Daily MCX News
BULLION:
Gold held near a 3-1/2-month high on Thursday as sluggish economic data from China and the United States stoked speculation the Federal Reserve will not raise rates this year. Data on Wednesday showed U.S. retail sales barely rose in September and producer prices recorded their biggest decline in eight months, indicating the economy was losing momentum amid slowing global growth. Investors believe the weakening backdrop in the U.S. and elsewhere may cause Fed policymakers to delay the first rate increase in nearly a decade, earlier expected late in 2015.
BASE METAL:
LME copper opened at USD 5,239.5/mt overnight and then tested a low of USD 5,230/mt. Near session’s end, LME copper jumped thanks to softer dollar and ended USD 56/mt higher at USD 5,306/mt. Positions increased 3,038 to 306,221. LME copper inventories have dropped below 297,175 mt. SHFE 1512 copper opened higher at RMB 39,750/mt for night trading Wednesday in response to LME copper. The contract fell to test RMB 39,720/mt but later shot up to RMB 39,980/mt, to close at RMB 39,940/mt, gaining RMB 230/mt or 0.58%. Positions increased 1,570 to 232,310 and trading volumes were around 160,000 lots.
ENERGY:
ENERGY:
Crude oil futures extended their losses on Thursday after notching up declines every day so far this week, hit by growing U.S. stockpiles and an expanding global glut. U.S. oil remained under pressure as the focus turns to U.S. crude inventories. The sustained period of lower crude oil prices has started to impact the credit profile of companies," ANZ said in a note on Thursday. Data from industry group the American Petroleum Institute on Wednesday showed that U.S. crude inventories rose by 9.4 million barrels in the week to Oct. 9 to 465.96 million, compared with analyst expectations for an increase of 2.8 million barrels.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH
RESIST 2: 27450
RESIST 1: 27350
SUP 1: 27025
SUP 2: 26890
STRATEGY: BUY ON DIPS
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:38000
RESIST 1:37730
SUP1:37350
SUP2:37130
STRATEGY : BUY ON DIPS
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3150
RESIST 1:3100
SUP1:2990
SUP2:2950
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
SUP1:347
SUP2:345
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL OCT., Wednesday as seen
in the daily chart opened at 3061 levels and day high of 3066 levels. During
this period price corrected & made day low of 2976 levels finally closed at
3034 levels. Now, there are chances of further downward movement technically
& fundamentally.
Data from industry group the American Petroleum Institute on Wednesday showed that U.S. crude inventories rose by 9.4 million barrels in the week to Oct. 9 to 465.96 million, compared with analyst expectations for an increase of 2.8 million barrels.
DAILY RECOMMENDATION:
Data from industry group the American Petroleum Institute on Wednesday showed that U.S. crude inventories rose by 9.4 million barrels in the week to Oct. 9 to 465.96 million, compared with analyst expectations for an increase of 2.8 million barrels.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3360
LEVELS FOR TARGET OF T1 2960, T2 2910
WITH SL OF 3180 LEVELS.
LEVELS FOR TARGET OF T1 2960, T2 2910
WITH SL OF 3180 LEVELS.
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