Daily MCX News
BULLION:
Gold held steady to weaker in Asia on Wednesday as investors awaited the July minutes from the Federal Reserve for what nay prove to be the clearest signal on the timing of a widely expected rate hike this year. On the Comex division of the New York Mercantile Exchange, gold for December delivery fell 0.02% to $1,116.70 a troy ounce. Traders appeared hesitant to make any drastic moves on Tuesday ahead of the Federal Reserve's release of the minutes from its July meeting on Wednesday afternoon. Gold, which is not attached to dividends or interest rates, struggles to compete with high-yield bearing assets in periods of rising rates.
BASE METAL:
LME copper prices once fell below USD 5,000/mt to touch USD 4,983/mt on Tuesday, dragged by growing concern over China’s metal demand and a 6% slump in China’s stock market. LME copper closed the day at USD 5,020/mt, losing USD 95/mt. Both LME and SHFE reported continued growth in copper inventories, weighing down copper prices. Positions were slashed 1,032, and trading volumes were around 284,000 lots. SHFE 1510 copper contract may trade at RMB 38,000-38,700/mt on August 19. Spot copper will be quoted between a discount of RMB 30/mt and a premium of RMB 30/mt to SHFE 1509 copper contract.
ENERGY:
Crude oil prices eased in early Asia on Wednesday despite slightly upbeat estimates of U.S. stockpiles from an industry group as oversupply worries weigh on markets globally. Crude inventories nationwide remain at their highest level at this time of year in at least 80 years. Energy traders continue to monitor fluctuations in the dollar, ahead of Wednesday's release of the minutes from the Federal Open Market Committee's July meeting. Last week, Fed vice chairman Stanley Fischer expressed concern with the lack of inflation in the U.S. economy due to slower than expected growth.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND :BEARISH
RESIST 2: 26160
RESIST 1: 26090
SUP 1: 25890
SUP 2: 25740
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:36000
RESIST 1:35930
SUP1:34500
SUP2:34400
STRATEGY : SELL ON RISE
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2850
RESIST 1:2820
SUP1:2740
SUP2:2715
STRATEGY: SELL ON RISE
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:183
RESIST 1:180
SUP1: 175
SUP2:173
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:338
RESIST 1:336
SUP1:327
SUP2:325
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Tuesday as seen in the daily chart opened at 2823 levels
and day high of 2841 levels. During this
period price corrected & made day
low of 2774 levels finally closed at 2836
levels. Now, there are chances of
further downward movement technically & fundamentally.
Crude inventories nationwide remain at their highest level at this time of year in at least 80 years. Energy traders continue to monitor fluctuations in the dollar, ahead of Wednesday's release of the minutes from the Federal Open Market Committee's July meeting.
Crude inventories nationwide remain at their highest level at this time of year in at least 80 years. Energy traders continue to monitor fluctuations in the dollar, ahead of Wednesday's release of the minutes from the Federal Open Market Committee's July meeting.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2820
LEVELS FOR TARGET OF T1 27200, T2 2670
WITH SL OF 2950 LEVELS.
LEVELS FOR TARGET OF T1 27200, T2 2670
WITH SL OF 2950 LEVELS.
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