Daily MCX News
BULLION:
Gold prices eased on Tuesday in Asia as China reported a larger trade surplus that expected though imports slumped, possibly signalling room to ease monetary policy further. On Friday, gold dropped $3.10, or 0.28%, after mixed U.S. payrolls data failed to quell uncertainty over the prospect of a near-term interest rate hike from the Federal Reserve. The jobs report failed to provide much clarity on when the Federal Reserve will decide to raise short term interest rates. The timing of a Fed rate hike has been a constant source of debate in the markets in recent months.
BASE METAL:
Base metal prices on the SHFE are expected to remain under downward pressures on Sept. 8, Shanghai Metals Market foresees. LME copper once tested resistance at USD 5,200/mt on Monday in response to copper production cut by Glencore. But later LME copper fell back due to exit of longs, to close up USD 27/mt at USD 5,135/mt. LME copper is expected to move in USD 5,120-5,200/mt during Asian trading hours. SHFE 1511 copper suffers pressure and should range between RMB 39,200-39,600/mt on Sept. 8. Chinese spot copper will trade RMB 20-60/mt below SHFE 1509 copper.
ENERGY:
ENERGY:
Crude oil prices plummeted on Tuesday in Asia as China reported disappointing export and import figures from August with incoming goods such as oil getting hit hard. Crude oil for delivery in October on the New York Mercantile Exchange dropped 3.40% to $44.49 a barrel. In China. August exports fell 6.1%, a tad more than the 6% seen and imports slumped 14.3%, compared to an expected 8.2% drop. The trade surplus came in at $60.24 billion, better than the $48.2 billion seen.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26750
RESIST 1: 26690
SUP 1: 26375
SUP 2: 26275
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:35870
RESIST 1:35630
SUP1:35070
SUP2:34780
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3170
RESIST 1:3110
SUP1:2915
SUP2:2865
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:184
RESIST 1:182
SUP1: 176
SUP2:174
STRATEGY: BUY ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:354
RESIST 1:352
SUP1:346
SUP2:343
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL SEP., Monday as seen
in the daily chart opened at 3093 levels and day high of 3093 levels. During
this period price corrected & made day low of 2931 levels finally closed at 2948 levels. Now, there are chances of
further downward movement technically & fundamentally.
Crude oil prices plummeted on Tuesday in Asia as China reported disappointing export and import figures from August with incoming goods such as oil getting hit hard.
Crude oil prices plummeted on Tuesday in Asia as China reported disappointing export and import figures from August with incoming goods such as oil getting hit hard.
BUY MCX CRUDE OIL AUG., BELOW 2995
LEVELS FOR TARGET OF T1 2895, T2 2845
WITH SL OF 3115LEVELS.
LEVELS FOR TARGET OF T1 2895, T2 2845
WITH SL OF 3115LEVELS.
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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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