Daily MCX News
BULLION:
Gold prices eased on Monday in Asia after weekend data on China's trade disappointed and investors kept a close eye out on the central bank's next move. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange eased 0.28% to $1.091.00 a troy ounce. Government data released on Sunday showed that Chinese inflation for July rose 1.6%, above expectations for 1.5% and up from 1.4% in June. Gold fell to a five-and-a-half year low of $1,072.30 on July 24 amid speculation the Federal Reserve will raise interest rates in September for the first time since 2006.
BASE METAL:
LME copper prices touched a low of USD 5,121/mt and closed at USD 5,156/mt, down by USD 28/mt. The US nonfarm payroll data were slightly lower than expectation, but remained above 200,000. In addition, the June nonfarm payrolls were revised upwards. US shares declined, and the US dollar index edged lower. Crude oil continued to fall on oversupply concern, prompting some investors to sell commodities. In China, trade data for July slumped, and copper product imports were reported down. CPI grew 1.6% YoY, while PPI was worse than expected. SHFE 1510 copper contract may trade at RMB 37,300-37,800/mt on August 7. Spot copper will be quoted at discounts of RMB 20-80/mt to SHFE 1508 copper contract.
ENERGY:
Crude oil prices dropped in early Asia on Monday after disappointing weekend trade data from China underpinned poor demand prospects. On the New York Mercantile Exchange, crude oil for delivery in September fell 0.44% to $43.68. Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by six last week to 670, the third straight weekly gain. There are still about 60% fewer rigs working since a peak of 1,609 in October.
CS GOLD (AUGUST) OVERVIEW:
TREND :SIDEWAYS
RESIST 2: 25020
RESIST 1: 24910
SUP 1: 24700
SUP 2: 24650
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:34450
RESIST 1:34100
SUP1:33600
SUP2:33330
STRATEGY : BUY ON DIPS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2920
RESIST 1:2880
SUP1:2780
SUP2:2750
STRATEGY: SELL ON RISE
CS NATURAL GAS (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:183
RESIST 1:181
SUP1: 178
SUP2:176
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:334
RESIST 1:332
SUP1:326
SUP2:324
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY: MCX GOLD
MCX CRUDE OIL AUG., Friday as seen in the daily chart opened at 2857 levels
and day high of 2887 levels. During this
period price corrected & made day
low of 2815 levels finally closed
at 2824 levels. Now, there are chances
of further downward movement technically & fundamentally.
Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by six last week to 670, the third straight weekly gain. There are still about 60% fewer rigs working since a peak of 1,609 in October.
Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by six last week to 670, the third straight weekly gain. There are still about 60% fewer rigs working since a peak of 1,609 in October.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2800
LEVELS FOR TARGET OF T1 2700, T2 2650
WITH SL OF 2920 LEVELS.
LEVELS FOR TARGET OF T1 2700, T2 2650
WITH SL OF 2920 LEVELS.
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