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MCX COMMODITY MARKET NEWS & LEVELS - 05 JAN 2017

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HIGH LIGHTS:-

  • Gold prices gain in Asia as Fed minutes seen too reliant on Trump plans. 
  • Oil dips on doubts over touted production cuts. 
  • LME Copper to See Range-Bound Trading. 
    PRECIOUS METALS:- 

    Gold prices gained in Asia on Thursday as investors read the Fed minutes to suggest that a potential three rate hike forecast for this year was too dependent on President-elect Donald Trump pushing through aggressive tax cuts and spending plans. 
    Gold for February delivery on the Comex division of the New York Mercantile Exchange rose 0.57% to $1,171.95 a troy ounce. Also on the Comex, silver futures for March delivery added 0.21% to $16.587 a troy ounce. The Caixin services PMI for China rose to 53.4, a tick above 53.3 expected and that followed solid manufacturing figures from China as well as Japan regionally this week. 
    "Improved rates of new order growth were also seen across both monitored sectors in December. The pace of new business expansion accelerated to its strongest since July 2014 at manufacturing companies amid reports of improving client demand. At the same time, growth in new work at services companies quickened to a 17-month record.  

    PRECIOUS LEVEL

    CS GOLD (FEB) OVERVIEW:
    TREND : BULLISH 
    RESIST 2: 28200 
    RESIST 1: 28000 
    SUP 1: 27550 
    SUP 2: 27400 

    CS SILVER (MARCH) OVERVIEW:
    TREND :   BULLISH 
    RESIST 2: 41500 
    RESIST 1: 41000 
    SUP1: 39800 
    SUP2: 39000
    BASE METALS:-
    LME copper is expected to move at USD 5,550-5,650/mt during Asian trading hours on Thursday and SHFE 1703 copper will move at RMB 45,500-46,100/mt. In China’s domestic market, spot copper should trade at discounts of RMB 140-60/mt on Thursday. 
    A series of US’s economic data will be released on Thursday, including API and EIA crude oil inventory, ADP employment in December, initial jobless claims from the week ending December. 30 and Federal Reserve’s meeting minutes in December. Prices increased across the board on stock, oil and base metal markets on Wednesday’s night trading, further indicating a support at lows. However, attention should be on a possibility of profit-taking at highs on Thursday with resistance at highs, and base metals are expected to perform mixed.  

    BASE METAL LEVELS
    CS COPPER (FEB) OVERVIEW:
    TREND : BULLISH 
    RESIST 2:395 
    RESIST 1:392 
    SUP1:382 
    SUP2:379 

    CS NICKEL (JAN) OVERVIEW:
    TREND :  BULLISH 
    RESIST 2: 715 
    RESIST 1: 710 
    SUP1: 685 
    SUP2: 677 
    CS ZINC (JAN)OVERVIEW:
    TREND :  BULLISH 
    RESIST 2:183.00 
    RESIST 1:181.00 
    SUP1:176.00 
    SUP2:174.00

    CS LEAD (JAN) OVERVIEW: 
    TREND :  BULLISH 
    RESIST 2: 145.00 
    RESIST 1: 143.00 
    SUP1: 139.00 
    SUP2: 137.00

    CS ALUMINIUM (JAN) OVERVIEW: 
    TREND : SIDEWAYS 
    RESIST 2: 117.50 
    RESIST 1: 116.50 
    SUP1: 114.00 
    SUP2: 113.00 
    ENERGIES:- 
    Oil prices dipped on Thursday on doubts producers would fully deliver on promises to cut output, although record U.S. automobile sales and falling crude stocks offered markets some support. Traders said the decline came on the back of worries that plans by the Organization of the Petroleum Exporting Countries (OPEC) and other leading producers to cut crude supply would be fully implemented. 
    "There remains a question mark over whether OPEC, with a long history of non-compliance, will actually follow through (with the cuts). Very few respondents expect full compliance," Singapore Exchange (SGX) said on Thursday, citing results from a survey of its participants. Reuter’s commodity analyst Wang Tao said that technical price trend indicators showed Brent may soon test support at $55.43 a barrel. 
    ENERGY LEVELS
    CS CRUDE OIL (JAN) OVERVIEW:                           
    TREND :  SIDEWAYS 
    RESIST 2:3720 
    RESIST 1:3680 
    SUP1:3550 
    SUP2:3500 
    CS NATURAL GAS (JAN) OVERVIEW: 
    TREND : BEARISH 
    RESIST 2:228.00 
    RESIST 1:225.00 
    SUP1:217.00 
    SUP2:215.00 

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