Daily MCX News
BULLION:
Gold prices re bound in Asia on Monday as investors looked ahead to a central bank focused week. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.15% to $1,164.50 a troy ounce. The People's Bank of China cut its benchmark interest rate by a quarter percentage point to 4.35% on Friday, the latest in a series of measures aimed at stimulating economic activity and boosting growth. It was the sixth rate cut over the past 12 months, fueling concerns that economic growth is weakening more than is currently expected.
BASE METAL:
LME copper started at USD 5,242/mt last Friday and once shot up to USD 5,319.5/mt thanks to news of China’s interest rate and RRR cut. But later, LME copper moved lower to USD 5,162/mt owing to stronger dollar and closed at USD 5,180/mt. Both trading volumes and positions grew. LME copper inventories fell below 280,000 mt. The positive effect of China’s interest rate and RRR cut is offset by stronger dollar. And a series of main risky events are going to be released this week, including China’s 5th Plenary Session of 18th CPC Central Committee, and US’s interest rate meeting. LME copper should move in USD 5,150-5,220/mt during Asian trading hours
ENERGY:
ENERGY:
Crude oil prices remained weak on Monday as a slowing demand outlook implied oversupply will remain in place for months, prompting speculators to cut their bets on rising prices. ANZ bank said it expected prices to remain low for the remainder of this year and that speculators were cutting their bets on higher prices. "Net speculative (U.S.) long positions declined by 13,841 contracts for the week ending 20 October," the bank said. We remain cautious on commodity prices into year-end given weak demand conditions.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 27130
RESIST 1: 27025
SUP 1: 26600
SUP 2: 26345
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 37390
RESIST 1: 37190
SUP1: 36620
SUP2: 36350
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3020
RESIST 1:2980
SUP1:2900
SUP2:2850
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:170
RESIST 1:167
SUP1: 159
SUP2:156
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:346
RESIST 1:344
SUP1:338
SUP2:336
STRATEGY: SELL ON RISE
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL Nov., Friday as seen in the daily chart opened at 2956 levels and day high of 2990 levels. During this period price corrected & made day low of 2895 levels finally closed at 2925 levels. Now, there are chances of further downward movement technically & fundamentally.
ANZ bank said it expected prices to remain low for the remainder of this year and that speculators were cutting their bets on higher prices.
DAILY RECOMMENDATION:
ANZ bank said it expected prices to remain low for the remainder of this year and that speculators were cutting their bets on higher prices.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 2940
LEVELS FOR TARGET OF T1 2840 T2 2800
WITH SL OF 3060 LEVELS.
LEVELS FOR TARGET OF T1 2840 T2 2800
WITH SL OF 3060 LEVELS.
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