MCX COMMODITY MARKET NEWS & LEVELS - 13 DEC 2016

HIGH LIGHTS:-

• Gold settles higher on overall market optimism. 
• Zambia Copper Output to Rise to 800,000 tonnes in 2017. 
• NYMEX crude a tad higher in Asia, Brent gains ahead of API estimates.  

PRECIOUS METALS:- 

The price of gold on Monday settled at $1163.70, an increase of 0.15%, or $1.79 per troy ounce. Investors note that gold has historically had something of an inverse relationship with the S&P 500. That market declined on Monday.  The price of the commodity had slumped nearly 12% during the third quarter, suffering its secondworst quarter in nearly 20 years. Gold is generally considered a "safe haven" asset. Gold is up for the year, thanks to the big rise it enjoyed through the Fourth of July holiday in the U.S. PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 27950 
RESIST 1: 27780 
SUP 1: 27400 
SUP 2: 27300 

CS SILVER (MARCH) OVERVIEW:

TREND : BULLISH 
RESIST 2: 42300 
RESIST 1: 42000 
SUP1: 41250 
SUP2: 40900

BASE METALS:-

The Ministry of Mines & Minerals Development said Zambia’s copper production is expected to increase to 800,000 tonnes in 2017 due to commencement of new mining project and stabilizing international copper prices, wenhua.com reported. Data from Zambian Ministry of Finance & National Planning show copper output was 575,780tonnes in the first nine months of 2016. US Fed will announce its interest rate decision at its December policy meeting this Thursday. It is now widely believed that the Fed rate hike is very likely. 
Where will metals prices head if the Fed raises its benchmark rate? SMM interviewed Chen Shiyuan, an Economist from Bloomberg. The market expects the Fed to raise interest rate at its December policy meeting after continuous improvement in US economic growth, employment and inflation data, Chen said. 

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BEARISH 
RESIST 2:398 
RESIST 1:394 
SUP1:385 
SUP2:383 

CS NICKEL (DEC) OVERVIEW:

TREND :   BEARISH 
RESIST 2: 780 
RESIST 1: 772 
SUP1: 755 
SUP2: 740

CS ZINC (DEC)OVERVIEW:

TREND :  SIDEWAYS 
RESIST 2:188.00 
RESIST 1:185.00 
SUP1:179.00 
SUP2:177.00 

CS LEAD (DEC) OVERVIEW: 

TREND :  SIDEWAYS 
RESIST 2: 161.00 
RESIST 1: 159.00 
SUP1: 154.00 
SUP2: 152.00

CS ALUMINIUM (DEC) OVERVIEW: 

TREND :  SIDEWAYS 
RESIST 2: 120.00 
RESIST 1: 119.00 
SUP1: 116.50 
SUP2: 115.50

ENERGIES:- 

Crude oil prices stayed in the green in Asia on Tuesday ahead of U.S. industry estimates of inventories. The American Petroleum Institute will release figures late Tuesday on crude and refined product stockpiles to be followed on Wednesday from official data from the U.S. Department of Energy. 
Overnight, oil prices rose than 18-month high after OPEC and a few of its market rivals reached their first deal since 2001 to reduce output across the globe. Oil prices at $60 a barrel would be “ideal” for producers as higher levels risk competition from competing commodity supplies from the U.S., Nigeria’s petroleum minister told the media on Monday.

ENERGY LEVELS

CS CRUDE OIL (DEC) OVERVIEW:                           

TREND : BULLISH 
RESIST 2:3700 
RESIST 1:3650 
SUP1:3520 
SUP2:3490 

CS NATURAL GAS (DEC) OVERVIEW: 

TREND : BEARISH 
RESIST 2:246.00 
RESIST 1:242.00 
SUP1:234.00 
SUP2:232.00

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