Daily MCX News
BULLION:
Gold steadied after three days of losses on Tuesday but remained under pressure as the dollar was well bid on expectations the Federal Reserve could still raise U.S. rates this year. Gold touched its highest level in 3-1/2 months last week on bets the Fed will not raise U.S. rates amid concerns about the global economy. But the rally lost steam after robust U.S. economic data, and as gold failed to surge past the key $1,200 level. The Fed holds two more policy meets this year: next week and in December. Market expectations for a rate hike have shifted to next year in recent weeks.
BASE METAL:
LME copper opened at USD 5,276/mt overnight and then fell back to USD 5,252/mt. Later, LME copper dived to USD 5,203/mt and ended at USD 5,212/mt, down USD 60/mt. Trading volumes fell 851 to 11,753 lots and positions dropped 887. LME copper inventories posted modest growth but Asian inventories printed losses, a sign of continuous inflow to China. Poor data from China and sell-offs on LME copper during European and US trading hours will curtail base metal prices. LME copper will move in USD 5,185-5,250/mt during Asian trading hours. SHFE 1512 copper will range between RMB 39,000-39,300/mt on October20.
ENERGY:
ENERGY:
Oil prices rebounded in Asian trade on Tuesday as traders covered short positions after prices fell at least 3 percent in the previous session, but gains were capped by worries about oversupply and the health of the global economy. Iran boosting crude production when international sanctions are lifted and weaker economic growth in China, the world's second-largest economy, weighed on markets, Le Brun said. Iran plans to increase crude production by 500,000 barrels per day within a week of the lifting of sanctions, a senior Iranian oil official was quoted as saying on Monday, selling the oil to traditional customers in Asia and Europe.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 27200
RESIST 1: 27060
SUP 1: 26840
SUP 2: 26700
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:37400
RESIST 1:37130
SUP1:36630
SUP2:36200
STRATEGY : SELL ON RISE
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 2:164
RESIST 1:162
SUP1: 158
SUP2:156
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:346
RESIST 1:343
SUP1:338
SUP2:336
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL Nov., Monday as seen in the daily chart opened at 3056 levels and day high of 3058 levels. During this period price corrected & made day low of 2980 levels finally closed at 2992 levels. Now, there are chances of further downward movement technically & fundamentally.
Iran plans to increase crude production by 500,000 barrels per day within a week of the lifting of sanctions, a senior Iranian oil official was quoted as saying on Monday, selling the oil to traditional customers in Asia and Europe.
Iran plans to increase crude production by 500,000 barrels per day within a week of the lifting of sanctions, a senior Iranian oil official was quoted as saying on Monday, selling the oil to traditional customers in Asia and Europe.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3050
LEVELS FOR TARGET OF T1 2950, T2 2900
WITH SL OF 3170 LEVELS.
LEVELS FOR TARGET OF T1 2950, T2 2900
WITH SL OF 3170 LEVELS.
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