Daily MCX News
BULLION:
Gold prices held slightly weaker in early Asia on
Tuesday with the focus on China's continued slump and as investors mull the
prospect of a Federal Reserve rate hike later this year instead of September.
On the Comex division of the New York Mercantile Exchange, gold for December
delivery eased 0.08% to $1,084.70 a troy ounce. The possibility of a Greek
departure from the euro, which could trigger contagion throughout the zone, has
lessened dramatically since Greece agreed on a preliminary cash-for-reforms
deal with its European creditors last month in a historic agreement.
BASE METAL:
LME copper prices dipped to a fresh six-year low of
USD 5,142/mt Monday, and closed down USD 32/mt at USD 5,192/mt. China’s poor
manufacturing data and stock price decline hurt commodity markets. Meanwhile,
US shares fell across the board due to weak consumption and manufacturing
figures, but the US dollar index fluctuated up as plunging Greek stocks caused
the euro to weaken. SHFE 1510 copper
contract may trade at RMB 37,800-38,300/mt on August 3. Spot copper will be
offered between a discount of RMB 50/mt and a premium a RMB 20/mt to SHFE 1508
copper contract.
ENERGY:
Crude oil prices
staged a rebound in early Asia on Tuesday ahead of industry data on U.S.
stockpiles. Overnight, WTI crude futures plunged to a six-month low on Monday,
amid weak economic data in the U.S. and China, as well as indications of
softening automobile demand. , U.S. crude production remained nearly 9.5
million barrels per day – near the highest amounts in more than 40 years.
Overseas, the losses in crude futures were just as dramatic. For the month of
July, OPEC supply surged to 32.01 million barrels per day, according to a Reuters
survey, rising slightly from an upwardly revised total of 31.87 million bpd in
June.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND :SIDEWAYS
RESIST 2: 25025
RESIST 1: 24890
SUP 1: 24670
SUP 2: 24535
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:34240
RESIST 1:34065
SUP1:33310
SUP2:33130
STRATEGY :SELL ON RISE
CS CRUDE OIL (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:3075
RESIST 1:3040
SUP1:2890
SUP2:2850
STRATEGY: SELL ON RISE
CS NATURAL GAS (JULY) OVERVIEW:
TREND :BEARISH
RESIST 2:182
RESIST 1:180
SUP1: 172
SUP2:169
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:338
RESIST 1:336
SUP1:332
SUP2:330
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY: MCX GOLD
MCX CRUDE OIL AUG., Monday as seen in the daily chart opened at 3035 levels
and day high of 3035 levels. During this
period price corrected & made day
low of 2907 levels finally closed
at 2918 levels. Now, there are chances
of further downward movement technically & fundamentally.
For the month of July, OPEC supply surged to
32.01 million barrels per day, according to a Reuters survey, rising slightly
from an upwardly revised total of 31.87 million bpd in June.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2930
LEVELS FOR TARGET OF T1 2830, T2 2800
WITH SL OF 3030LEVELS.
LEVELS FOR TARGET OF T1 2830, T2 2800
WITH SL OF 3030LEVELS.
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