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DAILY MCX COMMODITY MARKET NEWS & LEVELS - 03 JAN 2017

Best MCX Tips, Commodity Trading Tips, Copper Tips, crude oil tips, gold trading tips, Mcx Commodity Tips, MCX tips services,


HIGH LIGHTS:-

  • Copper jumps in Asia after Caixin data. 
  • Gold up solidly on geopolitics. 
  • Oil prices rise as markets eye OPEC, non-OPEC production cuts. 
    PRECIOUS METALS:- 

    Gold prices gained solidly on Tuesday and copper jumped as a private manufacturing survey out of China aided sentiment and geopolitical tension was stoked over a tweet by President-elect Donald Trump warning North Korea on testing an intercontinental ballistic missile. 
    Gold for February delivery rose 0.49% to $1.157.35 a troy ounce on the Comex division of the New York Mercantile Exchange. Elsewhere in precious metals trading, silver gained 0.68% to $16.098 a troy ounce. 
    "North Korea just stated that it is in the final stages of developing a nuclear weapon capable of reaching parts of the U.S. It won't happen!" Trump then chided China on trade and its diplomatic support to North Korea. 
    "China has been taking out massive amounts of money & wealth from the U.S. in totally one-sided trade, but won't help with North Korea. Nice!" 

    PRECIOUS LEVEL

    CS GOLD (FEB) OVERVIEW:
    TREND : BULLISH 
    RESIST 2: 27850 
    RESIST 1: 27700 
    SUP 1: 27400 
    SUP 2: 27300 

    CS SILVER (MARCH) OVERVIEW:
    TREND :   BULLISH 
    RESIST 2: 40000 
    RESIST 1: 39800 
    SUP1: 39200 
    SUP2: 38800
    BASE METALS:-
    LME copper will range between USD 5,490-5,560/mt on Tuesday, the first trading day in the new year, waiting for guide from market. China’s Caixin manufacturing PMI in December will be released, which will be positive according to official manufacturing PMI introduced during 2017 New Year Holiday. The positive data will support market sentiment. SHFE 1703 copper will move at RMB 45,200-45,800/mt on Tuesday. 
    In China’s domestic market, traders’ selling interest reduced, pushing premiums up, while downstream buyers watch from sidelines. Spot copper should trade at discounts of RMB 230-130/mt on Tuesday. 
    China’s Caixin manufacturing PMI and manufacturing PMIs from other countries in December will be introduced on Tuesday and Wednesday, which will be stable as a whole, making small effect on market.

    BASE METAL LEVELS
    CS COPPER (FEB) OVERVIEW:
    TREND : BULLISH 
    RESIST 2:387 
    RESIST 1:385 
    SUP1:378 
    SUP2:375 

    CS NICKEL (JAN) OVERVIEW:
    TREND :  BULLISH 
    RESIST 2: 710 
    RESIST 1: 705 
    SUP1: 690 
    SUP2: 685
    CS ZINC (JAN)OVERVIEW:
    TREND :  SIDEWAYS 
    RESIST 2:178.00 
    RESIST 1:177.00 
    SUP1:172.00 
    SUP2:170.00 

    CS LEAD (JAN) OVERVIEW: 
    TREND :  BULLISH 
    RESIST 2: 140.00 
    RESIST 1: 139.00 
    SUP1: 135.00 
    SUP2: 133.00

    CS ALUMINIUM (JAN) OVERVIEW: 
    TREND : BEARISH 
    RESIST 2: 117.50 
    RESIST 1: 116.50 
    SUP1: 114.00 
    SUP2: 113.00
    ENERGIES:- 
    Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining the global supply glut. 
    Jan. 1 marked the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day. Market watchers said January will serve as an indicator for whether the agreement will stick. 
    "Markets will be looking for anecdotal evidence for production cuts," said Ric Spooner, chief market analyst at Sydney's CMC Markets. "The most likely scenario is OPEC and non-OPEC member countries will be committed to the deal, especially in early stages." 
    ENERGY LEVELS
    CS CRUDE OIL (JAN) OVERVIEW:                           
    TREND :  SIDEWAYS 
    RESIST 2:3760 
    RESIST 1:3720 
    SUP1:3600 
    SUP2:3550 
    CS NATURAL GAS (JAN) OVERVIEW: 
    TREND : BEARISH 
    RESIST 2:252.00 
    RESIST 1:250.00 
    SUP1:234.00 
    SUP2:230.00 

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