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Mcx Commodity Market News & Levels - 16 FEB 2017

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Gold prices gain in Asia as Dudley views on rates shrugged off. 
Gold prices gained in Asia on Thursday, shrugging off remarks by a key Fed policymaker that rates could soon rise going by current economic signals. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose 0.34% to $1.237.25 a troy ounce, while silver traded up 0.30% to $18.017 a troy ounce.  The Federal Reserve aims to raise U.S. interest rates soon, New York Fed President William Dudley said Wednesday, if, as expected, fiscal policies provide stimulus. "We expect to gradually remove further monetary policy accommodation and snug up interest rates a little bit further in the months ahead," Dudley said. Gold’s comeback from its three-month low of $1123.50 set on Dec 1, appears to be at risk as expectations of a March rate hike accelerate. On Tuesday, Federal Reserve Chair Janet Yellen in a testimony to congress said that it would be unwise to keep interest rates lower for longer.  
Philadelphia Fed President Patrick Harker and Boston Fed President Eric Rosenberg further fueled expectations of a rate hike sooner rather later, as they both said they see at least three-rate hikes this year.

Aluminum Price Hits $1,900/mt While Premiums Hit a 3-Year High. 
In February, a Chinese government document proposed that about a third of aluminum capacity in the provinces of Shandong, Henan, Hebei and Shanxi be shut down over the winter months. If implemented, they would be some of the most radical steps so far to tackle air quality in the country of 1 billion’s most polluted cities. 
China looks like it is taking air pollution seriously. Given that burning coal is the largest contributor to air pollution in China, industrial metals supply could shrink this year, particularly steel and aluminum. Environmental closures are looking increasingly likely in China this year. 
Questions remain over whether the government will push through with large output cuts that will most definitely result in layoffs. It’s clear that China doesn’t want to reduce jobs, however, the country doesn’t really have many alternatives if it wants to combat air pollution. 

Oil prices steady on OPEC cuts, but record U.S. fuel stocks weigh. 
Oil prices held steady on Thursday, supported by ongoing supply cuts led by producer group OPEC, although rising fuel inventories and crude production in the United States weighed on sentiment. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent. 
The production cuts are aimed at reining in a global fuel supply overhang that has dogged markets for over two years. Yet despite action so far, inventories remain bloated and supplies high, especially in the United States. 
U.S. crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened, the Energy Information Administration said on Wednesday. 
PRECIOUS LEVEL
CS GOLD (APRIL) OVERVIEW:
TREND : BULLISH 
RESIST 2: 29500 
RESIST 1: 29400 
SUP 1: 29150 
SUP 2: 28950

CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH  
RESIST 2: 43500 
RESIST 1:43200 
SUP1: 42400 
SUP2: 42000
BASE METAL LEVELS
CS COPPER (FEB) OVERVIEW:
TREND : BULLISH 
RESIST 2:415 
RESIST 1:410 
SUP1:403 
SUP2:400
CS NICKEL (FEB) OVERVIEW:
TREND :  BULLISH 
RESIST 2:755 
RESIST 1:745 
SUP1:728 
SUP2:720
CS ZINC (FEB)OVERVIEW:
TREND : BULLISH 
RESIST 2:197.50 
RESIST 1:195.50 
SUP1:191.50 
SUP2:189.50 

CS LEAD (FEB) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 160.00 
RESIST 1: 158.50 
SUP1: 154.50 
SUP2: 153.00
CS ALUMINIUM (FEB) OVERVIEW: 
TREND : BULLISH 
RESIST 2: 129.50 
RESIST 1: 128.50 
SUP1: 126.00 
SUP2: 125.00 

ENERGY LEVELS
CS CRUDE OIL (FEB) OVERVIEW:                           
TREND : SIDEWAYS 
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  


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