DAILY MCX COMMODITY MARKET NEWS & LEVELS - 06 OCT 2016

HIGH LIGHTS:-

• Oil prices dip after reaching June highs on U.S. crude stock draw.
• Gold prices gain in Asia after ADP jobs report misses expectations.
• Financial markets in Shanghai will be closed for a national holiday for whole week.

PRECIOUS METALS:- 

Gold posted mild gains in Asia on Thursday with a private U.S. nonfarm jobs report coming in weaker than expected, setting the satge for offical data from the U.S. Department of Labor at the end of the week seen as crucial to Fed rate hike chances in December. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.20% to $1,271.15 a troy ounce, while silver futures on the COMEX for December gained 0.80% to $17.837 a troy ounce.Markets in China are shut for the week. Overnight, gold prices turned lower during North America's session on Wednesday, reversing overnight gains after data showed that the U.S. services sector accelerated in September to the fastest level in 11 months. PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND : BEARISH
RESIST 2: 30250
RESIST 1: 30050
SUP 1: 29700
SUP 2: 29600

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 43500
RESIST 1: 43100
SUP1: 42120
SUP2: 41700

BASE METALS:-

LME base metals traded mixed yesterday as rising US rate hike betsexerted pressure on dollar denominated commodities. Also, mutedvolumes owing to week long holiday in China have hurt volumes.MCX base metals traded mixed in line with international trends.
LME Copper prices fell by 0.1 percent yesterday to $4799.5/tonne asanother hawkish statement came from Federal Reserve Vice ChairStanley Fischer on Wednesday that evidence that the so-callednatural rate of interest has fallen to low levels could mean theeconomy is stuck in a low-growth rut that could prove hard toescape.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND :SIDEWAYS
RESIST 2:325
RESIST 1:323
SUP1:319
SUP2:317

CS NICKEL (OCT) OVERVIEW:

TREND :SIDEWAYS
RESIST 2:685
RESIST 1:680
SUP1:663
SUP2:653

CS ZINC (OCT) OVERVIEW:

TREND : BEARISH
RESIST 2:157.60
RESIST 1:156.60
SUP1:155.00
SUP2:153.50

CS LEAD (OCT) OVERVIEW: 

TREND : BEARISH
RESIST 2:138.60
RESIST 1:137.60
SUP1:134.70
SUP2:133.70

CS ALUMINIUM (OCT) OVERVIEW: 

TREND : SIDEWAYS
RESIST 2:113.00
RESIST 1:112.20
SUP1:110.20
SUP2:109.70

ENERGIES:- 

Oil prices eased on Thursday but remained near June highs reached the previous session when they were buoyed by a fall in U.S. crude inventories.
U.S. West Texas Intermediate (WTI) crude oil futures were trading at $49.54 per barrel at 0136 GMT, down 29 cents or 0.6 percent from their last settlement.
Both contracts hit their highest levels since June on Wednesday after the U.S. Energy Information Administration (EIA) said crude stockpiles fell 3 million barrels last week to 499.74 million barrels, and as international oil markets prepared for a planned output cut by the Organization of the Petroleum Exporting Countries.

ENERGY LEVELS
CS CRUDE OIL (OCTOBER) OVERVIEW:                           

TREND :BULLISH
RESIST 2:3380
RESIST 1:3350
SUP1:3270
SUP2:3230

CS NATURAL GAS (OCTOBER) OVERVIEW: 

TREND :BULLISH
RESIST 2:206.00
RESIST 1:204.00
SUP1:198.00
SUP2:195.00

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