MCX COMMODITY MARKET NEWS & LEVELS - 14 DEC 2016

HIGH LIGHTS:-

• Oil prices fall on rising U.S. crude stocks, OPEC output concerns. 
• SHFE Copper to End with Losses. 
• Gold prices gain in Asia as Fed looks set to raise rates. 
  

PRECIOUS METALS:- 

Gold prices edged up in Asia ahead of a widely expected move by the Federal Reserve to hike interest rates on Wednesday, marking the first such increase in a year.  On the Comex division of the New York Mercantile Exchange gold futures for February delivery rose 0.24% to $1.161.80 a troy ounce. Silver futures edged up 0.12% to $16.998 a troy ounce.  Higher interest rates are usually seen as negative for gold, but investors are focused on the tone of the post-meeting press conference on the pace of any hikes in 2017, with some expecting caution from Fed Chair Janet Yellen.  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 : SIDEWAYS 
RESIST 2: 41900 
RESIST 1: 41700 
SUP1: 41000 
SUP2: 40850

BASE METALS:-

LME copper is expected to range between USD 5,680-5,780/mt during Asian trading hours on Wednesday and SHFE 1702 copper will move at RMB 46,200-46,800/mt. 
In China’s domestic market, spot copper should trade at premiums of RMB 30-130/mt on Wednesday. The market still remains cautious ahead of the announcement of Fed’s interest rate decision. Base metals will move weakly today. 
US November retail sales due for release today may fall as employment in the retailing sector decreased 9.3% YoY in November, the lowest in the same period from 2010, due mainly to impact from online shopping.

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BEARISH 
RESIST 2:398 
RESIST 1:394 
SUP1:384 
SUP2:382  

CS NICKEL (DEC) OVERVIEW:

TREND :  BULLISH 
RESIST 2: 792 
RESIST 1: 780 
SUP1: 760 
SUP2: 752

CS ZINC (DEC)OVERVIEW:

TREND :  SIDEWAYS 
RESIST 2:188.00 
RESIST 1:187.00 
SUP1:181.00 
SUP2:179.00 

CS LEAD (DEC) OVERVIEW: 

TREND :  SIDEWAYS 
RESIST 2: 162.00 
RESIST 1: 160.00 
SUP1: 156.00 
SUP2: 154.00

CS ALUMINIUM (DEC) OVERVIEW: 

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

ENERGIES:- 

Oil prices fell on Wednesday following a reported rise in U.S. crude inventories and an estimate that OPEC may have produced more crude in November than previously thought, potentially undermining a planned output cut. 
Traders said the price falls followed a report of surprise increases in U.S. crude inventories. Markets were also focused on an anticipated U.S. interest rate hike, likely supporting the dollar and making dollar-traded fuel imports more expensive for countries using other currencies at home. 
Momentum continues to wane in oil markets with both Brent and WTI slightly lower overnight, following higher than expected API inventory numbers in the United States showed an unexpectedly large increase of 4.7 million barrels.

ENERGY LEVELS

CS CRUDE OIL (DEC) OVERVIEW:                           

TREND : SIDEWAYS 
RESIST 2:3650 
RESIST 1:3600 
SUP1:3470 
SUP2:3420 

CS NATURAL GAS (DEC) OVERVIEW: 

TREND : BEARISH 
RESIST 2:241.00 
RESIST 1:238.00 
SUP1:230.00 
SUP2:227.00

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