MCX Commodity News

Tuesday 13 October 2015

MCX Commodity News

Daily MCX News

BULLION:

Gold steadied near a three-month high on Tuesday, as investors pushed back expectations of a Federal Reserve interest rate hike to next year and on a weaker dollar. The U.S. central bank refrained from hiking rates at its last meeting in September. It holds two more policy meets in 2015: on Oct. 27-28, and then in December. The Fed should hold off on any rate hike until it is clear that a global slowdown, trouble in China and other international risks will not push the U.S. recovery off course, Fed Governor Lael Brainard said on Monday in one of the strongest defenses yet of a go-slow approach to rate policy.

BASE METAL:

LME copper opened at USD 5,298/mt overnight and then fell back from high responding to crude oil prices, to end at USD 5,301/mt, edging up USD 1/mt. Positions grew 4,826 but trading volumes fell more than 17,000 lots. With a slump in crude oil prices, LME copper will move in USD 5,280-5,330/mt during Asian trading hours. SHFE 1512 copper should range between RMB 39,800-40,300/mt on October 13 and spot discounts of RMB 0-50/mt is expected over SHFE 1510 copper. Then the red metal stabilized around RMB 39,900/mt and closed at RMB 39,910/mt, Positions declined 394 to 226,416 and trading volumes were around 140,000 lots.

ENERGY:

Crude oil futures climbed on Tuesday, buoyed by light bargain-hunting after U.S. and Brent crude in the previous session posted their biggest daily percentage declines since the start of September. But a supply surplus and expectations of higher crude inventory stockplies in the United States limited gains. A preliminary Reuter’s survey, taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA), showed a crude stock build of 2.8 million barrels on average in the week ended Oct.

BULLION & ENERGY

CS GOLD (OCTOBER) OVERVIEW:

TREND : BULLISH

RESIST 2: 26940

RESIST 1: 26860

SUP 1: 26500

SUP 2: 26335

STRATEGY: BUY ON DIPS

CS SILVER (NOVEMBER) OVERVIEW:

TREND : BULLISH

RESIST 2:37400

RESIST 1:37150

SUP1:36440

SUP2:36100

STRATEGY : BUY ON DIPS

CS CRUDE OIL (SEPTEMBER) OVERVIEW:

TREND : BEARISH

RESIST 2:3190

RESIST 1:3150

SUP1:3035

SUP2:2990

STRATEGY: SELL ON RISE

CS NATURAL GAS (SEPTEMBER) OVERVIEW:

TREND :BULLISH

RESIST 2:168

RESIST 1:166

SUP1: 163

SUP2:161

STRATEGY: BUY ON DIPS

BASE METAL

CS COPPER (NOVEMBER) OVERVIEW:

TREND :BULLISH

RESIST 2:352

RESIST 1:350

SUP1:344

SUP2:340

STRATEGY: BUY ON DIPS

COMMODITY PICK OF THE DAY:

MCX GOLD

MCX CRUDE OIL OCT., Monday as seen in the daily chart opened at 3205 levels and day high of 3258 levels. During this period price corrected & made day low of 3067 levels finally closed at 3075 levels. Now, there are chances of further downward movement technically & fundamentally.

A preliminary Reuter’s survey, taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA), showed a crude stock build of 2.8 million barrels on average in the week ended Oct. 9.

DAILY RECOMMENDATION:

SEL MCX CRUDE OIL AUG., BELOW 3120
LEVELS FOR TARGET OF T1 3020, T2 2970
WITH SL OF 3220 LEVELS.

Get real time advice for Stock Market, Forex, Comex. Stock trading tips, Forex, Commodity Online like gold, silver, intraday bullion trading, copper, crude trading tips and all market updates. Our Special Services like Equity King, Bullion King & Agri King. We Provide Stock trading tips. For 2 Days Free Trial, please visit our site……

CS King Services

CS King Services

Sidebar One

Text Widget

Watch Our More Services here:

Tuesday 13 October 2015