U.S. crude futures remained below $40 per barrel and Brent was below $42 as ongoing fuel oversupply and stuttering economic growth weighed on markets
Analysts said a weaker U.S. dollar, which has shed 2.5 percent in value against a basket of other leading currencies since July highs, was lending oil markets some support by making fuel imports cheaper for countries using other currencies, potentially stoking demand.
Oil markets have been dogged by oversupply that started in the crude sector more than two years ago and which has since spread to refined products, leaving storage tanks filled to the brink, and unsold fuel stored on ships.
Highlights
Analysts said a weaker U.S. dollar, which has shed 2.5 percent in value against a basket of other leading currencies since July highs, was lending oil markets some support by making fuel imports cheaper for countries using other currencies, potentially stoking demand.
Oil markets have been dogged by oversupply that started in the crude sector more than two years ago and which has since spread to refined products, leaving storage tanks filled to the brink, and unsold fuel stored on ships.
Highlights
ENERGY LEVELS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2740
RESIST 1:2690
SUP1:2620
SUP2:2600
RESIST 2:2740
RESIST 1:2690
SUP1:2620
SUP2:2600
CS NATURAL GAS (AUGUST) OVERVIEW:
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