MCX COMMODITY MORNING MARKET NEWS UPDATES - 24 OCT 2017

NATURAL GAS - The natural gas markets gapped higher at the open on Monday, showing signs of extreme bullishness. The $3 level above continues to offer resistance, and I think that resistance will continue to extend to the $3.10 level. Ultimately, this is a market that continues to show a lot of noise, and of course it seems as if it’s only a matter of time before we sell off if we do get above the $3 handle. I’ve been making this trade quite a bit over the last several months, and so far, it works every time. Given enough time, we should then go looking towards the $2.85 level, but clearly this market still has a lot of bullish pressure still build up in it, and that keeps it difficult to start shorting immediately. However, if you are patient enough you should be able to see and exhaustive candle that you can take advantage of.

Gold Prices Gain In Asia On Weaker Dollar - Gold prices gained in Asia on Thursday with a weaker dollar aiding buying sentiment in the physical market. Overnight, gold prices were roughly unchanged on Monday as dollar strength continued to weigh on upside momentum in the precious metal. In what was a quiet day for top-tier economic data, gold prices came under pressure on signs that sentiment on the dollar is turning positive after data showed traders continued to unwind their bearish bets on the greenback. Speculators pared net bearish bets on the dollar to their lowest level in more than a month, Commodity Futures Trading Commission data showed on Friday. The precious metal has struggled to pare losses since falling below a key price level of $1300 amid signs of progress on tax reform and growing expectations that the U.S. central bank will hike rates later this year. According to investing.com’s fed rate monitor tool nearly 100% of traders expect the Fed to hike interest rates in December.

Oil prices inch up, support from drop in southern Iraq exports - Oil prices inched up on Tuesday, getting support from a decline in oil exports from OPEC's second-biggest producer Iraq and a projected extended fall in U.S. commercial oil stocks.Iraqi oil exports have fallen more than 200,000 barrels per day (bpd) so far this month, as shipments from both north and south of the country declined. "The market is currently weighing supportive materials more, such as the Kurdistan situation, the slowdown in shale-related (U.S.) rig counts and the possible extension in OPEC (output) cuts," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. Crude oil exports through the Iraqi Kurdistan controlled-pipeline to the Turkish port of Ceyhan rose 13 percent to 288,000 barrels per day (bpd) on Monday afternoon, but that was still less than half normal levels due to tensions in the region, a shipping source told Reuters. Iraq could still boost southern exports in the rest of October and plans to do so. Iraqi Oil Minister Jabar al-Luaibi said on Saturday southern exports were increasing by 200,000 bpd to make up for the northern shortfall. U.S. Secretary of State Rex Tillerson urged the Iraqi government and the Kurdistan region on Monday to resolve their conflict over Kurdish self-determination and disputed territories through dialogue.

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