MCX COMMODITY MARKET NEWS & LEVELS - 02 JUN 2017

Gold drifts weaker in Asia, yuan eyed as buying cue.   
Gold drifted weaker in Asia on Friday as investors kept a close eye on the yuan after it surged to a near seven-month high on Thursday for signs the stronger currency may lead to some bullion buying. The nonfarm payrolls report on Friday, is expected to show that the U.S. economy created 185,000 jobs last month, and will be closely watched as it is the final jobs report before the Federal Reserve Open Market Committee (FOMC) meets in June. According to investing.com’s Fed rate monitor tool nearly 90% of traders expect the Fed to hike its benchmark rate in June from 0.75-1% to 1-1.25%.   
Overnight, gold dipped on Thursday, pressured by a rebound in the dollar, after a surge in number of private sector jobs the U.S. economy created last month, set an upbeat tone ahead of Friday’s closely watched monthly jobs report.  

India Brass, Copper Scrap prices fall; Copper Futures gain.  
India's major brass and copper scrap prices fell on Scrap Register Price Index as on Wednesday, while copper futures prices at India's Commodity Exchange settled higher as the data showed Chinese manufacturing sector expanded at a solid pace in May. China's data reveled that growth in China's manufacturing sector in May kept pace with the previous month, an official survey showed on Wednesday.

India Nickel Scrap prices decline; Nickel Futures drop 2.11 percent  
India's major nickel scrap prices declined on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange dropped by 2.11 percent tracking the weakness in nickel prices at London Metal Exchange. 


U.S. crude down in Asia on climate change, supply cues awaited. 
U.S. crude fell in Asia on Friday after President Donald Trump abandoned a 2015 pact between 195 nations to tackle climate change and investors awaited further supply cues. Overnight, crude futures settled higher, after data on Thursday showed that supplies of U.S. crude fell more than expected and were down for the eighth consecutive week, easing concerns that rising US oil output would undermine OPEC and its allies’ efforts to curb supply. OPEC and non-OPEC members agreed to extend production cuts for a period of nine months until March last week, but stuck to production cuts of 1.8 million bpd agreed in November last year, against expectations that the oil cartel was set to announce deeper production cuts.   

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

CS SILVER (JULY) OVERVIEW: 
TREND : BEARISH 
RESIST 2: 40400 
RESIST 1: 40100 
SUP1: 39100 
SUP2: 38800 

Base Metal Levels
CS COPPER (JUNE) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2:374 
RESIST 1:371 
SUP1:363 
SUP2:359 

CS NICKEL (JUNE) OVERVIEW: 
TREND : BEARISH 
RESIST 2:588 
RESIST 1:579 
SUP1:560 
SUP2:550 

CS ZINC (JUNE) OVERVIEW: 
TREND : BEARISH 
RESIST 2:170.00 
RESIST 1:168.00 
SUP1:163.00 
SUP2:161.00 

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: 127.00 
RESIST 1: 125.00 
SUP1: 123.00 
SUP2: 121.50 

Energy Levels
CS CRUDE OIL (JUNE) OVERVIEW: 
TREND : BEARISH 
RESIST 2:3230 
RESIST 1:3180 
SUP1:3050 
SUP2:3000 

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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