Daily MCX News
BULLION:
Gold prices were mostly steady in early Asia on
Wednesday with attention on the People's Bank of China after the yuan was
effectively devalued on Tuesday - though the central bank called it a
market-based adjustment. On the Comex division of the New York Mercantile
Exchange, gold for December delivery rose 0.03% to $1,108.00 a troy ounce. The
Chinese central bank unexpectedly devalued the yuan on Tuesday in an effort to
boost exports and jumpstart an economy, which is currently experiencing its
slowest level of growth in more than a decade. Since the beginning of June,
Chinese equities markets have reportedly lost approximately $2 to $3 trillion
in value.
BASE METAL:
LME copper dipped to a record low of USD 5,109/mt overnight
and closed at USD 5,148/mt, down USD 151/mt. The PBOC lowered the central
parity of RMB:USD by 1.82% August 11, pushing down commodity price. During
Asian trading session, the US dollar climbed above 97.60 at one point, up over
0.4%. LME copper prices are expected to move between USD 5,080-5,180/mt during
Asian trading session, and SHFE 1510 copper contract prices should move between
RMB 38,300-38,900/mt, with spot discounts of RMB 120-50/mt.
ENERGY:
Crude oil prices fell
again on Wednesday as China allowed its currency to fall sharply for a second
day, triggering concerns over the country's economic health just as oil
production hit multi-year highs. A lower yuan erodes Chinese purchasing power
for dollar-denominated imports like oil, potentially hitting fuel demand. The
Chinese yuan continues to weaken for the second day which could suggest further
weakening of oil prices, Singapore-based brokerage Phillip Futures said on
Wednesday. OPEC also raised its forecast of oil supplies from non-member
countries in 2015, a sign that crude's price collapse is taking longer than
expected to hit U.S.
CS GOLD (OCTOBER) OVERVIEW:
TREND :BULLISH
RESIST 2: 25810
RESIST 1: 25750
SUP 1: 25480
SUP 2: 25335
STRATEGY: BUY ON DIPS
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:35880
RESIST 1:35630
SUP1:35000
SUP2:34740
STRATEGY : BUY ON DIPS
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2890
RESIST 1:2860
SUP1:2750
SUP2:2710
STRATEGY: SELL ON RISE
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BULLISH
RESIST 2:190
RESIST 1:188
SUP1: 183
SUP2:181
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BULLISH
RESIST 2:335
RESIST 1:333
SUP1:327
SUP2:325
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY: MCX GOLD
MCX CRUDE OIL AUG., Tuesday as seen in the daily chart opened at 2874 levels
and day high of 2913 levels. During this
period price corrected & made day
low of 2767 levels finally closed
at 2780 levels. Now, there are chances
of further downward movement technically & fundamentally.
Crude oil prices fell again on Wednesday as China allowed its currency to fall sharply for a second day, triggering concerns over the country's economic health just as oil production hit multi-year highs. A lower yuan erodes Chinese purchasing power for dollar-denominated imports like oil, potentially hitting fuel demand.
Crude oil prices fell again on Wednesday as China allowed its currency to fall sharply for a second day, triggering concerns over the country's economic health just as oil production hit multi-year highs. A lower yuan erodes Chinese purchasing power for dollar-denominated imports like oil, potentially hitting fuel demand.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2795
LEVELS FOR TARGET OF T1 2695, T2 2650
WITH SL OF 2900 LEVELS.
LEVELS FOR TARGET OF T1 2695, T2 2650
WITH SL OF 2900 LEVELS.
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