Daily MCX News
BULLION:
Gold held near a one-month low on Thursday and looked likely to drop below the key $1,100-an-ounce level after Federal Reserve Chair Janet Yellen bolstered market expectations for a U.S. interest rate hike in December. Bullion extended its losing streak to a sixth session on Wednesday, after Yellen pointed to a possible December interest rate lift-off. Another top Fed official said on Wednesday that a policy meeting set for Dec. India's prime minister will on Thursday launch a programme to lure tonnes of gold from households into the banking system, but low returns and concerns over tax authorities hounding depositors may hinder a scheme aimed at cutting imports.
LME copper opened at USD 5,148/mt during Asian trading hours and advanced to USD 5,220/mt. However, LME copper fell back due to stronger dollar and slipping crude oil prices and closed down USD 32.5/mt at USD 5,130/mt. Positions grew but trading volumes declined. LME copper inventories posted a large drop.US dollar and crude oil prices pose pressures on base metal prices but Chinese shares will support metal prices. Alcoa announces it would reduce aluminum smelting capacity by 503,000 mt and alumina refining capacity by 1.2 million mt, beginning in Q4 2015 and completed by the end of Q1 2016.
ENERGY:
Oil futures were up slightly in early Asian trade on Thursday, barely making a dent in losses posted the previous session after official figures showed a sixth consecutive week of inventory gains in U.S. crude stockpiles. Contributing to the general bearish sentiment was an internal OPEC document published by Reuters that showed weaker demand in the next few years for oil from the producer group. OPEC oil ministers are due to meet on Dec. 4 to decide whether to extend the strategy of allowing prices to fall to slow higher-cost rival supply.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26170
RESIST 1: 25950
SUP 1: 25700
SUP 2: 25480
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 35950
RESIST 1: 35790
SUP1: 35270
SUP2: 35150
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3175
RESIST 1:3140
SUP1:3030
SUP2:2990
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:155
RESIST 1:152
SUP1: 147
SUP2:144
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:342
RESIST 1:340
SUP1:336
SUP2:333
STRATEGY: SELL ON RISE
MCX CRUDE OIL Nov., Wednesday as seen in the daily chart opened at 3145 levels and day high of 3173 levels. During this period price corrected & made day low of 3041 levels finally closed at 3049 levels. Now, there are chances of further downward movement technically & fundamentally.
Contributing to the general bearish sentiment was an internal OPEC document published by Reuters that showed weaker demand in the next few years for oil from the producer group. OPEC oil ministers are due to meet on Dec. 4 to decide whether to extend the strategy of allowing prices to fall to slow higher-cost rival supply.
DAILY RECOMMENDATION:
Contributing to the general bearish sentiment was an internal OPEC document published by Reuters that showed weaker demand in the next few years for oil from the producer group. OPEC oil ministers are due to meet on Dec. 4 to decide whether to extend the strategy of allowing prices to fall to slow higher-cost rival supply.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3120
LEVELS FOR TARGET OF T1 3020 T2 2970
WITH SL OF 3240 LEVELS.
LEVELS FOR TARGET OF T1 3020 T2 2970
WITH SL OF 3240 LEVELS.
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