Daily MCX News
BULLION:
Gold clung to small overnight gains near $1,110 an ounce on Friday, but the metal was headed for a third consecutive weekly fall as investors continued to fret over the timing of a looming U.S. interest rate hike. Earlier in the week, gold had fallen to $1,101.11, the lowest since Aug. 11. It has lost 1 percent for the week. Traders were awaiting the Federal Reserve's next policy statement on Sept. 17 for clues on the timing of a U.S. interest rate rise, before taking any big positions in gold. The London Metal Exchange is in talks with the gold industry with a view to launching precious metals derivatives, LME Chief Executive Garry Jones said on Thursday.
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:
Copper prices have fallen in recent years, pulling the miners down with them. Of course, challenges to the commodities sector have been heavily influenced by a mismatch between demand and supply growth. LME copper moved in a tight range of USD 5,360-5,400/mt during European and US trading hours and closed at USD 5,392/mt, edging up USD 36/mt. LME copper should consolidate the support at the 60-day moving average and move in USD 5,350-5,400/mt during Asian trading hours. LME copper to range between RMB 40,800-41,300/mt on Sept. 11.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26400
RESIST 1: 26290
SUP 1: 26040
SUP 2: 25980
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:36120
RESIST 1:35820
SUP1:35240
SUP2:35030
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3115
RESIST 1:3085
SUP1:2990
SUP2:2950
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:183
RESIST 1:181
SUP1: 178
SUP2:175
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:371
RESIST 1:368
SUP1:362
SUP2:361
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Thursday as seen
in the daily chart opened at 2975 levels and day high of 3065 levels. During
this period price corrected & made day low of 2921 levels finally closed at 3041 levels. Now, there are chances of
further downward movement technically & fundamentally.
Russia's energy minister expects cuts in global shale oil production to help stabilise the oil market. Alexander Novak also reaffirmed that Russia, would not cut its own production.
Russia's energy minister expects cuts in global shale oil production to help stabilise the oil market. Alexander Novak also reaffirmed that Russia, would not cut its own production.
BUY MCX CRUDE OIL AUG., BELOW 3080
LEVELS FOR TARGET OF T1 2980, T2 2930
WITH SL OF 3200 LEVELS.
LEVELS FOR TARGET OF T1 2980, T2 2930
WITH SL OF 3200 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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