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MCX COMMODITY MARKET NEWS & LEVELS - 17 JAN 2017

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HIGH LIGHTS:-

  • SHFE Copper to See Range-Bound Trading. 
  • Gold gains in Asia as slate of speeches to set market tone. 
  • Oil mixed on Saudi commitment to cut output, investor skepticism. 
    PRECIOUS METALS:- 
    Gold prices edged higher in Asia on Tuesday with two big speeches later in the day--British PM Theresa May on Brexit and Chinese President Xi Jinping at Davos on the global economic outlook setting the scene for the inaugural address by President-elect Donald Trump at the end of the week. Gold for February delivery on the Comex division of the New York Mercantile Exchange rose 0.78% to $1,205.55 a troy ounce, while silver futures for March delivery gained 0.58% to $16.862 a troy ounce.  
    Overnight, gold prices rose toward an eight-week high on Monday, as investors await more detail on the U.K.'s Brexit plan and the inauguration of Trump in the U.S. later this week. Worries about the terms of Britain's departure from the European Union intensified following media reports that suggested May's government was prepared to make a "clean and hard" exit from the single currency region, ahead of her speech on Tuesday.  



    PRECIOUS LEVEL

    CS GOLD (FEB) OVERVIEW:
    TREND : BULLISH 
    RESIST 2: 28850 
    RESIST 1: 28750 
    SUP 1: 28450 
    SUP 2: 28350 
    CS SILVER (MARCH) OVERVIEW:
    TREND :   BULLISH 
    RESIST 2: 41700 
    RESIST 1: 41350 
    SUP1: 40800 
    SUP2: 40400

    BASE METALS:-
    LME copper is expected to move at USD 5,820-5,900/mt during Asian trading hours on Tuesday and SHFE 1703 copper will move at RMB 47,400-48,000/mt. In China’s domestic market, spot copper should trade at discounts of RMB 220-120/mt on Tuesday. Attention should be on Japan’s industrial production in November 2016 after seasonally adjustment, Italy’s trade balance, UK’s CPI and core CPI on an annual basis, January 2017 ZWE economic climate index from Europe and Germany and US’s NY empire state index in January 2017 this week. There is a big uncertainty over US dollar index before Trump take office. Base metals will be mixed on Tuesday. 
    Prime Minister of UK Theresa May will detail Brexit plans on Tuesday. Pound fell to the lowest level in 32 years as market players worry that UK will announce to take hard Brexit. If Theresa May shows intention to hard Brexit again, pound will drop further.  

    BASE METAL LEVELS
    CS COPPER (FEB) OVERVIEW:
    TREND : BEARISH 
    RESIST 2:405 
    RESIST 1:400 
    SUP1:391 
    SUP2:386 

    CS NICKEL (JAN) OVERVIEW:
    TREND :  BEARISH 
    RESIST 2: 709 
    RESIST 1: 698 
    SUP1:680 
    SUP2:675 

    CS ZINC (JAN)OVERVIEW:
    TREND :   BEARISH 
    RESIST 2:188.00 
    RESIST 1:186.00 
    SUP1:180.00 
    SUP2:179.00

    CS LEAD (JAN) OVERVIEW: 
    TREND :   BEARISH 
    RESIST 2: 156.00 
    RESIST 1: 154.00 
    SUP1: 151.00 
    SUP2: 149.00

    CS ALUMINIUM (JAN) OVERVIEW: 
    TREND :  BEARISH 
    RESIST 2: 123.00 
    RESIST 1: 122.00 
    SUP1: 120.00 
    SUP2: 119.00 
    ENERGIES:- 
    Oil markets were mixed on Tuesday, supported by Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by skepticism in financial markets about the outlook for crude prices. Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the global agreement among oil producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia. 
    Under the agreement, OPEC, Russia, and other non-OPEC producers have pledged to cut oil output by nearly 1.8 million barrels per day (bpd), initially for six months, in order to bring supplies back in line with consumption. Despite this, crude prices have fallen almost 5 percent since their early January peaks, as financial oil traders remain skeptical about OPEC's and Russia's willingness to fully comply with the cuts. 

    ENERGY LEVELS
    CS CRUDE OIL (JAN) OVERVIEW:                           
    TREND : SIDEWAYS 
    RESIST 2:3690 
    RESIST 1:3650 
    SUP1:3500 
    SUP2:3470 

    CS NATURAL GAS (JAN) OVERVIEW: 
    TREND : BULLISH 
    RESIST 2:245.00 
    RESIST 1:240.00 
    SUP1:231.00 
    SUP2:228.00 


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    MCX COMMODITY MARKET NEWS & LEVELS FOR - 16 JAN 2017

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    HIGH LIGHTS:-

    • SHFE Copper to See Range-Bound Trading. 
    • Oil prices edge up on weaker dollar, expected crude output cuts. 
    • Gold gains in Asia as investors seek safety on Brexit, Trump concerns. 
      PRECIOUS METALS:- 
      Gold prices gain on Monday in Asia as the British pound fell on the terms of Brexit that could be outlined in a speech by Prime Minister Theresa May on Tuesday and as President-elect Donald Trump roiled markets with interviews and tweets on topics from BMW's manufacturing in mexico to cutting nuclear weapons ahead of his inauguration. Gold for February delivery rose 0.40% at $1,200.95 a troy ounce on the Comex division of the New York Mercantile Exchange.  
      Investors will be looking ahead to Thursday’ policy announcement by the European Central bank and Chinese data on fourth quarter growth, due for release on Friday. On Monday, U.S. financial markets will be closed for Martin Luther King Day and Bank of England Governor Mark Carney is due to speak at an event in London.



      PRECIOUS LEVEL

      CS GOLD (FEB) OVERVIEW:
      TREND : BULLISH 
      RESIST 2: 28850 
      RESIST 1: 28700 
      SUP 1: 28400 
      SUP 2: 28250 
      CS SILVER (MARCH) OVERVIEW:
      TREND :   BULLISH 
      RESIST 2: 41700 
      RESIST 1: 41400 
      SUP1: 40900 
      SUP2: 40600 

      BASE METALS:-
      LME copper is expected to move at USD 5,850-5,920/mt during Asian trading hours on Monday and SHFE 1703 copper will move at RMB 47,700-48,200/mt. In China’s domestic market, spot copper should trade at discounts of RMB 150-50/mt on Monday. Market players will see a light data calendar on Monday, and eyes should be on final reading of Italy’s CPI in December 2016, European trade balance in November 2016 and Canada’s economic sentiment index as of last week.  
      US Federal Reserve officials reached consensus on expectation over rate-hiking but the times will be discussed further. Besides, many Fed officials have intention to narrow balance sheet, tightening monetary policy, which will trigger big turbulence in market. US dollar increased slightly on January 13, but was weighed down by the moving averages. So, US dollar index will fluctuate at lows, sending base metals up. Trading will be brisk on Monday. But some metals will stage technical corrections after surging.  


      BASE METAL LEVELS
      CS COPPER (FEB) OVERVIEW:
      TREND : BULLISH 
      RESIST 2:410 
      RESIST 1:407 
      SUP1:401 
      SUP2:396 

      CS NICKEL (JAN) OVERVIEW:
      TREND :  BULLISH 
      RESIST 2: 730 
      RESIST 1: 720 
      SUP1:700 
      SUP2:685

      CS ZINC (JAN)OVERVIEW:
      TREND :  BULLISH 
      RESIST 2:193.00 
      RESIST 1:191.00 
      SUP1:187.00 
      SUP2:185.00


      CS LEAD (JAN) OVERVIEW: 
      TREND :  BULLISH 
      RESIST 2: 160.00 
      RESIST 1: 158.00 
      SUP1: 153.00 
      SUP2: 151.00

      CS ALUMINIUM (JAN) OVERVIEW: 
      TREND : BULLISH 
      RESIST 2: 125.50 
      RESIST 1: 124.50 
      SUP1: 122.50 
      SUP2: 121.00
      ENERGIES:- 
      Oil prices inched up on Monday, supported by a weaker dollar and expectations that OPEC and other producers will cut output as part of a deal to curb global oversupply. Traders said that prices were buoyed by a weakening dollar, which makes fuel purchases cheaper for countries that use other currencies domestically, potentially spurring demand. After spending much of the second half of 2016 in an upward trend, the dollar has fallen around 2.5 percent against a basket of other leading currencies (DXY) since its early-January peak. 
      The greenback is in particular focus for international investors this week as Donald Trump is set to take office as the next U.S. president on Friday. Oil also continued to receive support from an announced crude output cut from major producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia. 

      ENERGY LEVELS
      CS CRUDE OIL (JAN) OVERVIEW:                           
      TREND : SIDEWAYS 
      RESIST 2:3690 
      RESIST 1:3650 
      SUP1:3500 
      SUP2:3470 

      CS NATURAL GAS (JAN) OVERVIEW: 
      TREND : BULLISH 
      RESIST 2:245.00 
      RESIST 1:240.00 
      SUP1:231.00 
      SUP2:228.00 

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

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      MCX COMMODITY MARKET NEWS & LEVELS - 13 JAN 2017

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      HIGH LIGHTS:-

      • Gold, copper weaker in Asia after China trade data. 
      • Oil steady as Saudi Arabia says has cut output, but oversupply worries linger. 
        PRECIOUS METALS:- 
        Gold and copper prices dipped in Asia on Friday despite upbeat trade data out of China that showed the industrial metal on the upswing. Gold for February delivery on the Comex division of the New York Mercantile Exchange fell 0.54% to $1,193.35 a troy ounce. 
        In sparse remarks, Federal Reserve Chair Janet Yellen on Thursday said she has no major worries for the U.S. economy over the short term. The labor market is "strong," wage growth is "beginning to pick up," and inflation is a little below the Fed's 2% target "but pretty close," she told a group of economics teachers in Washington, D.C. on Thursday evening. 
        Overnight, gold prices rallied to a seven-week high on Thursday on dollar weakness. The Fed had indicated in December that at least three rate increases were in the offing for 2017, according to a forecast of interest rates from members of the central bank, known as the dot-plot. 



        PRECIOUS LEVEL

        CS GOLD (FEB) OVERVIEW:
        TREND : BULLISH 
        RESIST 2: 28650 
        RESIST 1: 28550 
        SUP 1: 28150 
        SUP 2: 28000 
        CS SILVER (MARCH) OVERVIEW:
        TREND :   BULLISH 
        RESIST 2: 41700 
        RESIST 1: 41100 
        SUP1: 40500 
        SUP2: 40000 

        BASE METALS:-
        Utilization rates at major domestic copper tube/pipe producers grew in December both on a monthly and yearly basis, SMM latest survey finds. The average operating rate was 77.31 percent in December, up 0.36 percentage points year-on-year and 0.62 percentage point’s month-on-month, according to SMM survey. SMM attributes the rise to rate mainly to high demand in a traditionally busy production season. 
        In December, domestic air-conditioning manufacturers stepped up production as traders showed higher stockpiling demand due to seasonal factor and price rise expectations after surging prices of raw materials since November. Moreover, the fallback in copper market in December also encouraged copper tube/pipe producers to build up stocks. 


        BASE METAL LEVELS
        CS COPPER (FEB) OVERVIEW:
        TREND : BULLISH 
        RESIST 2:410 
        RESIST 1:406 
        SUP1:391 
        SUP2:387 

        CS NICKEL (JAN) OVERVIEW:
        TREND :  BULLISH 
        RESIST 2: 720 
        RESIST 1: 710 
        SUP1: 680 
        SUP2: 660 

        CS ZINC (JAN)OVERVIEW:
        TREND :  BULLISH 
        RESIST 2:191.00 
        RESIST 1:189.00 
        SUP1:184.00 
        SUP2:182.00

        CS LEAD (JAN) OVERVIEW: 
        TREND :  BULLISH 
        RESIST 2: 153.00 
        RESIST 1: 152.00 
        SUP1: 145.00 
        SUP2: 144.00

        CS ALUMINIUM (JAN) OVERVIEW: 
        TREND : BULLISH 
        RESIST 2: 123.50 
        RESIST 1: 122.50 
        SUP1: 119.00 
        SUP2: 118.00
        ENERGIES:- 
        Oil prices were steady on Friday, supported by reports on details of OPEC output cuts, although lingering doubts over producer compliance with supply reduction targets weighed on the market. 
        Traders said that prices received some support from statements from top crude exporter Saudi Arabia that its output had fallen below 10 million barrels per day (bpd), a level last seen in February 2015. 
        That would also mean that the kingdom has cut production more than the 486,000 bpd it agreed to late last year under a global deal to curb production and stem a fall in oil prices. 
        However, hard evidence of deep supply reductions to customers has yet to emerge two weeks into January, when the planned cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia are supposed to take effect. 

        ENERGY LEVELS
        CS CRUDE OIL (JAN) OVERVIEW:                           
        TREND :  BULLISH 
        RESIST 2:3720 
        RESIST 1:3680 
        SUP1:3560 
        SUP2:3520 

        CS NATURAL GAS (JAN) OVERVIEW: 
        TREND : BULLISH 
        RESIST 2:240.00 
        RESIST 1:237.00 
        SUP1:225.00 
        SUP2:222.00 

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        MCX COMMODITY MARKET NEWS & LEVELS - 11 JAN 2017

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        HIGH LIGHTS:-

        • Oil prices edge up on reports of Saudi supply cuts, but details murky. 
        • Gold prices gain in Asia as policy views from Trump awaited. 
        • Peru’s Copper Production to Grow 20% in 2017. 
          PRECIOUS METALS:- 
          Gold prices gained with the focus on policymaker remarks this week in the U.S. led by the next U.S. president on Wednesday. Gold for February delivery on the Comex division of the New York Mercantile Exchange edged up 0.11% to $1,186.75 a troy ounce. 
          Overnight, gold prices rallied to a six-week high on Tuesday, amid jitters ahead of President-elect Donald Trump’s first news conference since his election victory on Wednesday. U.S. President-elect Donald Trump is to hold a press conference at 11:00 AM on Wednesday, which investors will be watching for any hints about the possible direction of economic policy. 
          Gold has been well-supported in recent sessions after minutes from the Federal Reserve’s December meeting unsettled investors’ expectations about the pace of future interest rate hikes. 


          PRECIOUS LEVEL

          CS GOLD (FEB) OVERVIEW:
          TREND : BULLISH 
          RESIST 2: 28500 
          RESIST 1: 28400 
          SUP 1: 28000 
          SUP 2: 27900 
          CS SILVER (MARCH) OVERVIEW:
          TREND :   BULLISH 
          RESIST 2: 42000 
          RESIST 1: 41700 
          SUP1: 40750 
          SUP2: 40300

          BASE METALS:-
          Peru’s government said January 10 the country’s copper output is expected to increase 20% in 2017, wenhua.com reported. Peru’s copper production is expected to be 2.60-2.70 million tonnes in 2017, higher than the 2.20 million tonnes estimated in 2016.  The country’s copper output hit an all-time high of 2.15 million tonnes in the first eleven months of 2016, surging 42% from the same period of 2015. This is due mainly to surge in output at MMG’s Las Bambas copper mine and expansion by Freeport-McMoRan Inc at its Cerro Verde mine. 
          LME copper is expected to move at USD 5,640-5,750/mt during Asian trading hours on Wednesday and SHFE 1703 copper will move at RMB 46,000-47,000/mt. In China’s domestic market, spot copper should trade at premiums of RMB 0-80/mt on Wednesday. The US dollar index rallied after hitting a two-day low on Tuesday, and is expected to remain range-bound.  


          BASE METAL LEVELS
          CS COPPER (FEB) OVERVIEW:
          TREND : BULLISH 
          RESIST 2:405 
          RESIST 1:400 
          SUP1:390 
          SUP2:387 

          CS NICKEL (JAN) OVERVIEW:
          TREND :  BULLISH 
          RESIST 2: 740 
          RESIST 1: 730 
          SUP1: 708 
          SUP2: 700 
          CS ZINC (JAN)OVERVIEW:
          TREND :  BULLISH 
          RESIST 2:190.00 
          RESIST 1:188.00 
          SUP1:182.00 
          SUP2:180.00 


          CS LEAD (JAN) OVERVIEW: 

          TREND :  BULLISH 
          RESIST 2: 153.00 
          RESIST 1: 152.00 
          SUP1: 146.00 
          SUP2: 144.00

          CS ALUMINIUM (JAN) OVERVIEW: 
          TREND : BULLISH 
          RESIST 2: 122.00 
          RESIST 1: 121.00 
          SUP1: 117.00 
          SUP2: 116.00
          ENERGIES:- 
          Oil edged up on Wednesday, lifted by reports of Saudi supply cuts to Asia, but prices were prevented from rising further over a lack of detail of these reductions and because of signs of rising supplies from other producers. Traders said that the price rises were a result of reports that Saudi Arabia, the world's top oil exporter, was telling some Asian customers that it will curb crude supplies slightly from contracted volumes in February, although Reuters was not able to confirm any details of the reductions. 
          There were also doubts that the overall cuts would go deep enough to rebalance a market suffering from oversupply for the past two years. Both Brent and WTI futures are down around 6 percent since the start of the year. "Traders continued to fret about rising U.S. supply and compliance by OPEC to agreed-upon production cuts," ANZ bank said. 

          ENERGY LEVELS
          CS CRUDE OIL (JAN) OVERVIEW:                           

          TREND :  BEARISH 
          RESIST 2:3550 
          RESIST 1:3520 
          SUP1:3420 
          SUP2:3370 
          CS NATURAL GAS (JAN) OVERVIEW: 
          TREND : BULLISH 
          RESIST 2:233.00 
          RESIST 1:230.00 
          SUP1:213.00 
          SUP2:210.00 

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

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          MCX COMMODITY MARKET NEWS & LEVELS - 10 JAN 2017

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          HIGH LIGHTS:-

          • Oil recovers some previous losses, but doubts over supply cuts linger.
          • Copper jumps in Asia after China prices, gold gains.
          • Gold settled down by 0.24% on Monday
            PRECIOUS METALS:- 
            Gold markets appear to be gearing up for the Trump administration, according to market analysts. The futures market for gold was up today by 0.91% to $1184.10. Silver prices increased too, up 0.97% to $16.68, during intraday trading. But gold settled at $1182.20, down 0.24%.Markets are reassessing views of the incoming Trump White House, analysts said. The precious metal had slid 12% in price since the election, and it has been anticipated that the president-elect's policies would be inflationary. But there is some trimming of the early expectations, as investors now are adopting a wait and see attitude to economic growth. The President-elect is considering changes across a wide variety of government agencies and departments, and policy areas, according to Sean Spicer, a spokesman for the Republican National Committee (RNC), and
            the incoming White House press secretary.

            PRECIOUS LEVEL

            CS GOLD (FEB) OVERVIEW:
            TREND : BULLISH 
            RESIST 2: 27600 
            RESIST 1: 27450 
            SUP 1: 27050 
            SUP 2: 26850 
            CS SILVER (MARCH) OVERVIEW:
            TREND : BULLISH
            RESIST 2: 41500
            RESIST 1: 41200
            SUP1: 40200
            SUP2: 39750

            BASE METALS:-
            Gold prices gained in Asia on Tuesday as prices data out of China, which vies with India as the world's top importer of the yellow metal, offered support and aided the bellwether industrial metal copper. On the Comex division of the New York Mercantile Exchange gold for February delivery edged up 0.11% to $1.186.25 a troy ounce, while copper futures jumped 0.87% to $2.554 a pound after data on prices and a reading on economic growth buoyed sentiment. In China, consumer prices for December rose 0.2% month-on-month, compared to a 0.3% gain seen and at
            an annual pace of 2.1% compared to 2.3% expected. Producer prices jumped 5.5% in December year-on-year at the fastest pace in five years, compared to a 4.5% gain seen. As well, China's planning commission said economic growth in 2016 was expected to be around 6.7 percent, within a target of 6.5-7 percent.


            BASE METAL LEVELS
            CS COPPER (FEB) OVERVIEW:
            TREND : BULLISH
            RESIST 2:390
            RESIST 1:388
            SUP1:380
            SUP2:376

            CS NICKEL (JAN) OVERVIEW:
            TREND : BULLISH
            RESIST 2: 722
            RESIST 1: 716
            SUP1: 692
            SUP2: 684
            CS ZINC (JAN)OVERVIEW:
            TREND : BULLISH
            RESIST 2:188.00
            RESIST 1:186.00
            SUP1:180.00
            SUP2:178.00

            CS LEAD (JAN) OVERVIEW: 
            TREND : BULLISH
            RESIST 2: 148.00
            RESIST 1: 147.00
            SUP1: 142.00
            SUP2: 140.00

            CS ALUMINIUM (JAN) OVERVIEW: 
            TREND : BULLISH
            RESIST 2: 119.50
            RESIST 1: 118.50
            SUP1: 116.50
            SUP2: 115.00
            ENERGIES:- 
            Oil markets edged higher on Tuesday on expectations that at least some planned production cuts would be implemented, making a slight recovery from big losses the previous day over doubts the agreed reductions would rebalance an oversupplied market.Both of the contracts on Monday lost nearly 4 percent. Analysts said the small gains on Tuesday came from expectations that some of the cuts planned by the Organization of the Petroleum Exporting Countries (OPEC) and producers such as Russia would materialize despite doubts over full implementation. "Coordinated output cuts will support the market rebalancing that will draw down global stock levels, leading us to revise up our Brent crude forecast for 2017 to $57 per barrel," BMI Research said.

            ENERGY LEVELS
            CS CRUDE OIL (JAN) OVERVIEW:                           
            TREND : BEARISH
            RESIST 2:3700
            RESIST 1:3650
            SUP1:3500
            SUP2:3450 
            CS NATURAL GAS (JAN) OVERVIEW: 
            TREND : BEARISH
            RESIST 2:221.00
            RESIST 1:219.00
            SUP1:210.00
            SUP2:207.00

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

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