Daily MCX News
BULLION:
Gold steadied after a three-day losing streak but was headed for its worst quarter in a year on a looming U.S. rate hike. The metal's 15 percent loss this quarter is its fifth straight quarterly drop and its worst three-month period since the third quarter of 2008. It is down 9 percent for the month, its biggest monthly drop since May 2012. Gold has been hurt by expectations that the Federal Reserve would raise U.S. rates this year for the first time in nearly a decade, a move that could dent demand for non-interest-paying bullion. Traders will be eyeing a speech by Fed Chair Janet Yellen later on Wednesday.
BASE METAL:
Base metals market was overshadowed by sluggish Chinese and European economy, possible rate hike in the US, falling copper demand in China and selloffs in Glencore’s shares earlier. China’s support for infrastructure projects will cheer market up. Today is the last trading day before the week-log Chinese holiday, so caution will dominate. LME copper should move between USD 4,950-5,010/mt on Wednesday. SHFE 1512 copper should rise to RMB 37,800-38,300/mt on exit of shorts before the holiday. In China’s spot market, trading activity will quiet down, and spot discounts of RMB 0-30/mt.
ENERGY:
Crude oil futures fell in Asian trade on Wednesday after U.S. inventories showed a weekly buildup that far exceeded analyst expectations. The American Petroleum Institute said late on Tuesday that U.S. crude oil stockpiles rose by 4.6 million barrels to 457.8 million barrels in the week to Sept. 25. Analysts polled by Reuters had expected an increase of only 102,000 barrels. U.S. crude oil production should continue on its decline with falling rig counts," Ang said. Wednesday's session may have added volatility due to the close of September and third-quarter trading, according to some analysts.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26580
RESIST 1: 26460
SUP 1: 26050
SUP 2: 25870
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:35470
RESIST 1:35225
SUP1:34630
SUP2:34250
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3070
RESIST 1:3030
SUP1:2950
SUP2:2920
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:177
RESIST 1:174
SUP1: 170
SUP2:167
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND
:BEARISH
RESIST
2:337
RESIST
1:335
SUP1:330
SUP2:328
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Tuesday as seen
in the daily chart opened at 2968 levels and day high of 3033 levels. During
this period price corrected & made day low of 2953 levels finally closed at
3026 levels. Now, there are chances of further downward movement technically
& fundamentally.
Crude oil futures fell in Asian trade on Wednesday after U.S. inventories showed a weekly buildup that far exceeded analyst expectations.
Crude oil futures fell in Asian trade on Wednesday after U.S. inventories showed a weekly buildup that far exceeded analyst expectations.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3000
LEVELS FOR TARGET OF T1 2900, T2 2850
WITH SL OF 3120 LEVELS.
LEVELS FOR TARGET OF T1 2900, T2 2850
WITH SL OF 3120 LEVELS.
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