Daily MCX News
BULLION:
Gold prices held weaker to steady in Asia on Tuesday with the focus on the timing of a widely expected Federal Reserve rate hike this year still in some doubt. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.05% in early Asia at $1,103.60 a troy oune. Overnight, gold surged on Monday experiencing its strongest one-day moves in nearly two months, amid dovish comments from a prominent Federal Reserve official on the timing of the U.S. Central Bank's first interest rate hike in nearly a decade and continuing concerns surrounding the economy in China.
BASE METAL:
There is huge market potential to replace copper with
aluminum in China’s cable industry, cableabc.com reported. LME copper once
broke above USD 5,300/mt on Monday and closed at USD 5,298/mt, up USD 142/mt,
due mainly to report on copper production cuts and a fallback in the US dollar
index. Copper for September delivery rose 0.20% to 2.394 a pound. China's
Producer Price Index also plunged 5.4% for the month, extending its
longstanding streak of monthly declines to 40. Analysts expected the index to
decrease by approximately 5% in July.
ENERGY:
Crude oil prices fell
in early Asia on Tuesday with the focus on weekly data points ahead in the U.S.
on supply. On Tuesday industry group the American Petroleum Institute will
release its estimates of crude and refined product stockpiles last week. On
Wednesday, the U.S. Department of Energy will release its own more closely
watched figures on the same stockpiles. Crude oil for delivery in September on
the New York Mercantile Exchange fell 0.34% to $44.81 a barrel. A reduction in
refinery activity should logically decrease the demand for crude, all things
being equal, said David Thompson, executive vice-president at Powerhouse, an
energy-specialized commodities broker in Washington.
CS GOLD (OCTOBER) OVERVIEW:
TREND :BULLISH
RESIST 2: 25470
RESIST 1: 25350
SUP 1: 25020
SUP 2: 24890
STRATEGY: BUY ON DIPS
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:35880
RESIST 1:35600
SUP1:34450
SUP2:34380
STRATEGY : BUY ON DIPS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2950
RESIST 1:2920
SUP1:2850
SUP2:2810
STRATEGY: SELL ON RISE
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:183
RESIST 1:181
SUP1: 178
SUP2:176
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BULLISH
RESIST 2:345
RESIST 1:342
SUP1:336
SUP2:333
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY: MCX GOLD
MCX CRUDE OIL AUG., Monday as seen in the daily chart opened at 2815 levels
and day high of 2885 levels. During this
period price corrected & made day
low of 2786 levels finally closed
at 2860 levels. Now, there are chances
of further downward movement technically & fundamentally.
Crude oil prices fell in early Asia on Tuesday with the focus on weekly data points ahead in the U.S. on supply. On Tuesday industry group the American Petroleum Institute will release its estimates of crude and refined product stockpiles last week. On Wednesday, the U.S. Department of Energy will release its own more closely watched figures on the same stockpiles.
Crude oil prices fell in early Asia on Tuesday with the focus on weekly data points ahead in the U.S. on supply. On Tuesday industry group the American Petroleum Institute will release its estimates of crude and refined product stockpiles last week. On Wednesday, the U.S. Department of Energy will release its own more closely watched figures on the same stockpiles.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2890
LEVELS FOR TARGET OF T1 2790, T2 2740
WITH SL OF 3000LEVELS.
LEVELS FOR TARGET OF T1 2790, T2 2740
WITH SL OF 3000LEVELS.
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