Daily MCX News
BULLION:
Gold futures experienced little movement on Tuesday amid
a flat dollar, even as Iran reached a comprehensive nuclear deal with
its western partners and Greece prime minister Alexis Tsipras sought
support from Parliament for a historic bailout from its euro zone
creditors. In Athens, members of Parliament continued to assess
Monday's landmark agreement between Greece and its troika of
international creditors on a three-year, €86 bailout before
Wednesday's critical vote. The deal requires Parliament to ratify
four measures related to tax, pension and budget reforms in order to
trigger a vote from six other national parliaments throughout the
euro zone.
BASE METAL:
China’s GDP was reportedly up 7% in the second
quarter, higher than the 6.8% forecast. LME copper price tested a low
of USD 5,515/mt before ending at USD 5,585/mt. SHFE 1509 copper
contract may trade at RMB 40,100-40,800/mt on July 15. Spot copper
will be offered at discounts of RMB 100-200/mt to SHFE 1507 copper
contract. Base metals prices rose across the board on improving
market sentiment. Greece accepted a batch of reforms, meaning it will
not exit the euro zone. US retail sales were sluggish, weighing on
the US dollar index. China’s Q2 growth and fixed asset investment
in H1 slated for release today are not promising, leaving investors
cautious.
ENERGY:
Gold futures experienced little movement on Tuesday amid
a flat dollar, even as Iran reached a comprehensive nuclear deal with
its western partners and Greece prime minister Alexis Tsipras sought
support from Parliament for a historic bailout from its euro zone
creditors. In Athens, members of Parliament continued to assess
Monday's landmark agreement between Greece and its troika of
international creditors on a three-year, €86 bailout before
Wednesday's critical vote. The deal requires Parliament to ratify
four measures related to tax, pension and budget reforms in order to
trigger a vote from six other national parliaments throughout the
euro zone.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2: 26160
RESIST
1: 26115
SUP
1: 25870
SUP
2: 25730
STRATEGY:
SELL ON RISE
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CS SILVER (SEPTEMBER) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2:35630
RESIST
1:35440
SUP1:34995
SUP2:34585
STRATEGY
: SELL ON RISE
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CS CRUDE OIL (JULY) OVERVIEW:
| |||||||||
TREND
MIXED TO SIDEWAYS
RESIST
2:3420
RESIST
1:3380
SUP1:3310
SUP2:3260
STRATEGY:
SELL ON RISE
| |||||||||
BASE METAL
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