Daily MCX News
BULLION:
Gold was steady on Tuesday and trading below a near three-week high, retaining overnight losses as investors propped up equities and the U.S. dollar, denting the metal's appeal as a hedge. The market is now waiting to hear from Fed Chair Janet Yellen herself, who is due to speak on Thursday. Yellen is facing growing pressure from her colleagues and global investors to clarify where the world's biggest central bank is heading and how it is making its decisions. The drop in bullion prices comes after sharp gains last week following the Federal Reserve's move.
BASE METAL:
Overnight, LME copper initially was supported by China’s upbeat copper import data but later stronger dollar weighed down LME copper prices. As such, LME copper finally closed flat at USD 5,254/mt. China’s refined copper imports grew 12% to 262,691 mt in August, easing concerns that downturn in Chinese economy will slow China’s demand for copper. LME copper should move in USD 5,220-5,270/mt during Asian trading hours. SHFE 1511 copper will range between RMB 40,050-40,550/mt on Sept. 22.
ENERGY:
ENERGY:
Crude oil prices fell on Tuesday as traders took profit following a 3-4 percent upward swing in the previous session as conflicting market signals continued to tear at prices. The dip in prices came after oil rallied on Monday, with U.S crude surging nearly 5 percent on signs of declining stockpiles and a fall in drilling activity, which implies lower future oil production. In another indicator that prices may have bottomed, hedge funds continued to pare short positions in U.S. crude oil last week, a sign they no longer believe in further price falls.
BULLION & ENERGY
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26690
RESIST 1: 26550
SUP 1: 26300
SUP 2: 26050
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:36325
RESIST 1:36250
SUP1:35870
SUP2:35670
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3150
RESIST 1:3110
SUP1:3000
SUP2:2970
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:174
RESIST 1:172
SUP1: 167
SUP2:164
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:355
RESIST 1:353
SUP1:348
SUP2:346
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Monday as seen
in the daily chart opened at 3020 levels and day high of 3091 levels. During
this period price corrected & made day low of 3003 levels finally closed at
3080 levels. Now, there are chances of further downward movement technically
& fundamentally.
In another indicator that prices may have bottomed, hedge funds continued to pare short positions in U.S. crude oil last week, a sign they no longer believe in further price falls.
In another indicator that prices may have bottomed, hedge funds continued to pare short positions in U.S. crude oil last week, a sign they no longer believe in further price falls.
DAILY RECOMMENDATION:
BUY MCX CRUDE OIL AUG., BELOW 3100
LEVELS FOR TARGET OF T1 3000, T2 2900
WITH SL OF 3220 LEVELS.
LEVELS FOR TARGET OF T1 3000, T2 2900
WITH SL OF 3220 LEVELS.
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