Daily MCX News
BULLION:
Gold prices dipped on Tuesday in Asia as investors looked ahead to the July Federal Reserve meeting minutes later this week and keep an eye on the exchange rate in China. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.18% to $1,116.40 a troy ounce. In Beijing, the People's Bank of China (PBOC) maintained its push to stabilize the yuan, days after its currency suffered its most tumultuous week in years. Metal traders also await the release of the Federal Open Market Committee's minutes from its July meeting for further indications from the Federal Reserve later this week on the timing of a potential interest rate hike
BASE METAL:
LME copper fell to USD 5,076/mt at one point Monday and closed at USD 5,115/mt, down by USD 55/mt. Foreign investment banks were pessimistic about metal prices fearing that China’s economic slowdown will hurt metal demand. SHFE 1510 copper contract may trade at RMB 38,700-39,300/mt on August 18. Spot premiums were reported from China’s copper market Monday, but the premiums are unlikely to expand with imported copper keeping flowing in. China's 3,785 enterprises will have to cut production or halt operation due to the Sep. 3 parade in Beijing. As a result, commodity prices will be weighed down considering weak demand for commodities.
ENERGY:
Crude eased in Asia on Tuesday with attention focused on demand prospects from China in the wake of a weaker yuan and looking ahead to U.S. industry estimates of stockpiles. On the New York Mercantile Exchange, WTI crude for October delivery traded down 0.13% to $42.36 a barrel. As crude prices continue to linger at its lowest levels in years, investors have expressed little optimism that the current supply-demand imbalance can be corrected in the short-term. OPEC, meanwhile, increased its crude production by 100,000 bpd in July to 31.5 million bpd, even as Saudi Arabian output fell mildly.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND :BEARISH
RESIST 2: 26200
RESIST 1: 26115
SUP 1: 25830
SUP 2: 25740
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:36100
RESIST 1:35940
SUP1:35360
SUP2:35250
STRATEGY : SELL ON RISE
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2850
RESIST 1:2815
SUP1:2720
SUP2:2670
STRATEGY: SELL ON RISE
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:185
RESIST 1:182
SUP1: 177
SUP2:173
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:341
RESIST 1:339
SUP1:335
SUP2:333
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL MCX CRUDE OIL AUG., Monday as seen in the daily chart opened at 2765 levels
and day high of 2796 levels. During this
period price corrected & made day
low of 2728 levels finally closed at 2779
levels. Now, there are chances of
further downward movement technically & fundamentally.
As crude prices continue to linger at its lowest levels in years, investors have expressed little optimism that the current supply-demand imbalance can be corrected in the short-term. OPEC, meanwhile, increased its crude production by 100,000 bpd in July to 31.5 million bpd, even as Saudi Arabian output fell mildly.
As crude prices continue to linger at its lowest levels in years, investors have expressed little optimism that the current supply-demand imbalance can be corrected in the short-term. OPEC, meanwhile, increased its crude production by 100,000 bpd in July to 31.5 million bpd, even as Saudi Arabian output fell mildly.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2780
LEVELS FOR TARGET OF T1 2680, T2 2630
WITH SL OF 2910 LEVELS.
LEVELS FOR TARGET OF T1 2680, T2 2630
WITH SL OF 2910 LEVELS.
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