Daily MCX News
BULLION:
Gold held just below a three-month high on Wednesday, bolstered by a weaker dollar and comments from Federal Reserve officials cautioning against a rate hike this year. The Fed had refrained from hiking rates at its September meeting citing concerns about the global economy, though Fed Chair Janet Yellen had said later that the central bank was on track to raise rates this year. However, a weak U.S. nonfarm payrolls report earlier this month prompted the market to shift expectations of a Fed rate hike to 2016 and sell the dollar.
BASE METAL:
LME copper started Asian trading hours at USD 5,292/mt and then tested support at the 5-day moving average during European and US trading hours with crude oil prices falling from highs. Finally, LME copper ended down USD 51/mt at USD 5,250/mt. Positions increased 2,739 to 303,183 and trading volumes were around 12,884 lots. LME copper stocks in Asia declined 2,600 mt to 300,600 mt, showing signs of flowing into Chinese market. A slip in LME copper allowed SHFE 1512 copper to start lower at RMB 39,700/mt on Tuesday night. But later crude oil prices ended down almost 2% and this led to SHFE copper to retreat all the gains.
ENERGY:
ENERGY:
Crude oil futures slipped on Wednesday, extending losses from the prior session when an International Energy Agency report said the market would stay oversupplied for at least another year. Prices should remain low...the main reason for that is because global supply and demand for crude did not change much over the past few weeks or even months. We are still in oversupply," Daniel Ang, an investment analyst at Phillip Futures Pte Ltd. As the oil market remains over supplied, Saudi Arabia failed to attract offers for additional oil cargoes for loading in October, industry sources said.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 27440
RESIST 1: 27300
SUP 1: 27000
SUP 2: 26800
STRATEGY: BUY ON DIPS
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:37850
RESIST 1:37730
SUP1:37150
SUP2:36750
STRATEGY : BUY ON DIPS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3150
RESIST 1:3100
SUP1:3000
SUP2:2960
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:167
RESIST 1:165
SUP1: 161
SUP2:159
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND
:BULLISH
RESIST
2:352
RESIST
1:350
SUP1:345
SUP2:341
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Tuesday as seen
in the daily chart opened at 3086 levels and day high of 3159 levels. During
this period price corrected & made day low of 3042 levels finally closed at
3098 levels. Now, there are chances of further downward movement technically
& fundamentally.
We are still in oversupply," Daniel Ang, an investment analyst at Phillip Futures Pte Ltd. As the oil market remains over supplied, Saudi Arabia failed to attract offers for additional oil cargoes for loading in October, industry sources said.
DAILY RECOMMENDATION:
We are still in oversupply," Daniel Ang, an investment analyst at Phillip Futures Pte Ltd. As the oil market remains over supplied, Saudi Arabia failed to attract offers for additional oil cargoes for loading in October, industry sources said.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3100
LEVELS FOR TARGET OF T1 3000, T2 2950
WITH SL OF 3220 LEVELS.
LEVELS FOR TARGET OF T1 3000, T2 2950
WITH SL OF 3220 LEVELS.
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