MCX COMMODITY MARKET NEWS & LEVELS - 02 FEB 2017

Gold prices gain in Asia on Iran tension.  
Gold prices rose on Thursday in Asia with tensions between Iran and the U.S, over a ballistic missile test by Tehran this week and even the tenor of President Donald Trump's phone calls with world leaders. Overnight, gold prices fell slightly in the U.S. on Wednesday with investors noting upbeat language from the Fed in the latest policy review signaling rate hikes remain on track.   
The Federal Reserve held its fire on interest rates as widely expected on Wednesday, but was optimistic on the outlook for the economy in keeping its benchmark overnight lending rate target at 0.5% to 0.75% following a 25 basis point hike in December. “Measures of consumer and business sentiment have improved of late,” the committee said in its statement, using new language that jibes with voices on Wall Street following the election of Donald Trump as president.  

Lead futures gain as demand picks up. 
Lead futures were trading higher during morning trade in the domestic market on Wednesday as investors and speculators build up fresh bets in the industrial metal amid increase in physical demand for lead, from battery-makers, in the domestic spot market. Further, an upward trend in physical demand from batterymakers in the domestic spot market, supported prices of lead at futures trade. At the MCX, lead futures for February 2017 contract is trading at Rs 160.05 per kg, up by 0.28 per cent, after opening at Rs 159.40, against a previous close of Rs 159.60. It touched the intra-day high of Rs 160.20.  
Rise in physical demand for aluminum at the domestic spot market was led by widening of positions by traders in the spot markets, supported aluminum prices at futures trade. At the MCX, aluminum futures for February 2017 contract is trading at Rs 123.40 per kg, up by 0.57 per cent, after opening at Rs 122.95, against a previous close of Rs 122.70. It touched the intra-day high of Rs 123.45. 

Oil prices fall after sharp rise in U.S. stockpiles. 
Oil prices fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices. Front month futures for West Texas Intermediate were down 33 cents, or 0.6 percent, at $53.55 after climbing $1.07 at the day before. 
U.S. crude stocks grew last week by an unexpected 6.5 million barrels to 494.76 million barrels, the Energy Information Administration said on Wednesday, as refiners let stocks build further in a seasonally slow season for production. The build in stocks far exceeded analysts' expectations for an increase of 3.3 million barrels. 
"Obviously we saw some solid gains in prices in the previous session so there might be a little bit of profittaking in the Asian session after the market rallied unexpectedly," said Ben Le Brun, a market analyst with options Xpress in Sydney. 

PRECIOUS LEVEL

CS GOLD (APRIL) OVERVIEW:

TREND : BULLISH 
RESIST 2: 29200 
RESIST 1: 29000 
SUP 1: 28750 
SUP 2: 28550 

CS SILVER (MARCH) OVERVIEW:

TREND : BULLISH  
RESIST 2: 42700 
RESIST 1: 42500 
SUP1: 41800 
SUP2: 41500 

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BULLISH 
RESIST 2:412 
RESIST 1:408 
SUP1:402 
SUP2:399

CS NICKEL (FEB) OVERVIEW:

TREND :  BULLISH 
RESIST 2: 710 
RESIST 1: 700 
SUP1:685 
SUP2:675

CS ZINC (FEB)OVERVIEW:

TREND :  BULLISH 
RESIST 2:197.00 
RESIST 1:195.00 
SUP1:190.00 
SUP2:188.00 

CS LEAD (FEB) OVERVIEW: 

TREND :  SIDEWAYS 
RESIST 2: 161.00 
RESIST 1: 160.00 
SUP1: 156.00 
SUP2: 154.00 

CS ALUMINIUM (FEB) OVERVIEW: 

TREND :  BULLISH 
RESIST 2: 125.50 
RESIST 1: 124.50 
SUP1: 121.50 
SUP2: 120.50 

ENERGY LEVELS

CS CRUDE OIL (FEB) OVERVIEW:                           

TREND : SIDEWAYS 
RESIST 2:3680 
RESIST 1:3640 
SUP1:3580 
SUP2:3540

CS NATURAL GAS (FEB) OVERVIEW: 

TREND : BEARISH 
RESIST 2:225.00 
RESIST 1:220.00 
SUP1:210.00 
SUP2:207.00 

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