Gold prices gained in Asia on Wednesday despite mildly hawkish comments by the Fed chief on the need to raise rates sooner rather than later. Gold for April delivery on the Comex division of the New York Mercantile Exchange gained 0.14% to $1,227.15 a troy ounce, while silver futures for March delivery rose 0.18% to $17.922 a troy ounce.
Overnight, gold prices came off the strongest levels of the session in North American morning trade on Tuesday, after Federal Reserve Chair Janet Yellen told Congress that waiting too long to raise interest rates would be "unwise" as economic growth continues and inflation rises. Yellen said that even though the Fed expects to hike gradually and to keep policy accommodative, getting rates back to normal levels is important and hikes will be considered ahead.
China Copper Cathode Self-Sufficiency Ratio Increases on Expanding Capacity, SMM Says.
As the largest copper consuming country in the world, China is heavily reliant on imported goods. Copper imports surged over recent years with growing demand. Meanwhile, self-sufficiency ratio also increased, SMM says. China’s copper smelting capacity is still in supply shortages, so China needs to import large amounts of copper each year. Copper cathode imports totaled 3.63 million tone’s in 2016, up 334.63% from 2001, according to China Customs data.
China’s copper smelting capacity expanded noticeably over recent years due to rising spot TCs of copper concentrate, higher profit at smelters, the need of local governments to increase fiscal revenue and stronger domestic demand. This increased China’s self-sufficiency ratio of copper cathode, SMM said.
Domestic copper cathode capacity totaled 10.80 million tone’s in 2016, up 91% from 2008, according to SMM data. In this scenario, domestic copper cathode output increased from 3.71 million tone’s in 2008 to 7.76 million tone’s in 2016. SMM data show China’s self-sufficiency ratio of copper cathode rose from 62.5% in 2010 to 70.97% in 2016 as output grows.
Oil prices dipped slightly in Asia on Wednesday with the market shrugging off a much larger than expected build in U.S. inventories reported by an industry group.
On the Intercontinental Exchange in London, Brent for April delivery fell 0.13% to $55.77 a barrel. On the New York Mercantile Exchange, crude oil for delivery in March eased 0.43% to $52.970.
Crude oil inventories jumped 9.94 million barrels the end of last week, more than expected, according to estimates from the American Petroleum Institute (API) on Tuesday. Gasoline stocks rose 720,000 barrels and distillate stocks increased by 1.5 million barrels.
Official data from the U.S. Energy Information Administration (EIA) is due on Wednesday. A poll of analyst sees crude oil inventories up 3.175 million barrels, while distillates and gasoline supplies are each seen down by 1.15 million barrels.
PRECIOUS LEVEL
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CS GOLD (APRIL) OVERVIEW:
TREND : BULLISH
RESIST 2: 29300
RESIST 1: 29150
SUP 1: 28950
SUP 2: 28850
RESIST 2: 29300
RESIST 1: 29150
SUP 1: 28950
SUP 2: 28850
CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH
RESIST 2: 43000
RESIST 1:42900
SUP1: 42200
SUP2: 42000
RESIST 2: 43000
RESIST 1:42900
SUP1: 42200
SUP2: 42000
BASE METAL LEVELS
CS COPPER (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2:415
RESIST 1:410
SUP1:400
SUP2:395
RESIST 2:415
RESIST 1:410
SUP1:400
SUP2:395
CS NICKEL (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2:735
RESIST 1:725
SUP1:710
SUP2:700
RESIST 2:735
RESIST 1:725
SUP1:710
SUP2:700
CS ZINC (FEB)OVERVIEW:
TREND : BULLISH
RESIST 2:200.00
RESIST 1:198.00
SUP1:192.00
SUP2:190.00
RESIST 2:200.00
RESIST 1:198.00
SUP1:192.00
SUP2:190.00
CS LEAD (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 164.00
RESIST 1: 162.00
SUP1: 156.00
SUP2: 154.00
RESIST 2: 164.00
RESIST 1: 162.00
SUP1: 156.00
SUP2: 154.00
CS ALUMINIUM (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 127.50
RESIST 1: 126.50
SUP1: 125.00
SUP2: 124.00
RESIST 2: 127.50
RESIST 1: 126.50
SUP1: 125.00
SUP2: 124.00
ENERGY LEVELS
CS CRUDE OIL (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:3650
RESIST 1:3620
SUP1:3500
SUP2:3450
RESIST 2:3650
RESIST 1:3620
SUP1:3500
SUP2:3450
CS NATURAL GAS (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:201.00
RESIST 1:199.00
SUP1:193.00
SUP2:190.00
RESIST 2:201.00
RESIST 1:199.00
SUP1:193.00
SUP2:190.00
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