Daily MCX News
BULLION:
Gold was hovering little changed on Tuesday after a two-day losing streak, as fears over a looming U.S. rate hike offset any safe-haven bids from weaker equities, while platinum hit a fresh 6-1/2-year low on fears of reduced auto sector demand. A flurry of planned appearances this week by Federal Reserve officials began on Monday, but conflicting views by policymakers raised more questions about the U.S. central bank's ability to manage its message at a critical juncture. Several other Fed officials are scheduled to speak this week, keeping the focus firmly on U.S. monetary policy. Traders will also be closely monitoring data, including non-farm payrolls due on Friday.
BASE METAL:
Mining giant Glencore’s shares slumped over 15% to an all-time low on Monday, and its shares have fallen some 70% so far this year. This deepened worries over base metals, driving an across-the-board decline in base metals prices. LME copper sank to USD 4,925/mt before ending Monday down USD 67/mt at USD 4,968/mt. LME copper should remain low at USD 4,920-4,980/mt on Tuesday on strong bearishness, and SHFE 1512 copper should fall to RMB 37,500-38,000/mt. In China’s spot market, spot discounts of RMB 0-70/mt are expected over SHFE 1510 copper contract.
ENERGY:
Oil prices remained
low in early Asian trading on Tuesday following a slide of almost 3 percent the
previous session, dragged down as concerns over Asia's economic health mounted
and as production remained high. Oil prices, along with most other commodities,
have fallen sharply recently, with crude futures losing almost 60 percent of
their value since June 2014. Japanese stock markets, among the earliest to open
in Asia, slid to eight-month lows on Tuesday as global stocks came under
pressure from worries about economies in China and other emerging markets.
BULLION & ENERGY
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26825
RESIST 1: 26725
SUP 1: 26340
SUP 2: 26190
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:35530
RESIST 1:35385
SUP1:34540
SUP2:34270
STRATEGY: SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3070
RESIST 1:3030
SUP1:2930
SUP2:2900
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:182
RESIST 1:180
SUP1: 177
SUP2:175
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND
:BEARISH
RESIST
2:339
RESIST
1:337
SUP1:330
SUP2:328
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Monday as seen in the daily
chart opened at 3030 levels and day high of 3030 levels. During this period
price corrected & made day low of 2956 levels finally closed at 2968 levels.
Now, there are chances of further downward movement technically &
fundamentally.
Japanese stock markets, among the earliest to open in Asia, slid to eight-month lows on Tuesday as global stocks came under pressure from worries about economies in China and other emerging markets.
DAILY RECOMMENDATION:
Japanese stock markets, among the earliest to open in Asia, slid to eight-month lows on Tuesday as global stocks came under pressure from worries about economies in China and other emerging markets.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 2985
LEVELS FOR TARGET OF T1 2885, T2 2835
WITH SL OF 3105 LEVELS.
LEVELS FOR TARGET OF T1 2885, T2 2835
WITH SL OF 3105 LEVELS.
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