DAILY MCX COMMODITY MARKET NEWS & LEVELS - 22 MAY 2017

Gold slightly weaker in Asia as Trump tour eyed, NKorea shrugged off.   
Gold drifted weaker in Asia on Monday as Donald Trump's first visits abroad as president were in focus with a flurry of deals signed in Saudi Arabia in the first stop and with investors shrugging off the latest missile test by North Korea at the weekend. The appointment of a special counsel comes after Trump fired James Comex, his FBI director who was leading a probe into Russia’s role in the election and reports that he attempted to interfere with the judicial process, leading to talk of possible impeachment.  
Investor sentiment has been hit by fears that the U.S. political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms. 

LME Copper to Strengthen.  
LME copper will move at USD 5,640-5,700/mt during Asian trading hours on Monday and SHFE 1707 copper will move at RMB 45,500-46,000/mt. In China’s domestic market, spot copper should trade at discounts of RMB 40-100/mt on Monday. 

Chalco Continues Hiking Aluminum Prices in Major Markets.  
China Aluminum International Trading Co. (Chalco Trading) hiked aluminum prices it offered in major markets further today. LME aluminum rose sharply last Friday, but will face corrections today and range USD 1,927-1,950/mt. SHFE 1707 aluminum should rise to RMB 14,000-14,200/mt.    

Oil rises on expectation of extended, possibly deepened output cut.  
Oil Oil prices rose on Monday, supported by reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices. Prices have risen because of expectations that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of covering just the first half of this year. OPEC's pledge to tighten the market is also being undermined by oil drillers in the United States.  
Goldman Sachs (NYSE:GS) says that the U.S. rig count for new oil production had jumped by 404 since May last year, a rise of 128 percent.   

Precious Levels
CS GOLD (JUNE) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 29000 
RESIST 1: 28800 
SUP 1: 28400 
SUP 2: 28200 

CS SILVER (JULY) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 39800 
RESIST 1: 39500 
SUP1: 38500 
SUP2: 38200 

Base Metal Levels
CS COPPER (JUNE) OVERVIEW: 
TREND : BULLISH 
RESIST 2:378 
RESIST 1:375 
SUP1:364 
SUP2:360 

CS NICKEL (MAY) OVERVIEW: 
TREND : BULLISH 
RESIST 2:616 
RESIST 1:610 
SUP1:590 
SUP2:585 

CS ZINC (MAY) OVERVIEW: 
TREND : BULLISH 
RESIST 2:173.50 
RESIST 1:172.00 
SUP1:166.00 
SUP2:164.50 

CS LEAD (MAY) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 138.50 
RESIST 1: 137.00 
SUP1: 133.00 
SUP2: 131.50 

CS ALUMINIUM (MAY) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 127.50 
RESIST 1: 126.50 
SUP1: 124.00 
SUP2: 122.50 

Energy Levels
CS CRUDE OIL (JUNE) OVERVIEW: 
TREND : BULLISH 
RESIST 2:3400 
RESIST 1:3350 
SUP1:3250 
SUP2:3220 

CS NATURAL GAS (MAY) OVERVIEW: 
TREND : BULLISH 
RESIST 2:219.00 
RESIST 1:215.00 
SUP1:208.00 
SUP2:205.00 

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