Daily MCX News
BULLION:
Gold prices dipped sharply in Asia on Monday as
investors noted Greece is set to re-open banks later in the day under
restrictions, a move that has further eased political risk views
along with a pact reached by six major powers last week to ease
economic sanctions on Iran. Last week, gold plunged to a five-year
low on Friday, as upbeat U.S. inflation and housing data boosted
expectations for an interest rate hike later this year. Meanwhile,
U.S. building permits jumped 7.4% to 1.343 million units in June, the
most since July 2007, pointing to a rapidly strengthening housing
market.
BASE METAL:
Economic indicators from US were upbeat last Friday,
raising hopes for the Fed’s interest rate hike in September. US’s
new home starts came in at 1.174 million for June. The US CPI grew
for a fifth month straight in June, raising expectation for an
interest rate hike this year. The US dollar index climbed to about 98
in response. SHFE 1509 copper contract prices are expected to move at
RMB 39,800-40,500/mt on July 20. Spot copper will be offered at
premiums of RMB 220-280/mt to SHFE 1508 copper contract. LME nickel
prices opened at USD 11,540/mt, then fluctuated between USD
11,480-11,580/mt.
ENERGY:
Crude oil prices trended lower in
Asia on Monday with demand cues waited in the week ahead on U.S.
stockpiles and manufacturing data from China later this week, with
markets shut in Japan today. On the broad macro front, Greek banks
are ready to open their branches across the country on Monday after a
three-week shutdown, officials said at the weekend, while German
Chancellor Angela Merkel called for swift aid talks so Athens could
also lift withdrawal limits. Nymex oil prices bounced off the lowest
levels of the session after industry research group Baker Hughes said
late Friday that the number of rigs drilling for oil in the U.S.
declined by seven last week to 638, snapping two weeks of gains.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND
:BEARISH
RESIST
2: 25960
RESIST
1: 25850
SUP
1: 25620
SUP
2: 25500
STRATEGY:
SELL ON RISE
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CS SILVER (SEPTEMBER) OVERVIEW:
TREND
:BEARISH
RESIST
2:35340
RESIST
1:35000
SUP1:34250
SUP2:33970
STRATEGY
: SELL ON RISE
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CS CRUDE OIL (JULY) OVERVIEW:
| |||||||||
TREND
:BEARISH
RESIST
2:3340
RESIST
1:3310
SUP1:3225
SUP2:3180
STRATEGY:
SELL ON RISE
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BASE METAL
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