MCX COMMODITY MARKET TIPS & LEVELS - 21 DEC 2016

HIGH LIGHTS:-

• Obama bans new oil, gas drilling off Alaska, part of Atlantic coast. 
• SHFE Copper to Move Higher. 
• Gold edges lower as U.S. dollar bounces back towards 14-year high.
    

PRECIOUS METALS:- 

Gold prices edged lower on Tuesday, as the U.S. dollar bounced back toward its 14-year high against a basket of major currencies with markets focused on the possibility of further U.S. interest rate hikes next year.  Gold for February delivery on the Comex division of the New York Mercantile Exchange shed $7.95, or 0.7%, to $1,134.75 a troy ounce by 3:25AM, after rising $5.30, or 0.47%, in the prior session.  A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. Optimistic remarks on the U.S. labor market by Federal Reserve Chair Janet Yellen strengthened the possibility of further rate hikes next year. PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND : SIDEWAYS 
RESIST 2: 27500 
RESIST 1: 27400 
SUP 1: 27000 
SUP 2: 26800 

CS SILVER (MARCH) OVERVIEW:

TREND : SIDEWAYS 
RESIST 2: 40500 
RESIST 1: 40000 
SUP1: 39200 
SUP2: 38750 

BASE METALS:-

LME copper will range between USD 5,470-5,550/mt during Asian trading hours on Wednesday and SHFE 1702 copper is expected to move at RMB 44,800-45,150/mt. In China’s domestic market, spot copper should tread at discounts of RMB 280-130/mt on Wednesday. 
Fujian Province will strictly implement pollution control and treatment at major lead-zinc and copper ore exploration areas before late 2018, cnmn.com reported. The province will release emission limit implementation plan for major pollutants and decide companies to be majorly supervised before the end of 2017. Electroplating and lead-acid battery producing regions will be monitored most strictly. 

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BEARISH 
RESIST 2:385 
RESIST 1:382 
SUP1:373 
SUP2:370 

CS NICKEL (DEC) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 770 
RESIST 1: 750 
SUP1: 735 
SUP2: 725

CS ZINC (DEC)OVERVIEW:

TREND :  BEARISH 
RESIST 2:182.00 
RESIST 1:181.00 
SUP1:174.50 
SUP2:172.50 

CS LEAD (DEC) OVERVIEW: 

TREND :  BEARISH 
RESIST 2: 152.00 
RESIST 1: 150.00 
SUP1: 145.00 
SUP2: 143.00

CS ALUMINIUM (DEC) OVERVIEW: 

TREND : BEARISH 
RESIST 2: 118.50 
RESIST 1: 117.50 
SUP1: 116.50 
SUP2: 115.00

ENERGIES:- 

U.S. President Barack Obama on Tuesday banned new oil and gas drilling in federal waters in the Atlantic and Arctic Oceans, in a push to leave his stamp on the environment before Republican Donald Trump takes office next month. 
Obama used a 1950s-era law called the Outer Continental Shelf Act that allows presidents to limit areas from mineral leasing and drilling. Environmental groups said that meant Trump's incoming administration would have to go court if it sought to reverse the move. 
Trump, who succeeds Obama on Jan. 20, has said he would expand offshore oil and gas drilling. A recent memo from his energy transition team said his policy could increase production in the Chukchi and Beaufort Seas, as well as the mid- and south Atlantic. A Trump representative did not immediately comment on the announcement.  

ENERGY LEVELS

CS CRUDE OIL (DEC) OVERVIEW:                           

TREND : BULLISH 
RESIST 2:3750 
RESIST 1:3700 
SUP1:3600 
SUP2:3540 

CS NATURAL GAS (DEC) OVERVIEW: 

TREND : BEARISH 
RESIST 2:230.00 
RESIST 1:227.00 
SUP1:221.00 
SUP2:119.00 

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