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Lead futures drop 0.58% on diminishing demand

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Lead futures were trading lower during morning trade in the domestic market on Friday as investors and speculators cut down their positions in the industrial metal amid subdued physical demand for lead, from battery-makers, in the domestic spot market. Further, a downward trend in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade. 

At the MCX, lead futures for March 2017 contract is trading at Rs 153.45 per kg, down by 0.58 per cent, after opening at Rs 153.30, against a previous close of Rs 154.35. It touched the intra-day low of Rs 153.20.





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MCX COMMODITY MARKET NEWS & LEVELS - 23 MAR 2017

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Gold hits 3-week peak as equities ditched on Trump worries.  
Gold climbed to a three-week high on Wednesday as the dollar fell to seven-week lows and bond yields sank on uncertainty over the economic policies of U.S. President Donald Trump. Trump and Republican congressional leaders appeared to be losing the battle to get enough support to pass their Obamacare rollback bill. Mark Meadows, who heads the conservative House Freedom Caucus, said his group had more than enough members to stop the bill from passing current House Republican rollback plan is scheduled for a floor vote on Thursday.
Gold has rallied around $50 from last Wednesday's low and clocked its longest winning streak since early January after a less hawkish tone on interest rates in the U.S. Federal Reserve's latest policy statement last week. "The repositioning of investors since the (Fed) meeting continues unabated, with investors becoming less bearish as a result of the subdued outlook for rates in 2018," ANZ analysts said in a note

LME Nickel to be Weighed by Higher US Dollar.  
US stocks plunged yesterday. The US dollar rebounded, weighing down nickel. LME nickel is expected to test support from USD 10,000/mt today. SHFE 1705 nickel will move at RMB 82,500-83,800/mt. In China’s domestic market, spot nickel should trade at RMB 82,200-83,800/mt on Thursday. .

SMM 2017 Copper & Aluminum Summit is Opening! 
The 12th Shanghai Copper & Aluminum Summit 2017, organized by SMM and Shanghai Nonferrous Metals Association, is opening.  The Summit, to be held on March 23-24, 2017, Shanghai, will focus on hot topics, price outlook, market insights, and etc. SMM would like to invite you to follow stories at the 2017 Shanghai Copper & Aluminum Summit on March 23-24.
Seasonally adjusted new home sales for the US in February will be released today. Despite a drag from crude oil, LME aluminum will remain strong and move at USD 1,910-1,940/mt today and SHFE 1705 aluminum will move between RMB 13,650-13,900/mt.

Oil bounces off November lows, but bloated US stockpiles pressure market. 
Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production.
Analysts said Brent had found technical support around $50 a barrel and was being pushed up as traders took new long positions after crude hit multi-month lows overnight the bounce, traders said the market remained under pressure, largely due to a big U.S. inventory and doubts that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output was reining in a global fuel supply overhang. McKenna, chief market strategist at futures brokerage AxiTrader, said OPEC was "underwriting the investment plans and returns of their competition in U.S. shale oil."
McKenna said there was a risk of oil prices dropping further due to U.S. output and a lack of compliance by some producers who said they would cut production.

Precious Levels
CS GOLD (APRIL) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 29100 
RESIST 1: 29000 
SUP 1: 28600 
SUP 2: 28450

CS SILVER (MAY) OVERVIEW: 
TREND :  BULLISH 
RESIST 2: 41600 
RESIST 1:41400 
SUP1: 40800 
SUP2: 40400 

Base Metal Levels
CS COPPER (APRIL) OVERVIEW: 
TREND : BEARISH 
RESIST 2:388 
RESIST 1:385  
SUP1:375 
SUP2:372 

CS NICKEL (MARCH) OVERVIEW: 
TREND : BEARISH 
RESIST 2:675 
RESIST 1:665 
SUP1:645 
SUP2:640 

CS ZINC (MARCH) OVERVIEW: 
TREND : BEARISH 
RESIST 2:189.50 
RESIST 1:188.00 
SUP1:183.00 
SUP2:181.50 

CS LEAD (MARCH) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 158.00 
RESIST 1: 156.50 
SUP1: 150.00 
SUP2: 148.50 

CS ALUMINIUM (MARCH) OVERVIEW: 
TREND :  SIDEWAYS 
RESIST 2: 127.00 
RESIST 1: 126.00 
SUP1: 124.00 
SUP2: 123.00 

Energy Levels
CS CRUDE OIL (APRIL) OVERVIEW: 
TREND :BEARISH 
RESIST 2:3260 
RESIST 1:3230 
SUP1:3100 
SUP2:3050 

CS NATURAL GAS (MARCH) OVERVIEW: 
TREND : BULLISH 
RESIST 2:206.00 
RESIST 1:204.00 
SUP1:195.00 
SUP2:192.00 



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MCX COMMODITY MARKET NEWS & LEVELS - 22 MAR 2017

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Gold climbs to near 3-week high as dollar slides.  
Gold rallied to the highest level in nearly three weeks on Tuesday after a strong debate performance from French centrist presidential candidate Emmanuel Macron and as fading expectations for near-term U.S. interest rate hikes pushed the dollar lower. The Fed's policy statement last Wednesday was less hawkish than expected, dampening speculation that the U.S. central bank would raise interest rates quickly this year. Gold is highly sensitive to rising U.S. rates, because they increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.
Gold fell in the run-up to the Fed's rate hike last week, with hedge funds and money managers sharply cut their net long position in COMEX gold futures funds totally missed the boat  which means they could run right back in here," said Bill O'Neill, co-founder of LOGIC Advisors. "There are a number of things going on politically that are going to keep the market nervous." "The previous two hikes marked cycle lows for gold, and European election uncertainty, U.S. President Trump's foreign policies, as well as seasonal demand in India materializing in April are likely to make Q2 the strongest quarter for gold prices this year," Standard Chartered (LON:STAN) said in a note.

Japan Copper Wire & Cable Shipments to Decline 5.2% in February 2017.  
Japan Electric Wire and Cable Makers' Association announced Japan’s copper wire & cable shipments are expected to decrease 5.2% year-on-year to 55,300 tone’s in February 2017, wenhua.com reported.
The Committee of Statistics under Ministry of National Economy of the Republic of Kazakhstan reported Kazakhstan’s copper cathode and refined zinc production fell 3.3% and 1.0%, respectively on a yearly basis in the first two months of the year, while crude steel output leapt 8.6% year-on-year, according to wenhua.com.

Tuesday as investors and speculators exited their positions in the industrial metal on hopes of restart of production at the world's biggest copper mine in Chile after unions and miner BHP Billiton said that they would hold further talks. The striking workers’ union at the world's largest copper mine, BHP Billiton's Escondido, in Chile on Monday said that it was open to further conversations which could lead to reopening negotiations.

Oil prices fall on bloated U.S. crude storage. 
Oil prices dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output. "Crude oil prices fell as concerns over rising U.S. inventories resurfaced... Rising exports in Libya also weighed on prices," ANZ bank said on Wednesday.
U.S. crude oil inventories rose by 4.5 million barrels in the week to March 17 to 533.6 million, the American Petroleum Institute (API) said late on Tuesday. Bloated storage comes as U.S. oil production C-OUT-T-EIA has risen over 8 percent since mid-2016 to more than 9.1 million barrels per day (bpd) to levels comparable in late 2014, when the oil market slump started.
Rising production in the United States and elsewhere, and bloated inventories, are undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output and prop up prices is likely to see the largest increase in mega projects production in history," Goldman Sachs said in a note to clients on Tuesday.

Precious Levels
CS GOLD (APRIL) OVERVIEW: 
CS GOLD (APRIL) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 29100 
RESIST 1: 29000 
SUP 1: 28600 
SUP 2: 28450 

CS SILVER (MAY) OVERVIEW: 
TREND :  BULLISH 
RESIST 2: 41600 
RESIST 1:41400 
SUP1: 40800 
SUP2: 40400 

Base Metal Levels
CS COPPER (APRIL) OVERVIEW: 
TREND : BEARISH 
RESIST 2:386 
RESIST 1:383 
SUP1:373 
SUP2:370 

CS NICKEL (MARCH) OVERVIEW: 
TREND : BEARISH 
RESIST 2:675 
RESIST 1:665 
SUP1:645 
SUP2:640

CS ZINC (MARCH) OVERVIEW: 
TREND : BEARISH 
RESIST 2:188.00 
RESIST 1:186.00 
SUP1:180.00 
SUP2:178.50 

CS LEAD (MARCH) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 151.00 
RESIST 1: 149.50 
SUP1: 145.00 
SUP2: 143.50 

CS ALUMINIUM (MARCH) OVERVIEW: 
TREND :  BULLISH 
RESIST 2: 127.00 
RESIST 1: 126.00 
SUP1: 124.00 
SUP2: 123.00 

Energy Levels
CS CRUDE OIL (APRIL) OVERVIEW: 
TREND :BEARISH 
RESIST 2:3260 
RESIST 1:3230 
SUP1:3100 
SUP2:3050 

CS NATURAL GAS (MARCH) OVERVIEW: 
TREND : BULLISH 
RESIST 2:206.00 
RESIST 1:204.00 
SUP1:195.00 
SUP2:192.00 



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MCX COMMODITY MARKET NEWS & LEVELS - 21 MAR 2017

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Gold is marooned between U.S. rates and India demand: Russell.  
It's not unusual for a financial market to be pulled in different directions simultaneously by competing influences, but what is notable for gold currently is the apparent inability of the contradictory factors to gain momentum. History and logic suggest that when the United States starts a monetary tightening cycle, gold will underperform, since as a non-yielding asset it loses out to instruments that will enjoy higher yields from the rising rates. The Federal Reserve lifted interest rates on March 15 for the second time in three months, with expectations that it will raise at least twice more this year and perhaps three times in 2018.
Part of the answer may be that investors are taking a view that the rise in real yields may not be as dramatic given U.S. inflation is also on an upward trend. There also may be a U.S. dollar effect, with analysts at JP Morgan noting that it's likely that the greenback has already seen the bulk of its rally in this tightening cycle.

Peru Copper Output up 24.8% in January,  Zinc to Bounce Up as China Output Cuts Show Result, SMM Says.  
Peru Energy & Mines Ministry data show the country’s copper output increased 24.8% year-on-year to 196,317 metric tonnes in January 2017, wenhua.com reported. The country’s copper production added 38.4% year-onyear to 2.35 million metric tonnes in 2016. Zinc prices fell below 22,000 yuan per tonne March 9 due to concerns over failure in output cut by zinc smelters. Fortunately, a large number of Chinese zinc smelters began maintenance. In addition to maintenance cycle, recent output cut is also the spirit of the meeting of some large zinc smelters in Central West China held recently.
China’s refined zinc output is expected to be about 1.29 million tonnes in the first quarter of the year, up 1.4% year-on-year, SMM predicts. SMM undertook a survey of maintenance at zinc smelters during March and April, and found some smelters delayed maintenance to April. Zinc output in March is estimated to be 430,000 tonnes, while output in April should fall 1.9% on the month and down 3.9% year-on-year.

Oil prices rise on talk that OPEC could extend supply cut. 
Oil prices rose early on Tuesday on expectations that an OPEC-led production cut to prop up the market could be extended, and as strong demand was seen to slowly erode a global fuel supply overhang. The Organization of the Petroleum Exporting Countries (OPEC), together with other producers including Russia, has pledged to cut its output by almost 1.8 million barrels per day (bpd) between January and June in an effort to prop up prices and rein in a global supply glut that has dogged markets for almost three years.
Yet so far the cutback has not had the desired effect as compliance by involved exporters is patchy and as other producers, including the United States, have stepped up to fill the gap, resulting in crude prices falling more than 10 percent since the beginning of the year halt the decline, OPEC members increasingly favor extending the pact beyond June to balance the market, sources within the group said, although they added that this would require non-OPEC members like Russia to also step up their efforts also said that healthy oil demand would help rebalance markets and support prices.

Global demand for 2017 is expected to remain healthy and surpass long-term average growth in demand of 1.2 million barrels per day by between 0.2 and 0.4 million barrels per day.

Precious Levels
CS GOLD (APRIL) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 28650 
RESIST 1: 28550 
SUP 1: 28300 
SUP 2: 28200 

CS SILVER (MAY) OVERVIEW: 
TREND :  BULLISH 
RESIST 2: 41500 
RESIST 1:41000 
SUP1: 40450 
SUP2: 40200 

Base Metal Levels
CS COPPER (APRIL) OVERVIEW: 
TREND : BEARISH 
RESIST 2:389 
RESIST 1:385 
SUP1:375 
SUP2:370 

CS NICKEL (MARCH) OVERVIEW: 
TREND :  SIDEWAYS 
RESIST 2:680 
RESIST 1:670 
SUP1:655 
SUP2:645 

CS ZINC (MARCH) OVERVIEW: 
TREND : BEARISH 
RESIST 2:189.00 
RESIST 1:187.00 
SUP1:183.00 
SUP2:181.50 

CS LEAD (MARCH) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 151.00 
RESIST 1: 149.50 
SUP1: 145.00 
SUP2: 143.50 

CS ALUMINIUM (MARCH) OVERVIEW: 
TREND :  BULLISH 
RESIST 2: 126.00 
RESIST 1: 125.00 
SUP1: 123.00 
SUP2: 122.00 

Energy Levels
CS CRUDE OIL (APRIL) OVERVIEW: 
TREND :BEARISH 
RESIST 2:3300 
RESIST 1:3270 
SUP1:3180 
SUP2:3130 

CS NATURAL GAS (MARCH) OVERVIEW: 
TREND : BULLISH 
RESIST 2:206.00 
RESIST 1:204.00 
SUP1:193.00 
SUP2:190.00

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MCX COMMODITY MARKET NEWS & LEVELS - 20 MAR 2017

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Gold-Mining Giants Benefit From Rebound in Bullion Prices.  
Gold mining majors swung back into positive territory last week, as shares recovered on a dovish Federal Reserve announcement. Following a four-week slump, gold miners including Barrick Gold Corp, Newmont Mining, and Gold Fields Ltd all saw positive momentum. The Bloomberg Intelligence (BI) Global Senior Gold Valuation Peer Group — a basket of 15 producers — was up 6.5% this past week, marking the biggest uptick since the end of December, Bloomberg reported.  Leading the weekly gains, was Johannesburg-based Gold Fields Ltd., up 15% this past week, the biggest jump since February 2016.
“The old rule of thumb was that three rate hikes by the Fed would lead to a stumble in financial markets. But the fact that rates are starting at such a low level, as well as Yellen’s hand-holding and relatively mild remarks, kept markets on an even keel following this cycle’s third rate move. We look for two more rate hikes this year, and a similar muted market response,”

SHFE Nickel to Meet Pressure.  
Market players will see a light economic data calendar on Monday and US dollar index will move at lows. The Philippines’ two nickel mines of DMCI are expected to be closed down, which is one of the 10 mine closures last year. The mines are waiting for litigation outcome. It is learned that the government allows mines to keep operation during litigation, weighed down SHFE 1705 nickel. LME nickel will meet strong pressure at the 10-day moving average on Monday and SHFE 1705 nickel will move at RMB 84,000-85,600/mt.
Nickel ore inventories at seven major Chinese ports were down 190,000 tones’ last week, according to SMM data. This week, medium and high-grade nickel ore prices for spot and future delivery are expected to rise due to strong buying interest, SMM foresees. But, price gains will be small given lack of rising strength in the high-grade NPI market.

Oil prices drop on rise in U.S. drilling. 
Oil prices fell on Monday as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets. Traders said that prices were under pressure due to rising U.S. drilling activity and ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output by almost 1.8 million barrels per day (bpd) together with some other producers like Russia. oil has attempted to break out of the trading range that formed last year ... However, this uptrend has stalled," futures brokerage CMC Markets said in a note on Monday. "Now there is good, strong momentum to the downside."
U.S. drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc BHI.N said on Friday, extending a recovery that is expected to boost shale production by the most in six-months in April.  "The cuts in OPEC production from the start of 2017 should start to show up between mid-March (now) and mid-April.
Over the coming weeks we expect a sharp reduction in imports and increase in refining runs which should lead to impressive crude inventory draws," analysts at AB Bernstein said on Monday in a note to clients.

Precious Levels
CS GOLD (APRIL) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 28750 
RESIST 1: 28650 
SUP 1: 28400 
SUP 2: 28300

CS SILVER (MAY) OVERVIEW: 
TREND :  BULLISH 
RESIST 2: 42000 
RESIST 1:41400 
SUP1: 40700 
SUP2: 40200

Base Metal Levels
CS COPPER (APRIL) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2:396 
RESIST 1:392 
SUP1:384 
SUP2:380

CS NICKEL (MARCH) OVERVIEW: 
TREND :  SIDEWAYS 
RESIST 2:690 
RESIST 1:680 
SUP1:660 
SUP2:650 

CS ZINC (MARCH) OVERVIEW: 
TREND : BULLISH 
RESIST 2:190.00 
RESIST 1:189.00 
SUP1:186.00 
SUP2:184.50 

CS LEAD (MARCH) OVERVIEW: 
TREND : SIDEWAYS 
RESIST 2: 151.00 
RESIST 1: 150.00 
SUP1: 147.00 
SUP2: 145.50 WWW

CS ALUMINIUM (MARCH) OVERVIEW: 
TREND :  BULLISH 
RESIST 2: 126.00 
RESIST 1: 125.00 
SUP1: 123.00 
SUP2: 122.00 

Energy Levels

CS CRUDE OIL (APRIL) OVERVIEW: 
TREND :BEARISH 
RESIST 2:3300 
RESIST 1:3270 
SUP1:3150 
SUP2:3100 

CS NATURAL GAS (MARCH) OVERVIEW: 
TREND : BEARISH 
RESIST 2:198.00 
RESIST 1:194.00 
SUP1:186.00 
SUP2:183.00 

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Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647