Daily MCX News
BULLION:
Gold steadied below a seven-week high early on Tuesday as the dollar regained some lost ground versus a basket of currencies while investors waited to see if there would be a second day sell-off in Chinese stocks. On the Comex division of the Nymex, gold for December delivery eased 0.16% to $1,151.90 a troy ounce. Over the weekend, the People's Bank of China (PBOC) gave approval for local government pension funds to invest in Chinese equities, a policy move that could result in close to $100 billion being invested in stock markets nationwide. The PBOC is also expected to cut the RRR or amount that banks are forced to hold in reserves over the next several weeks, the Wall Street Journal reported.
BASE METAL:
Copper plate/sheet, strip and foil producers in China are not bullish toward copper price in the near term. LME copper prices once fell to USD 4,855/mt Monday and closed at USD 4,950/mt. The market flipped into a backwardation. Chinese shares posted an 8.5% plunge on Monday, the biggest single-day loss since February 2007, erasing all the gains this year. European and US stock market also suffered selling pressure. The stock market slump weighed down commodities prices. SHFE 1510 copper contract may trade at RMB 38,300-39,000/mt on August 25. Spot copper will be quoted between a discount of RMB 50/mt and a premium of RMB 20/mt to SHFE 1509 copper contract.
ENERGY:
ENERGY:
Crude oil markets edged up but remained near 6-1/2-year lows on Tuesday, following a session that saw prices fall as much as 6 percent after a Chinese equities rout sent global markets into a tailspin. Asian stocks looked vulnerable to another sell-off on Tuesday, with investors gripped by fears of a hard landing for the Chinese economy, the world's most important growth engine. Crude oil markets reacted cautiously in early trading, staying at levels comparable to the peak of the global financial crisis in 2009 and suggesting that fears over the economic outlook in China.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 27540
RESIST 1: 27450
SUP 1: 27170
SUP 2: 27090
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:36100
RESIST 1:35800
SUP1:35120
SUP2:34940
STRATEGY : SELL ON RISE
CS CRUDE OIL (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:2710
RESIST 1:2670
SUP1:2570
SUP2:2530
STRATEGY: SELL ON RISE
CS NATURAL GAS (AUGUST) OVERVIEW:
TREND :BEARISH
RESIST 2:182
RESIST 1:180
SUP1: 175
SUP2:173
STRATEGY: SELL ON RISE
BASE METAL
TREND :BEARISH
RESIST 2:339
RESIST 1:337
SUP1:333
SUP2:331
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Monday as seen in the daily chart opened at 2672 levels and day high of 2672 levels. During this period price corrected & made day low of 2577 levels finally closed at 2639 levels. Now, there are chances of further downward movement technically & fundamentally.
Crude oil markets reacted cautiously in early trading, staying at levels comparable to the peak of the global financial crisis in 2009 and suggesting that fears over the economic outlook in China.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL AUG., BELOW 2635
LEVELS FOR TARGET OF T1 2625, T2 2675
WITH SL OF 2750LEVELS.
LEVELS FOR TARGET OF T1 2625, T2 2675
WITH SL OF 2750LEVELS.
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CapitalStars Financial Research Private Limited is an advisory company incepted with a vision of providing fair and accurate trading and investment calls in share and commodity market. CapitalStars also aveliable on social network
CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. We generate intraday as well as delivery calls in Stock cash and F&O in NSE & BSE, Commodities including bullions, metals & Agro- commodities traded in MCX and NCDEX.
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