Daily MCX News
BULLION:
Gold steadied after a five-day slide on Wednesday, but continued to languish near its lowest in four weeks, hurt by fears of a U.S. rate hike this year and investor outflows. Bullion has been under pressure since the Federal Reserve last week hinted at a rate hike in December, reversing earlier market expectations that the first U.S. rate increase in nearly a decade could be delayed to next year on global growth concerns. All eyes will be on the U.S. nonfarm payrolls report due on Friday, while the ADP employment report and ISM report on services sector sentiment due later on Wednesday could also be market movers.
BASE METAL:
LME copper dived to USD 5,095/mt after opening at USD 5,120/mt overnight. However, LME copper later rebounded to USD 5,179/mt, to end at USD 5,162.5/mt, up USD 42.5/mt. US direction and crude oil prices are major drive for copper prices . But worries about Chinese economy slowdown ease. LME copper will move in USD 5,130-5,175/mt during Asian trading hours. Base metals prices are expected to diverge today. China aims to materialize a fully moderately well-off society by 2020, boosting crude oil prices, but gave little boost to base metals.
ENERGY:
Oil prices slipped in thin trading on Wednesday as investors took profits from the previous session's rally, while potential supply disruptions in the United States, Brazil and Libya curbed losses. A year-end recovery in commodity prices remains unlikely with a stronger dollar and continued weak Chinese economic data," ANZ said in a research note on Wednesday. Investors are also keeping an eye on manufacturing data from China, Japan and the euro zone later on Wednesday.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26540
RESIST 1: 26400
SUP 1: 25760
SUP 2: 25480
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 36450
RESIST 1: 36240
SUP1: 35650
SUP2: 35400
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:3230
RESIST 1:3200
SUP1:3030
SUP2:2990
STRATEGY: BUY ON DIPS
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:155
RESIST 1:152
SUP1: 147
SUP2:144
STRATEGY: SELL ON RISE
BASE METAL
CS COPPER (NOVEMBER) OVERVIEW:
CS COPPER (NOVEMBER) OVERVIEW:
TREND :BULLISH
RESIST 2:345
RESIST 1:342
SUP1:337
SUP2:335
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY:
MCX GOLD
MCX CRUDE OIL Nov., Tuesday as seen in the daily chart opened at 3032 levels and day high of 3170 levels. During this period price corrected & made day low of 3027 levels finally closed at 3158 levels. Now, there are chances of further upward movement technically & fundamentally.
A year-end recovery in commodity prices remains unlikely with a stronger dollar and continued weak Chinese economic data," ANZ said in a research note on Wednesday. Investors are also keeping an eye on manufacturing data from China, Japan and the euro zone later on Wednesday.
A year-end recovery in commodity prices remains unlikely with a stronger dollar and continued weak Chinese economic data," ANZ said in a research note on Wednesday. Investors are also keeping an eye on manufacturing data from China, Japan and the euro zone later on Wednesday.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 3140
LEVELS FOR TARGET OF T1 3240 T2 3270
WITH SL OF 3000 LEVELS.
LEVELS FOR TARGET OF T1 3240 T2 3270
WITH SL OF 3000 LEVELS.
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