Daily MCX News
BULLION:
One day after crashing more than 2.2% to fresh five-year lows, gold futures inched down on Tuesday for its ninth straight loss in spite of a retreating dollar. On the Comex division of the New York Mercantile Exchange, gold for August delivery traded in a tight range between 1,098.30 and 1,108.60 before closing at 1,106.00, down 0.80 or 0.07% on the session. Gold futures are down approximately 8% since peaking above $1,200 an ounce in late-June. While Chinese gold holdings surged about 60% to 1,658 metric tons over the six-year span.
BASE METAL:
Copper for September delivery on the Comex division of the New York Mercantile Exchange dipped 0.9 cents, or 0.37%, to trade at $2.487 a pound. Copper prices retreated 3.4 cents, or 1.65%, last week, amid concerns over the health of China's economy. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Copper futures prices at New York Mercantile Exchange settled down pressured by uncertainty over demand from top consumer China. Data showed U.S. consumer prices increased for the fifth month running, strengthening the case for the Federal Reserve to raise interest rates this year.
ENERGY:
Crude oil priced dropped in Asia
on Wednesday on bearish U.S. industry data on stocks. The American
Petroleum Institute said crude oil stocks rose 2.3 million barrels in
the U.S. last week, well above a drop of 1.9 million barrels seen.
Figures for refined products were not immediately available.
Separately, Wednesday's government report from the Energy Information
Administration could show that U.S. crude stockpiles fell by 2.2
million barrels for the week ending on July 17. Overnight, crude
futures rallied slightly amid a sharply lower dollar, ahead of the
release of the American Petroleum Institute weekly inventory report
on Tuesday afternoon after the bell.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND
:BEARISH
RESIST
2: 25160
RESIST
1: 25030
SUP
1: 24830
SUP
2: 24780
STRATEGY:
SELL ON RISE
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CS SILVER (SEPTEMBER) OVERVIEW:
TREND
:BEARISH
RESIST
2:34520
RESIST
1:34320
SUP1:33890
SUP2:33445
STRATEGY
: SELL ON RISE
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CS CRUDE OIL (JULY) OVERVIEW:
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TREND
:BEARISH
RESIST
2:3300
RESIST
1:3265
SUP1:3205
SUP2:3185
STRATEGY:
SELL ON RISE
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BASE METAL
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