DAILY MCX COMMODITY MARKET NEWS & LEVELS - 30 SEP 2016

HIGH LIGHTS:-

• LME Copper to Strengthen.
• Brent, NYMEX down in Asia after Caixin China PMI, U.S. rig data ahead.
• Gold gains slightly in Asia as Caixin China manufacturing PMI noted.

PRECIOUS METALS:- 

Gold prices rose a tad in Asia on Friday after a key manufacturing survey from China came in as expected and investors looked ahead to more remarks from Fed policymakers. The Caixin manufacturing PMI for September came in at 50.1 as expected with holidays in China next week in focus going forward. "The readings for the manufacturing PMI over the past three months seem to indicate that the economy has begun to stabilize," Zheng shengZheng, director of macroeconomic analysis at Caixin said. PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BEARISH
RESIST 2: 31400
RESIST 1: 31300
SUP 1: 31000
SUP 2: 30800

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 46400
RESIST 1: 46000
SUP1: 45450
SUP2: 45000

BASE METALS:-

LME copper will range between USD 4,820-4,860/mt on Friday and SHFE 1611 copper is predicted to move at RMB 37,500-37,800/mt.
Caixin’s manufacturing PMI for China in September and inflation data from the US and Europe will be announced today. The night session on the SHFE will be suspended today due to China’s National Day holiday.China’s major economic indicators in August improved across the board. Caixin’s manufacturing PMI in August was around 50, and the figure in September should significantly affect base metals in Shanghai today.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :SIDEWAYS
RESIST 2:329
RESIST 1:326
SUP1:322
SUP2:320

CS NICKEL (SEPTEMBER) OVERVIEW:

TREND :BEARISH
RESIST 2:720
RESIST 1:710
SUP1:692
SUP2:683

CS ZINC (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2:158.30
RESIST 1:157.50
SUP1:155.50
SUP2:154.00

CS LEAD (SEPTEMBER) OVERVIEW: 

TREND : BULLISH
RESIST 2:139.30
RESIST 1:138.30
SUP1:135.50
SUP2:134.50

CS ALUMINIUM (SEPEMBER) OVERVIEW: 

TREND : BULLISH
RESIST 2:112.20
RESIST 1:111.50
SUP1:109.50
SUP2:108.50

ENERGIES:- 

Crude prices showed a mild fall in Asia on Friday after a manufacturing survey from China with details of an OPEC curb on output yet to filter fully through and investors in the near term awaiting rig count data in the U.S.
Crude oil for November delivery on the New York Mercantile Exchange fell 0.31% to $47.68 a barrel. Oilfield services provider Baker Hughes said last week that the number of rigs drilling for oil in the U.S. last week rose by 2 to 418, marking the 12th increase in 13 weeks.
In Asia, the Caixin manufacturing PMI for September came in at 50.1 as expected with holidays in China next week in focus going forward.

ENERGY LEVELS
CS CRUDE OIL (OCTOBER) OVERVIEW:                           

TREND :BULLISH
RESIST 2:3280
RESIST 1:3230
SUP1:3130
SUP2:3100

CS NATURAL GAS (OCTOBER) OVERVIEW: 

TREND :BEARISH
RESIST 2:203.00
RESIST 1:201.00
SUP1:195.00
SUP2:19200

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