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Thursday 9 July 2015

DAILY MCX NEWS 09 July 2015


BULLION:

Gold prices fell as investors digested regional prices data out of China as well as steps to support stock markets there, jobs data from Australia and the ongoing efforts to bailout Greece ahead of a Sunday deadline. The People's Bank of China on Thursday provided liquidity to China Securities Finance Corp via re-lending at its request, state-run Xinhua News Agency reported. Eurogroup President and European Stability Mechanism Chairman Jeroen Dijsselbloem sent a letter to the top euro zone economic officials asking them to assess Greece's request for a stability loan. Silver for September delivery eased 0.65% to $15.065 an ounce.


BASE METAL:

Shanghai base metal prices tumbled on Wednesday due to the spillover effect from tumbling stock market. Will the loss continue into today’s market? The Shanghai Composite Index fell 5.9% yesterday, and China’s futures market also plunged across the board. “Base metal prices on the SHFE are expected to rally Jul. 9 due to short covering,”. The movement in China’s stock market should be also closely watched, SMM understands, after new measures have been rolled out to tame stock market. China’s regulators combined to stabilize market. China Securities Finance Corp has provided RMB 260 billions in credit to 21 brokerages to help them buy stocks via proprietary trading, the securities regulator said.

ENERGY:

Crude prices gained in Asia on Thursday, lifted by data showing an increase in China consumer prices and on new support to the country's beleagured share markets. The PBOC will also let the CSFC issue financial bonds, including short-term commercial paper in the interbank market, and pledged to continue to provide liquidity support to CSFC via various channels. An outflow of Iranian oil could depress crude prices in a global market already oversaturated by a glut of oversupply.


BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:


TREND MIXED TO BEARISH
RESIST 2: 26360
RESIST 1: 26285
SUP 1: 25950
SUP 2: 25790

STRATEGY: SELL ON RISE



CS SILVER (SEPTEMBER) OVERVIEW:


TREND MIXED TO BEARISH
RESIST 2:35680
RESIST 1:35255
SUP1:34450
SUP2:33970

STRATEGY : SELL ON RISE


CS CRUDE OIL (JULY) OVERVIEW:


TREND MIXED TO BEARISH
RESIST 2:35680
RESIST 1:35255
SUP1:34450
SUP2:33970

STRATEGY : SELL ON RISE


CS NATURAL GAS (JULY) OVERVIEW:

TREND MIXED TO BEARISH
RESIST 2:177
RESIST 1:175
SUP1: 170
SUP2:167

STRATEGY: SELL ON RISE



BASE METAL

CS COPPER (AUGUST ) OVERVIEW:

TREND MIXED TO BEARISH
RESIST 2:358
RESIST 1:355
SUP1:346
SUP2:344

STRATEGY: SELL ON RISE



COMMODITY PICK OF THE DAY: CRUDE OIL

MCX CRUDE OIL JULY Wednesday as seen in the daily chart opened at 3296 levels and day high of 3377 levels. During this period price corrected & made day low of 3245 levels finally closed at 3276 levels. Now, there are chances of further downward movement technically & fundamentally.

The PBOC will also let the CSFC issue financial bonds, including short-term commercial paper in the interbank market, and pledged to continue to provide liquidity support to CSFC via various channels. An outflow of Iranian oil could depress crude prices in a global market already oversaturated by a glut of oversupply.

DAILY RECOMMENDATION: SELL MCX CRUDE OIL JULY BELOW 3380 LEVELS FOR TARGET OF T1 3270/T2 3220 WITH SL OF 3480 LEVELS.


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