MCX COMMODITY MARKET NEWS & LEVELS - 25 MAY 2017

Gold prices gain in Asia after Fed minutes set dovish tone.   
Gold gained in Asia on Thursday as investors saw after the U.S. Federal Reserve May meeting minutes overnight as dovish in tone on the timing of the next rate hike. In a statement immediately following the release of its decision to keep its benchmark rate unchanged in May, the Federal Reserve reiterated that monetary policy remained accommodative to support both an uptick in labor market conditions and a sustained return to 2% inflation. According to investing.com’s Fed rate monitor tool, nearly 80% of traders expect the Fed to hike interest rates in June.  
Rising expectations of a June rate hike prompted a recovery in both the dollar and US treasury yields, but gold futures have been supported by political turmoil in Washington, as investors’ started to question President's Trump ability to deliver on his pro-growth economic agenda. 

Zinc Spot Premiums in Guangdong Shrink Fast on More Supplies.  
Zinc spot premiums in Guangdong contracted rapidly due to increased supplies, SMM reported. Market supplies increased after Hechi Nanfang Nonferrous Metals Co. finished maintenance cycle.   

India Aluminium Scrap prices remain flat; Aluminium Futures settle higher.  
Nickel India major aluminium scrap commodities prices remained flat on the Scrap Register Price Index as on Tuesday, while aluminium futures prices at Multi Commodity Exchange settled higher as dollar fell after weakening U.S. economic data and troubles facing U.S. President Donald Trump. However, market sentiments remain bullish for Aluminium as support seen after the speculation that new aluminum production capacity has been halted in China as the Chinese government’s focus on air pollution, has resulted in a crackdown on a range of polluting industries. 

Oil prices rise in anticipation of extended OPEC-led production cut. 
Oil prices rose by one percent ahead of an OPEC meeting on Thursday that is expected to extend output cuts into 2018, adding at least nine months to an initial six-month cut in the first half of this year. OPEC is widely expected to extend an initial six-month oil output cut pact with allied producers led by Russia to March 2018 at a meeting in Vienna on Thursday that still may produce surprises on new producers joining and a more aggressive tone on compliance. Kuwait, Iraq, Oman and Venezuela supported the Saudi-Russia agreement that production curbs needed to be extended for a period of nine-months until March 2018, to reduce global supply to the five-year average.  
There has been a marked reduction to the inventories, but we're not where we want to be in reaching the fiveyear average," Falih said last week. 

Precious Levels
CS GOLD (JUNE) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 29150 
RESIST 1: 28950 
SUP 1: 28550 
SUP 2: 28350  

CS SILVER (JULY) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 40600 
RESIST 1: 40300 
SUP1: 39200 
SUP2: 38900 

Base Metal Levels
CS COPPER (JUNE) OVERVIEW: 
TREND : BEARISH 
RESIST 2:378 
RESIST 1:374 
SUP1:365 
SUP2:362 

CS NICKEL (MAY) OVERVIEW: 
TREND : BEARISH 
RESIST 2:605 
RESIST 1:595 
SUP1:575 
SUP2:565 

CS ZINC (MAY) OVERVIEW: 
TREND : BEARISH 
RESIST 2:173.00 
RESIST 1:172.00 
SUP1:166.00 
SUP2:165.00 

CS LEAD (MAY) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 136.50 
RESIST 1: 135.00 
SUP1: 131.00 
SUP2: 130.00 

CS ALUMINIUM (MAY) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 128.00 
RESIST 1: 127.00 
SUP1: 124.00 
SUP2: 122.50 

Energy Levels
CS CRUDE OIL (JUNE) OVERVIEW: 
TREND : BULLISH 
RESIST 2:3480 
RESIST 1:3430 
SUP1:3300 
SUP2:3250 

CS NATURAL GAS (MAY) OVERVIEW: 
TREND : BEARISH 
RESIST 2:216.00 
RESIST 1:212.00 
SUP1:202.00 
SUP2:199.00 

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