Daily MCX News
BULLION:
Gold retained small overnight gains on Wednesday, but caution prevailed ahead of a Federal Reserve policy statement later in the session as investors waited for clues on the timing of a U.S. rate hike. Bullion was supported after data on Tuesday showed a second straight drop in a gauge of U.S. business investment in September and a decline in consumer confidence this month, hinting at economic weakness. Many investors also chose to stick to the sidelines ahead of a statement by the Fed on Wednesday following a two-day policy meeting.
BASE METAL:
LME copper slipped to USD 5,162/mt after starting at USD 5,181/mt overnight. But later, LME copper rebounded to USD 5,238/mt, tracing Chinese stocks, and closed up USD 19.5/mt at USD 5,207.5/mt. Trading volumes and positions stayed steadily. LME copper inventories fell 3,875 mt to 274,075 mt. Chinese shares finished Tuesday with gains, bolstering market. US dollar index fell back due to poor reading of US economic figures but later the index regained losses. Crude oil prices continued to slide, boding ill for base metals. LME copper will move in USD 5,180-5,230/mt during Asian trading hours.% from August, better than the 2.3% slip in August.
ENERGY:
U.S. crude futures rose from multi-week lows in thin early Asian trade on Wednesday after an industry group reported that stocks fell at the Cushing hub in Oklahoma, the delivery point for U.S. oil contracts. Oil prices fell a third straight session to multi-week lows on Tuesday on the persistent global supply glut ahead of data expected to show another increase in U.S. crude inventories. U.S. crude oil production cuts - from a peak of around 9.6 million barrels per day to around 9.1 million - and optimism over demand have failed to translate into higher prices, said Ric Spooner, chief market analyst at Sydney's CMC Markets.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 27200
RESIST 1: 27100
SUP 1: 26780
SUP 2: 26670
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 37680
RESIST 1: 37380
SUP1: 36850
SUP2: 36620
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:2900
RESIST 1:2870
SUP1:2790
SUP2:2760
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:160
RESIST 1:158
SUP1: 153
SUP2:150
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., Tuesday as seen in the daily chart opened at 2873 levels and day high of 2873 levels. During this period price corrected & made day low of 2792 levels finally closed at 2818 levels. Now, there are chances of further downward movement technically & fundamentally.
Oil prices fell a third straight session to multi-week lows on Tuesday on the persistent global supply glut ahead of data expected to show another increase in U.S. crude inventories. U.S.
DAILY RECOMMENDATION:
Oil prices fell a third straight session to multi-week lows on Tuesday on the persistent global supply glut ahead of data expected to show another increase in U.S. crude inventories. U.S.
DAILY RECOMMENDATION:
SEL MCX CRUDE OIL AUG., BELOW 2860
LEVELS FOR TARGET OF T1 2760 T2 2710
WITH SL OF 3000 LEVELS.
LEVELS FOR TARGET OF T1 2760 T2 2710
WITH SL OF 3000 LEVELS.
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