MCX COMMODITY MARKET TIPS & REPORT - 07 FEB 2017

Gold gains slightly in Asia, RBA makes a bold call.  
Gold prices inched up in Asia on Tuesday with risk sentiment dominating though Australia's central bank sent a clear signal it sees an end to global monetary easing for now. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose 0.17% to $1,234.25 a troy ounce. Also on the Comex, silver futures for March delivery inched up 0.02% to $17.697 a troy ounce. There is no longer an expectation of further monetary easing in other major economies," the RBA statement on Tuesday announcing rates on hold at a record low 1.5% said. "The board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time."  
Overnight, gold prices added to overnight gains in North American morning trade on Monday, hitting the strongest level since November as investors sought the perceived safety of the yellow metal amid growing concerns over political risks around the globe.

India Copper Scrap prices remain flat; Copper Futures down 2.51 percent. 
India's major copper scrap prices showed a flat trend on Friday, while copper futures prices at India's Multi Commodity Exchange dropped as BHP Billiton’s Escondido mine in Chile, has resumed work as the company has requested government mediation to avoid a looming strike. India major copper scrap prices like ACR copper coil 3/8, copper armature, copper cable scrap, copper heavy scrap, copper mixed scrap, copper pat, copper sheet cutting, copper shell 40mm, copper super rod, copper utensil scrap, copper wire bars, copper wire scrap and electrolytic copper strip 25mm showed a flat trend during Friday. The most active February copper contract on the India's Multi Commodity Exchange declined by 2.51 percent to Rs. 387.75 per kilogram on Friday from previous close of Rs. 397.75 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 396 per kilogram and an intra-day low of Rs. 387 per kilogram during Friday. 
China's central bank surprised financial markets by raising short-term interest rates on the first day back from a long holiday, in a further sign of a tightening policy bias as the economy shows signs of steadying. Data showing China's factory activity expanded for the seventh straight month in January, though the rate of growth slowed from December, a private survey showed.

Crude rebounds in Asia after overnight drop, API estimates eyed. 
Crude staged a rebound in Asia on Tuesday after a sharp overnight fall on dollar gains and concerns about the supply response to coordinated global oil cuts by OPEC and non-OPEC nations ahead of industry estimates on U.S. inventories. Crude oil for March delivery on the New York Mercantile Exchange rose 0.25% to $53.13 a barrel, while Brent oil for April delivery on the ICE Futures Exchange in London edged up 0.07% to $55.90 a barrel. On Tuesday afternoon, the American Petroleum Institute will release its estimates of U.S. crude and refined product stockpiles. The figures are followed on Wednesday by official data from the U.S. Energy Information Administration. Analysts expect a crude build of 2.38 million barrels at the end of last week. Also this week, the Paris-based International Energy Agency update monthly demand and supply figures. 

Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by 17 last week, the 13th gain in 14 weeks. That brought the total count to 583, the most since November 2015. 

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 : BEARISH 
RESIST 2:403 
RESIST 1:398 
SUP1:389 
SUP2:386 

CS NICKEL (FEB) OVERVIEW:

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

CS ZINC (FEB)OVERVIEW:

TREND : BEARISH 
RESIST 2:191.00 
RESIST 1:190.00 
SUP1:184.00 
SUP2:182.00

CS LEAD (FEB) OVERVIEW: 

TREND : SIDEWAYS 
RESIST 2: 160.00 
RESIST 1: 159.00 
SUP1: 154.00 
SUP2: 152.00 

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 : SIDEWAYS 
RESIST 2:3660 
RESIST 1:3620 
SUP1:3540 
SUP2:3500 

CS NATURAL GAS (FEB) OVERVIEW: 

TREND : BEARISH 
RESIST 2:213.00 
RESIST 1:210.00 
SUP1:203.00 
SUP2:200.00 

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