MCX COMMODITY MARKET NEWS & LEVELS - 26 APR 2017

Will Trump's First 100 Days Prove To Be Gold Positive? 
President Donald Trump is just days away from completing his first 100 days in office, and it's been an eventful few months to say the least, especially for the precious metals.
"It is also worth noting that prices are also up by a similar amount in RMB and euro terms, showcasing that this price rise has not been a function of dollar weakness," Ross Strachan, precious metals demand analyst for Thomson Reuters GFMS, told Kitco News Tuesday.
"A rise in geopolitical fears, however, not least due to events in Syria, has clearly played an important part in the price increases – as we had forecast they would - and this has encouraged investment flows into both metals," he added.

Alumina Price Slump Not Deep Enough to Trigger Massive Output Cuts, SMM Says. 
While alumina prices in China have been falling steadily of late, most producers may not yet feel big pain to reduce or halt production, SMM expects. Currently, alumina prices are already below the highest production cost, driving small and medium producers into loss-making territory, SMM learned. However, with decent profit in late 2016, current losses have not triggered production cuts or halts, except Shandong Wudi Qixing Hi-Tech Aluminum, who closed because of financial problems. Only a few small producers, who are struggling in losses, are mulling over production cuts or halts. Given high output nationwide and stubbornly high inventories at some alumina producers, there is still room to fall for alumina prices, SMM predicts.
The price declines will slow down, though. Aluminum prices rose thanks to capacity cut policy, boosting profit at aluminum smelters. Trading in alumina market has shown signs of improvement now that alumina prices have fallen below the highest production costs. These will help slow down the pace of fall in alumina prices, SMM understands.  

Oil falls on bulging U.S. crude inventories, record global supplies.  
Oil prices resumed their downward trend on Wednesday as data showed a rise in U.S. crude inventories and record supplies in the rest of the world cast doubt on OPEC's ability to cut supplies and tighten the market.
The Organization of the Petroleum Exporting Countries (OPEC) and a group other producers including Russia, but excluding the United States, have pledged to cut output by 1.8 million barrels per day (bpd) during the first half of the year in order to rein in years of oversupply and prop up prices. Yet prices have largely slumped this year as U.S. inventories remained brimming and global fuel supplies set new records, despite the pledges to cut output.

Precious Levels
CS GOLD (JUNE) OVERVIEW: 
TREND : BEARISH
RESIST 2: 28950
RESIST 1: 28850
SUP 1: 28500
SUP 2: 28400

CS SILVER (MAY) OVERVIEW: 
TREND : BEARISH
RESIST 2: 41000
RESIST 1: 40600
SUP1: 39800
SUP2: 39500

Base Metal Levels
CS COPPER (APRIL) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2:375
RESIST 1:370
SUP1:359
SUP2:353

CS NICKEL (APRIL) OVERVIEW: 
TREND : BEARISH
RESIST 2:620
RESIST 1:610
SUP1:585
SUP2:575

CS ZINC (APRIL) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2:171.50
RESIST 1:170.00
SUP1:164.00
SUP2:162.00

CS LEAD (APRIL) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 142.50
RESIST 1: 141.50
SUP1: 136.00
SUP2: 135.00

CS ALUMINIUM (APRIL) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 126.50
RESIST 1: 125.50
SUP1: 123.00
SUP2: 122.00

Energy Levels
CS CRUDE OIL (MAY) OVERVIEW: 
TREND : BEARISH
RESIST 2:3250
RESIST 1:3200
SUP1:3120
SUP2:3090

CS NATURAL GAS (MAY) OVERVIEW: 
TREND : BEARISH
RESIST 2:212.00
RESIST 1:208.00
SUP1:200.00
SUP2:196.00
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