MCX COMMODITY MARKET NEWS & LEVELS - 02 JAN 2017

HIGH LIGHTS:-

• NYMEX crude gains in holiday-thinned Asian trade. 
• Gold prices decline on Friday.

PRECIOUS METALS:- 

The price of gold declined on intraday trading on Friday, but is still on track to finish the year with a 6% increase. Gold was trading at $1155.80 per ounce, down $2.90, or 0.21%. Silver was down too, at $16.04 per ounce, a decline of 0.17 cents, or 1.10%. Other commodity prices, including platinum, palladium, and copper, were rising on intraday trading. A major dip in the U.S. dollar index late this week is encouraging buying in the gold and silver.  Prices of gold and silver charts remain bearish, however. A rhetorical conflict between the U.S. and Russia was impacting the dollar, which also slammed precious metals.  Russia's foreign secretary called the U.S. "foreign policy losers" for issuing sanctions over alleged, unproven hacking allegations against Moscow, and over-the-top claims that social engineering, or hacking, of John Podesta's G-Mail account led to the overwhelming electoral college defeat of Hillary Clinton in the presidential election this fall.  PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND : BULLISH 
RESIST 2: 27750 
RESIST 1: 27650 
SUP 1: 27350 
SUP 2: 27180 

CS SILVER (MARCH) OVERVIEW:

TREND :   BULLISH 
RESIST 2: 40000 
RESIST 1: 39700 
SUP1: 38700 
SUP2: 38400

BASE METALS:-

Copper March delivery has added 0.5 percent at $ 2.498.As 2017 New Year holiday falls on Dec. 31 to Jan. 2, there will be no update on SMM's website during the holiday period.  
Nickel ore inventories at seven major Chinese ports kept dropping in the week ending Dec. 30, Shanghai Metals Market reported.  Nickel ore inventories at seven major Chinese ports were down 240,000 tones’ on a weekly basis, according to SMM data.  
Over this past week, the Port of Lanshan and Lianyungang saw arrivals of 100,000 wmt and 120,000 wmt of goods, respectively. SMM survey finds.

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND :  SIDEWAYS 
RESIST 2:385 
RESIST 1:382 
SUP1:375 
SUP2:372

CS NICKEL (JAN) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 710 
RESIST 1: 700 
SUP1: 680 
SUP2: 670

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:- 

U.S. crude oil prices drifted higher in Asia on Monday with most financial markets in the region closed to mark the New Year holiday. Crude for February delivery on the New York Mercantile Exchange rose 0.24% to $53.90 a barrel. Global benchmark Brent crude traded on London's Intercontinental Exchange was last quoted at $56.74 a barrel. 
Investors await news of the adherence to combined production cuts by OPEC and non-OPEC nations near 1.8 million barrels per day that started at the New Year. A meeting in Kuwait later this month will assess progress. 
Oil prices settled slightly lower on Friday, the year's last trading day, but attained their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years. A two-rig rise in the oil rig count in the United States, the ninth weekly increase in a row, as reported by oilfield services provider Baker Hughes Inc, added to bearish sentiments. 

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 2:258.00 
RESIST 1:256.00 
SUP1:249.00 
SUP2:247.00 

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