DAILY MCX COMMODITY MARKET NEWS & LEVELS - 05 MAY 2017

Gold prices gain in Asia on London Attacks, Qatar diplomatic row. 
Gold found support in Asia on Monday after a weekend attack in London that killed seven after a van mowed down pedestrians on London Bridge and attackers from the vehicle fanned out and started stabbing people at nearby restaurants and bars and mulled the potential fallout as key Gulf Countries and Egypt snapped diplomatic and commercial ties with Qatar over terrorism support charges. Last week, gold prices rose to their highest level in over than a month on Friday after a disappointing U.S. employment report underlined the case for the Federal Reserve to continue raising rates at a gradual pace. Most analysts still believe the disappointing data will not stop the Federal Reserve from raising interest rates at its meeting later this month. Traders now see a roughly 88% chance of a Fed rate increase on June 14, down slightly from 89% before the jobs report. But the slowdown in jobs growth could temper expectations for a pick-up in economic growth in the second quarter after the economy expanded by just 1.2% year-over-year in the first quarter.

China Spot Copper to Hold Discounts This Week, SMM Reports. 
Spot copper held discounts across the regions in China in the week ending June 2 after Chinese Dragon Boat Festival from May 28-30, except that in south China which remained premiums as maintenance at copper smelters reduced inflows of inventory.In Shanghai, some imported copper entered into inventory by customs clearance after the holiday and more traders were active in selling goods for month-end cash demand in May.

US Zinc Imports Double in April, Exports Rise Slightly 
US Commerce Department announced last Friday the country’s zinc imports doubled in April to 46,602,597 kg, and total imports in the first four months of 2017 were 162,005,076 kg, wenhua.com reported.


Crude up in Asia as GCC countries including Saudi snap ties to Qatar. 
Crude prices held gains in Asia on Monday despite a break by several Middle East and Gulf countries with Qatar as Saudi Arabia, Egypt, the UAE and Bahrain snapped diplomatic and commercial ties.Qatar shares the world's largest gas field, South pars, with Iran. The commercial and business ties have irritated Saudi Arabia and other GCC countries at odds with Iran on support for Shia-linked militants and recent statement attributed to Qatar's ruler on U.S. and Saudi policies toward Iran have furtehr riled the waters. Last week, oil futures settled at the lowest level in more than three weeks on Friday, with prices suffering their largest weekly loss in a month amid growing concern over rising shale production in the U.S. Concerns that the ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand pressured crude prices.

Precious Levels
CS GOLD (AUG) OVERVIEW: 
TREND : BULLISH
RESIST 2: 29600
RESIST 1: 29400
SUP 1: 29100
SUP 2: 28900

CS SILVER (JULY) OVERVIEW: 
TREND : BULLISH
RESIST 2: 41300
RESIST 1: 41000
SUP1: 39900
SUP2: 39600

Base Metal Levels
CS COPPER (JUNE) OVERVIEW: 
TREND : BEARISH
RESIST 2:374
RESIST 1:370
SUP1:361
SUP2:357

CS NICKEL (JUNE) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2:595
RESIST 1:585
SUP1:564
SUP2:555

CS ZINC (JUNE) OVERVIEW: 
TREND : BEARISH
RESIST 2:167.00
RESIST 1:165.00
SUP1:160.00
SUP2:158.00

CS LEAD (JUNE) OVERVIEW: 
TREND : SIDEWAYS
RESIST 2: 139.00
RESIST 1: 137.50
SUP1: 133.50
SUP2: 132.00

CS ALUMINIUM (JUNE) OVERVIEW: 
TREND : BEARISH
RESIST 2: 126.00
RESIST 1: 125.00
SUP1: 122.50
SUP2: 121.00

Energy Levels
CS CRUDE OIL (JUNE) OVERVIEW: 
TREND : BEARISH
RESIST 2:3230
RESIST 1:3180
SUP1:3020
SUP2:2970

CS NATURAL GAS (JUNE) OVERVIEW: 
TREND : BEARISH
RESIST 2:205.00
RESIST 1:200.00
SUP1:192.00
SUP2:188.00
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