MCX COMMODITY MARKET NEWS & LEVELS - 08 FEB 2017

Gold fluctuates near 3-month high as political risks support.  
Gold prices swung between small gains and losses in North American morning trade on Tuesday, steadying near the prior session's three-month high as rising global political uncertainty supported safe-haven demand. Gold for April delivery on the Comex division of the New York Mercantile Exchange tacked on 25 cents, or less than 0.1%, to $1,232.45 a troy ounce.  
Investors were largely focused on French politics, as far-right National Front leader Marine Le Pen launched her presidential bid over the weekend, vowing to fight globalization and take France out of the euro zone. Apart from France, market players also have to factor in elections in other parts of the European Union this year. Dutch elections are in March followed by Germany in September. In Italy, another presidential election looms, even as former Italian prime minister Matteo Renzi said he was willing to shelve his push for early voting. Traders also eyed political risk elements in the U.S., with President Donald Trump's administration on the back foot over its immigration and other policies. 

Copper prices up slightly in Asia as strike threat hits Chile mine. 
Copper prices edged up in Asia on Wednesday as a strike threat loomed over a major copper mine in Chile, while gold slipped in quiet trade. Australia miner BHP Billiton also fell nearly 1% after reports said the miner planned to halt production at the Escondido copper mine in Chile, said to be the world's largest, due to a workers' strike on Thursday. Reuters reported that BHP said it could not guarantee the safety of the 80 workers the Chilean government had authorized to remain at the Escondido mine to perform "critical duties" like equipment upkeep and adherence to environmental protocols. 
On the Comex division of the New York Mercantile Exchange copper futures rose 0.08% to $2.639 a pound, barely reacting to the strike plans. Apart from France, market players also have to factor in elections in other parts of the European Union this year. Dutch elections are in March followed by Germany in September. In Italy, another presidential election looms, even as former Italian prime minister Matteo Renzi said he was willing to shelve his push for early voting.

Oil prices slump on bloated U.S. fuel inventories, stalling China demand. 
Oil prices dropped on Wednesday to extend falls from the previous day, as a massive increase in U.S. fuel inventories and a slump in Chinese demand implied that global crude markets remain oversupplied despite OPEC-led efforts to cut output. The sharp declines came on the back of unexpectedly big increases in U.S. fuel inventories, as reported by the American Petroleum Institute (API) on Tuesday.  
The API delivered a Goliath crude inventory number... The second highest on record. The reaction was predictable as the herd, already nervous from the previous day's price action, turned masse and ran off the cliff," said Jeffrey Halley of futures brokerage OANDA in Singapore. Crude inventories rose by 14.2 million barrels in the week to February 3 to 503.6 million barrels, compared with analysts' expectations for a 2.5 million barrels increase. Gasoline stocks rose by 2.9 million barrels, compared with expectations for a 1.1million barrel gain. Goldman Sachs said that the data pointed to "U.S. gasoline demand falling sharply by 460,000 barrels per day (bpd) year-on-year in January, with such declines only previously during recessions

PRECIOUS LEVEL

CS GOLD (APRIL) OVERVIEW:

TREND : BULLISH 
RESIST 2: 29600 
RESIST 1: 29400 
SUP 1: 29150 
SUP 2: 29000 

CS SILVER (MARCH) OVERVIEW:

TREND : BULLISH  
RESIST 2: 42800 
RESIST 1:42500 
SUP1: 41900 
SUP2: 41400

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BULLISH 
RESIST 2:403 
RESIST 1:398 
SUP1:391 
SUP2:387 

CS NICKEL (FEB) OVERVIEW:

TREND :  BULLISH 
RESIST 2: 715 
RESIST 1: 708 
SUP1:690 
SUP2:675

CS ZINC (FEB)OVERVIEW:

TREND : BULLISH 
RESIST 2:191.00 
RESIST 1:190.00 
SUP1:187.00 
SUP2:185.00

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 :  SIDEWAYS 
RESIST 2: 125.50 
RESIST 1: 124.50 
SUP1: 121.50 
SUP2: 120.50

ENERGY LEVELS

CS CRUDE OIL (FEB) OVERVIEW:                           

TREND : BEARISH 
RESIST 2:3540 
RESIST 1:3500 
SUP1:3420 
SUP2:3400 

CS NATURAL GAS (FEB) OVERVIEW: 

TREND : BEARISH 
RESIST 2:218.00 
RESIST 1:215.00 
SUP1:207.00 
SUP2:203.00 

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