MCX COMMODITY MARKET NEWS & LEVELS - 23 FEB 2017

Gold up in Asia despite Fed minutes showing rate hike in play.  
Gold prices gained in Asia on Thursday despite a strong signal from Fed minutes that a rate hike sooner rather than later is on the cards. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose 0.32% to $1,237.15, while silver traded up 0.18% to $17.983 a troy ounce. Overnight, gold futures drifted lower as the dollar gained momentum, as traders noted the minutes from the Federal Reserve Open Market Committee (FOMC) that suggested a rate hike "fairly soon."
The meeting was the first since Trump took office saw FOMC members report higher levels of confidence in the business community. And they predicted that the expected increase in economic growth related to Trump's policy proposals could push the Fed into action. "Many participants expressed the view that it might be appropriate to raise the federal funds rate again fairly soon" if data on jobs and inflation are "in line with or stronger than their current expectations," or if the risk increased that the Fed might overshoot its goals, the meeting summary stated.

Copper futures dip on strong dollar. 
Copper futures were trading lower during the evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal on strength in the US dollar. However, ongoing supply worries from industrial action in Chile and an Indonesian export permit dispute supported copper prices. A stronger greenback erodes buying power for those paying for dollar-denominated commodities with other currencies.
At the MCX, copper futures for February 2017 contract is trading at Rs 401.50 per kg, down by 0.93 per cent, after opening at Rs 403.20, against a previous close of Rs 405.25. It touched the intra-day low of Rs 401.30.

Crude oil rises after report shows drop in stockpiles. 
Oil futures rose nearly 1 percent on Thursday after data released by an industry group showed a surprise decline in U.S. crude stocks as imports fell, lending support to the view that a global glut is ending.
The data added to optimism earlier in the week when the Organization of the Petroleum Exporting Countries said a deal with other producers including Russia to curb output was showing a high level of compliance.
However, for prices to break out of their trading ranges, the market needs to see signs that OPEC inventories are falling, said Tony Nunan, oil risk manager at Mitsubishi Corp. in Tokyo. Eleven non-OPEC oil producers that joined the OPEC deal have delivered at least 60 percent of promised curbs so far, OPEC sources said on Wednesday, higher than initially estimated.
In the United States, crude stocks at the Cushing, Oklahoma, and delivery hub were down by 1.7 million barrels, while U.S. crude imports fell last week by 1.5 million barrels per day (bpd) to 7.398 million bpd, according to the API.

PRECIOUS LEVEL

CS GOLD (APRIL) OVERVIEW:

TREND : SIDEWAYS 
RESIST 2: 29500 
RESIST 1: 29350 
SUP 1: 29100 
SUP 2: 29000 

CS SILVER (MARCH) OVERVIEW:

TREND : SIDEWAYS 
RESIST 2: 43150 
RESIST 1:42850 
SUP1: 42400 
SUP2: 42000 

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BEARISH 
RESIST 2:408 
RESIST 1:405 
SUP1:396 
SUP2:393 

CS NICKEL (FEB) OVERVIEW:

TREND : BEARISH 
RESIST 2:740 
RESIST 1:725 
SUP1:700 
SUP2:680 

CS ZINC (FEB)OVERVIEW:

TREND : BEARISH 
RESIST 2:194.00 
RESIST 1:193.00 
SUP1:188.00 
SUP2:186.00 

CS LEAD (FEB) OVERVIEW: 

TREND : BEARISH 
RESIST 2: 156.00 
RESIST 1: 155.00 
SUP1: 149.00 
SUP2: 147.50

CS ALUMINIUM (FEB) OVERVIEW: 

TREND : BEARISH 
RESIST 2: 127.50 
RESIST 1: 126.50 
SUP1: 123.50 
SUP2: 121.00

ENERGY LEVELS

CS CRUDE OIL (MARCH) OVERVIEW:                           

TREND : BULLISH 
RESIST 2:3700 
RESIST 1:3670 
SUP1:3580 
SUP2:3550 

CS NATURAL GAS (MARCH) OVERVIEW: 

TREND : BEARISH 
RESIST 2:189.00 
RESIST 1:185.00 
SUP1:177.00 
SUP2:174.00 

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