MCX COMMODITY MARKET TIPS & LEVELS - 29 SEP 2016

HIGH LIGHTS:-

• NYMEX crude holds gains in Asia, Brent down after OPEC deal on output.
• Gold prices gain in Asia as chances for Fed hike in November mulled.
• LME Copper Sets for Gains.

PRECIOUS METALS:- 

Gold prices rose in Asia on Thursday as Fed Chair Janet Yellen avoided a hard timeline for a rate hike, though a colleague did suggest the topic was up for discussion in November. Cleveland Federal Reserve Bank President Loretta Mester said Wednesday that the November FOMC will be an "active meeting" and repeated her views another hike in the Fed funds rate is appropriate. The Investing.com Fed Rate Monitor Tool shows the market sees a 10.3% chance of a rate hike in November. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.24% to $1,326.85 a troy ounce. PRECIOUS LEVEL

CS GOLD (OCT) OVERVIEW:

TREND : BEARISH
RESIST 2: 31300
RESIST 1: 31150
SUP 1: 30900
SUP 2: 30800

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 46500
RESIST 1: 46200
SUP1: 45600
SUP2: 45200

BASE METALS:-

LME copper will range between USD 4,835-4,865/mt on Thursday and SHFE 1611 copper should move at RMB 37,450-37,800/mt.Eurozone September CCI, US Q2 GDP and PCE goods price index and August pending home sales will be released today. Base metals surged overnight as OPEC reached an agreement to freeze output. Base metals may continue to diverge today.
Eurozone September CCI in September is expected to remain flat at August. Sen tix’s September investor confidence index for the Eurozone. Eurozone September CCI was also better than expected. GfK’s September CCI for Germany unexpectedly improve, while European Central Bank hinted it may leave interest rate low in the following months, boding well for Germany CCI.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :BULLISH
RESIST 2:331
RESIST 1:329
SUP1:325
SUP2:322

CS NICKEL (SEPTEMBER) OVERVIEW:

TREND :BULLISH
RESIST 2:725
RESIST 1:718
SUP1:708
SUP2:700

CS ZINC (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2:157.50
RESIST 1:156.70
SUP1:155.00
SUP2:153.90

CS LEAD (SEPTEMBER) OVERVIEW: 

TREND : BULLISH
RESIST 2:136.00
RESIST 1:135.00
SUP1:133.00
SUP2:132.00

CS ALUMINIUM (SEPEMBER) OVERVIEW: 

TREND : BULLISH
RESIST 2:111.70
RESIST 1:111.00
SUP1:109.50
SUP2:108.50

ENERGIES:- 

U.S. crude oil prices held gains in Asia on Thursday as OPEC agreed to curbs on production with details apparently still under discussion and investors noted U.S. inventory data from the Department of Energy.
OPEC surprised markets Wednesday and agreed to production curbs under a formula to cut output to a range of 32.5 million to 33 million barrels of oil per day from 33.4 million.
Under the terms, Saudi Arabia, the world's top producer, is expected to cut output by 350,000 barrels a day, according to reports.

ENERGY LEVELS
CS CRUDE OIL (OCTOBER) OVERVIEW:                           

TREND :BULLISH
RESIST 2:3200
RESIST 1:3180
SUP1:3065
SUP2:3030

CS NATURAL GAS (OCTOBER) OVERVIEW: 

TREND :BEARISH
RESIST 2:205.00
RESIST 1:203.00
SUP1:198.00
SUP2:196.00

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