Daily MCX News
BULLION:
Gold prices held mostly steady in early Asia on
Thursday wit the focus ahead on U.S. jobs data at the end of the week. On the
Comex division of the New York Mercantile Exchange, gold for December delivery
held steady in early Asia on Thursday at $1,084.40, up 0.04%, as investor
assess chances for a rebound after recent steady declines. Gold had stabilized
in recent sessions after dipping below $1,075 an ounce late last month to touch
down to its lowest level since 2010. Investors have abandoned their positions
in gold, as it loses its appeal as a safe haven asset following the resolution
of comprehensive Greek Bailout and Iranian Nuclear deals.
BASE METAL:
LME copper prices remained below USD 5,200/mt Wednesday and
lost USD 32/mt to end at USD 5,191/mt. Concerns over China’s economic slowdown
and copper consumption decline weighed on the market. in The US, the ADP’s job
data were well below expectation in July, but ISM service index hit a nearly
10-year high. SHFE 1510 copper contract started at RMB 38,170/mt for Wednesday
night, and fell to RMB 37,830/mt before ending at RMB 37,930/mt, down by RMB
200/mt. Positions grew 7,104, and trading volumes were about 131,000 lots. SHFE
1510 copper contract may trade at RMB 37,700-38,200/mt on August 6. Spot copper
will be quoted at discounts of RMB 20-50/mt to SHFE 1508 copper contract.
ENERGY:
Crude oil staged a
mild rebound in early Asia on Thursday with investors focused on continued
market oversupply. Energy traders also reacted to the latest build in Saudi
Arabian oil, as the kingdom ramped up crude output in July by 70,000 to 10.57
bpd. If Saudi Arabia continues to increase output at its current level,
analysts from Citigroup believe the Gulf state could produce an average of 11
million bpd for the second half of 2015. U.S. president Barack Obama continued
his push for a long-term nuclear accord with Iran during a defiant speech at
American University in Washington.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND :SIDEWAYS
RESIST 2: 24915
RESIST 1: 24820
SUP 1: 24615
SUP 2: 24530
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:33770
RESIST 1:33600
SUP1:33290
SUP2:33100
STRATEGY : SELL ON RISE
CS CRUDE OIL (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:3010
RESIST 1:2960
SUP1:2860
SUP2:2820
STRATEGY: SELL ON RISE
CS NATURAL GAS (JULY) OVERVIEW:
TREND :BULLISH
RESIST 2:183
RESIST 1:181
SUP1: 178
SUP2:176
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:336
RESIST 1:334
SUP1:329
SUP2:327
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY: MCX GOLD
MCX CRUDE OIL AUG., Wednesday as seen in the daily chart opened at 2948 levels
and day high of 2989 levels. During this
period price corrected & made day
low of 2873 levels finally closed
at 2888 levels. Now, there are chances
of further downward movement technically & fundamentally.
If Saudi Arabia continues to
increase output at its current level, analysts from Citigroup believe the
Gulf state could produce an average of 11 million bpd for the second half
of 2015.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2900
LEVELS FOR TARGET OF T1 2800, T2 2750
WITH SL OF 3020 LEVELS.
LEVELS FOR TARGET OF T1 2800, T2 2750
WITH SL OF 3020 LEVELS.
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