Daily MCX News
BULLION:
Gold prices gained in Asia on Thursday with regional data sets noted, particularly a rise in consumer prices in China. In China consumer prices rose 0.5%, higher than the 0.4% gain seen in August and producer prices fell 5.9%, ore than the expected drop of 5.5% year-on-year. On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.33% to $1,105.60 a troy ounce. On Tuesday, World Bank chief economist Kaushik Basu warned that a rate hike by the Fed next week could trigger a widespread crisis in emerging markets, pushing capital away from their economies and potentially creating sharp fluctuations in their currencies.
BASE METAL:
Goldman Sachs lowered its medium-term forecast for copper prices Sept. 8, though Glencore plans to cut its copper output, according to Wallstreetcn.com. Base metal prices on the SHFE now waits for the result of major economic results from China on Sept. 10. LME copper retreated earlier gains during European and US trading hours responding to a slowdown in China’s economy and firmer US dollar. The 3-month copper finally edged up USD 4/mt to USD 5,356/mt. LME copper is predicted to range between USD 5,300-5,380/mt during Asian trading hours.
ENERGY:
ENERGY:
Oil prices fell on Thursday as weak Japanese and Chinese economic data fuelled concerns that low levels of investment could further erode already slowing global growth. Japan's core machinery orders fell 3.6 percent in July, official data showed, much worse than a 3.7 percent increase expected by economists, and followed a 7.9 percent month-on-month decline in June. In China, Asia's biggest economy, analysts already expect a further slowdown in economic growth, now at its lowest in a generation.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26400
RESIST 1: 26280
SUP 1: 25980
SUP 2: 25870
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:36120
RESIST 1:35800
SUP1:35175
SUP2:34770
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3140
RESIST 1:3100
SUP1:2880
SUP2:2840
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:183
RESIST 1:181
SUP1: 177
SUP2:175
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:369
RESIST 1:367
SUP1:360
SUP2:358
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Wednesday as seen in the
daily chart opened at 3071 levels and day high of 3084 levels. During this
period price corrected & made day low of 2976 levels finally closed at 2989 levels. Now, there are chances
of further downward movement technically & fundamentally.
Oil prices fell on Thursday as weak Japanese and Chinese economic data fuelled concerns that low levels of investment could further erode already slowing global growth.
Oil prices fell on Thursday as weak Japanese and Chinese economic data fuelled concerns that low levels of investment could further erode already slowing global growth.
BUY MCX CRUDE OIL AUG., BELOW 2970
LEVELS FOR TARGET OF T1 2870, T2 2820
WITH SL OF 3090 LEVELS.
LEVELS FOR TARGET OF T1 2870, T2 2820
WITH SL OF 3090 LEVELS.
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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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