DAILY MCX COMMODITY MARKET NEWS & LEVELS - 16 DEC 2016

HIGH LIGHTS:-

• Gold stages mild rebound in Asia on price dips post Fed hike. 
• LME Copper to Move in a Tight Range. 
• Oil prices edge up as Kuwait cuts supplies by more than expected. 
  

PRECIOUS METALS:- 

Gold prices gained in Asia on Friday in rebound trade from recent lows, though the downbeat trend remains in track on a stronger dollar and growing appetite for riskier investments.  On the Comex division of the New York Mercantile Exchange gold futures for February delivery rose 0.28% to $1,132.95 a troy ounce. Silver futures on the Comex jumped 0.76% to $16.080 a troy ounce. Overnight, gold prices fell to the lowest settlement price in 10 months as investors head for risk-on assets over safe-haven holdings such as the precious metal.  A global sell-off in gold exchange-traded funds and weak physical markets in China and India are taking away price momentum.  PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 27300 
RESIST 1: 27200 
SUP 1: 26800 
SUP 2: 26650

CS SILVER (MARCH) OVERVIEW:

TREND : BEARISH 
RESIST 2: 40100 
RESIST 1: 39700 
SUP1: 39000 
SUP2: 38500 

BASE METALS:-

LME copper is predicted to range between USD 5,680-5,770/mt during the Asian trading hours on Friday and SHFE 1702 copper will move at RMB 46,500-47,050/mt. 
In China’s domestic market, spot copper should trade at discounts of RMB 120/mt to premiums of RMB 20/mt on Friday. US November housing starts, construction permits and Eurozone November CPI will be released today. Base metals rallied at the end of the evening session, so investors should refrain from overt pessimism. 
US October housing starts and construction permits both surged. Even if November data continue to improve, month-on-month growth may slide due to high base. But US housing market is still strong in light of surging NAHB housing market index. Eurozone November final annualized CPI is expected to improve. Eurozone annualized CPI edged up after bottoming in February and April.

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BULLISH 
RESIST 2:398 
RESIST 1:396 
SUP1:387 
SUP2:384

CS NICKEL (DEC) OVERVIEW:

TREND :  SIDEWAYS 
RESIST 2: 792 
RESIST 1: 780 
SUP1: 763 
SUP2: 755 

CS ZINC (DEC)OVERVIEW:

TREND :  BULLISH 
RESIST 2:194.00 
RESIST 1:192.00 
SUP1:184.50 
SUP2:182.50 

CS LEAD (DEC) OVERVIEW: 

TREND :  SIDEWAYS 
RESIST 2: 162.00 
RESIST 1: 160.00 
SUP1: 155.50 
SUP2: 154.00 

CS ALUMINIUM (DEC) OVERVIEW: 

TREND : BULLISH 
RESIST 2: 121.00 
RESIST 1: 119.50 
SUP1: 117.00 
SUP2: 115.50

ENERGIES:- 

Oil prices edged up on Friday after market sources said Kuwait had told customers it was cutting supplies by more than initially expected from January as part of a coordinated effort by oil producers to drain a global glut. The slightly higher prices came after Kuwait, a member of the Organization of the Petroleum Exporting Countries, notified customers that it would cut supplies from January as part of an effort by OPEC and other producers led by Russia to cut production by almost 1.8 million barrels per day (bpd) in order to reduce a fuel supply overhang that has dogged markets for over two years. 
Kuwait Petroleum Corporation (KPC) already said on Tuesday that it had officially notified its customers of a cut in their contractual crude oil supplies for January, in line with a deal with OPEC to reduce production. 

ENERGY LEVELS

CS CRUDE OIL (DEC) OVERVIEW:                           

TREND : BEARISH 
RESIST 2:3550 
RESIST 1:3530 
SUP1:3420 
SUP2:3400

CS NATURAL GAS (DEC) OVERVIEW: 

TREND : BEARISH 
RESIST 2:239.00 
RESIST 1:236.00 
SUP1:228.00 
SUP2:224.00 

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