Daily MCX News
BULLION:
Bullion saw some safe-haven bids as U.S. and Asian stocks fell, dragged down by economic reports portraying U.S. factory growth as tepid and China in its worst manufacturing contraction since the global financial crisis. Spot gold XAU= was firm at $1,130.75, after gaining 0.5 percent on Wednesday. December Comex Gold futures posted a solid gain on Wednesday after trading lower earlier in the session. Traders initially sold gold after the release of China’s bearish manufacturing PMI report because of a stronger U.S. Dollar.
BASE METAL:
LME copper fell from highs during European and US trading hours as a result of worries about China’s demand and a slump in crude oil prices. LME lead finally ended at USD 5,059/mt, down by USD 16/mt. China’s Caixin manufacturing PMI for September recorded a 6.5-year low, triggering concerns over China’s demand and crude oil prices tumbled, weighing down base metal prices. LME copper should move in USD 5,040-5,100/mt during Asian trading hours. SHFE 1511 copper will range between RMB 38,300-39,000/mt on Sept. 24 with strong resistance emerging.
ENERGY:
Oil prices pared some losses on Thursday after sharp falls overnight on an unexpectedly large buildup in U.S. gasoline stocks and seasonally tepid demand. Data from the Energy Information Administration on Wednesday showed that U.S. crude oil stocks fell 1.9 million barrels in the week to Sept. 18, the second straight weekly drawdown, compared with analyst expectations for a decrease of 533,000 barrels. Asian shares got off to a cautious start on Thursday after more dour economic news in China and the United States prompted a bruising selloff the previous day.
BULLION & ENERGY
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 26850
RESIST 1: 26680
SUP 1: 26345
SUP 2: 26220
STRATEGY: BUY ON DIPS
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:36200
RESIST 1:35820
SUP1:35150
SUP2:35000
STRATEGY : BUY ON DIPS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3115
RESIST 1:3080
SUP1:2950
SUP2:2900
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:174
RESIST 1:172
SUP1: 168
SUP2:165
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:346
RESIST 1:344
SUP1:338
SUP2:334
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Wednesday as seen
in the daily chart opened at 3055 levels and day high of 3134 levels. During
this period price corrected & made day low of 2970 levels finally closed at
2983 levels. Now, there are chances of further downward movement technically
& fundamentally.
Oil prices pared some losses on Thursday after sharp falls overnight on an unexpectedly large buildup in U.S. gasoline stocks and seasonally tepid demand.
Oil prices pared some losses on Thursday after sharp falls overnight on an unexpectedly large buildup in U.S. gasoline stocks and seasonally tepid demand.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3030
LEVELS FOR TARGET OF T1 2930, T2 2900
WITH SL OF 3135 LEVELS.
LEVELS FOR TARGET OF T1 2930, T2 2900
WITH SL OF 3135 LEVELS.
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