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Daily MCX News 17 July 2015
Daily MCX News
BULLION:
Gold prices dipped slightly in Asia on Friday with key
regional markets shut for a holiday and no major data releases
planned. Markets in many regional trading centers are closed today to
mark the Eid holidays, including Singapore, Malaysia and Indonesia.
Gold has now closed lower in six of the last seven sessions in spite
of instability in the Chinese economy and slow moving talks in the
Greek Debt and Iranian Nuclear negotiations. Gold, which is not
attached to dividends or interest rates, struggles to compete with
high yield bearing assets in periods of rising interest rates.
The US dollar index increased, but Greek parliament
approved a strict austerity measure and secured EUR 7 billion of
aids, easing market concerns. SHFE 1509 copper contract prices are
expected to move at RMB 40,100-40,800/mt on July 17. Spot copper will
be offered at premiums of RMB 180-250/mt to SHFE 1508 copper
contract. NAHB US Housing Market Index in July hit a 10-year high of
60. LME nickel overnight closed up 1.05% at $11,580 per ton as other
base metals largely finished lower against a strong dollar.
Crude oil prices bumped higher in
Asia on Friday as the dust settles from a deal with Iran over its
nuclear program that could lead to a spike in crude hitting the
global market in the coming year. Investors await Friday's weekly
U.S. oil rig count from oil services firm Baker Hughes for further
indications of the supply-demand balance in U.S. energy markets.
While Iran is expected to flood global markets by doubling its export
level after a wide range of economic sanctions are lifted by western
powers, it could still be several months before the Gulf state is
able to ramp up its exports. The comprehensive nuclear deal reached
on Tuesday still must complete a 60-day review from U.S.
CS GOLD (AUGUST) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2: 25970
RESIST
1: 25870
SUP
1: 25710
SUP
2: 25600
STRATEGY:
SELL ON RISE
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CS SILVER (SEPTEMBER) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2:35340
RESIST
1:35000
SUP1:34250
SUP2:33970
STRATEGY
: SELL ON RISE
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CS CRUDE OIL (JULY) OVERVIEW:
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TREND
MIXED TO BEARISH
RESIST
2:3340
RESIST
1:3310
SUP1:3230
SUP2:3200
STRATEGY:
SELL ON RISE
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CS NATURAL GAS (JULY) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2:190
RESIST
1:188
SUP1:
179
SUP2:177
STRATEGY:
SELL ON RISE
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BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2:361
RESIST
1:359
SUP1:354
SUP2:352
STRATEGY:
SELL ON RISE
COMMODITY PICK OF THE DAY: CRUDE OIL
MCX
CRUDE OIL JULY Thursday as seen in the
daily chart opened at 3298 levels and day high of 3314 levels.
During this period price corrected & made day low of 3241
levels finally closed at 3255 levels. Now, there are chances of
further upward movement technically & fundamentally.
Crude oil prices bumped higher in Asia on Friday as the
dust settles from a deal with Iran over its nuclear program that
could lead to a spike in crude hitting the global market in the
coming year. Investors await Friday's weekly U.S. oil rig count from
oil services firm Baker Hughes for further indications of the
supply-demand balance in U.S. energy markets.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL JULY BELOW 3280 LEVELS FOR
TARGET OF T1 3180/T2 3130 WITH SL OF 3380 LEVELS.
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Crude oil prices bumped higher in
Asia on Friday as the dust settles from a deal with Iran over its
nuclear program that could lead to a spike in crude hitting the
global market in the coming year. Investors await Friday's weekly
U.S. oil rig count from oil services firm Baker Hughes for further
indications of the supply-demand balance in U.S. energy markets.
While Iran is expected to flood global markets by doubling its export
level after a wide range of economic sanctions are lifted by western
powers, it could still be several months before the Gulf state is
able to ramp up its exports. The comprehensive nuclear deal reached
on Tuesday still must complete a 60-day review from U.S.