Gold slightly weaker in Asia as Trump tour eyed, NKorea shrugged off.
Gold drifted weaker in Asia on Monday as Donald Trump's first visits abroad as president were in focus with a flurry of deals signed in Saudi Arabia in the first stop and with investors shrugging off the latest missile test by North Korea at the weekend. The appointment of a special counsel comes after Trump fired James Comex, his FBI director who was leading a probe into Russia’s role in the election and reports that he attempted to interfere with the judicial process, leading to talk of possible impeachment.
Investor sentiment has been hit by fears that the U.S. political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms.
LME Copper to Strengthen.
LME copper will move at USD 5,640-5,700/mt during Asian trading hours on Monday and SHFE 1707 copper will move at RMB 45,500-46,000/mt. In China’s domestic market, spot copper should trade at discounts of RMB 40-100/mt on Monday.
LME copper will move at USD 5,640-5,700/mt during Asian trading hours on Monday and SHFE 1707 copper will move at RMB 45,500-46,000/mt. In China’s domestic market, spot copper should trade at discounts of RMB 40-100/mt on Monday.
Chalco Continues Hiking Aluminum Prices in Major Markets.
China Aluminum International Trading Co. (Chalco Trading) hiked aluminum prices it offered in major markets further today. LME aluminum rose sharply last Friday, but will face corrections today and range USD 1,927-1,950/mt. SHFE 1707 aluminum should rise to RMB 14,000-14,200/mt.
Oil rises on expectation of extended, possibly deepened output cut.
Oil Oil prices rose on Monday, supported by reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices. Prices have risen because of expectations that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of covering just the first half of this year. OPEC's pledge to tighten the market is also being undermined by oil drillers in the United States.
Goldman Sachs (NYSE:GS) says that the U.S. rig count for new oil production had jumped by 404 since May last year, a rise of 128 percent.
China Aluminum International Trading Co. (Chalco Trading) hiked aluminum prices it offered in major markets further today. LME aluminum rose sharply last Friday, but will face corrections today and range USD 1,927-1,950/mt. SHFE 1707 aluminum should rise to RMB 14,000-14,200/mt.
Oil rises on expectation of extended, possibly deepened output cut.
Oil Oil prices rose on Monday, supported by reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices. Prices have risen because of expectations that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of covering just the first half of this year. OPEC's pledge to tighten the market is also being undermined by oil drillers in the United States.
Goldman Sachs (NYSE:GS) says that the U.S. rig count for new oil production had jumped by 404 since May last year, a rise of 128 percent.
Precious Levels
CS GOLD (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 29000
RESIST 1: 28800
SUP 1: 28400
SUP 2: 28200
CS SILVER (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 39800
RESIST 1: 39500
SUP1: 38500
SUP2: 38200
Base Metal Levels
CS COPPER (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2:378
RESIST 1:375
SUP1:364
SUP2:360
CS NICKEL (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2:616
RESIST 1:610
SUP1:590
SUP2:585
CS ZINC (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2:173.50
RESIST 1:172.00
SUP1:166.00
SUP2:164.50
CS LEAD (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 138.50
RESIST 1: 137.00
SUP1: 133.00
SUP2: 131.50
CS ALUMINIUM (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 127.50
RESIST 1: 126.50
SUP1: 124.00
SUP2: 122.50
Energy Levels
CS CRUDE OIL (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2:3400
RESIST 1:3350
SUP1:3250
SUP2:3220
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2:219.00
RESIST 1:215.00
SUP1:208.00
SUP2:205.00
CAPITALSTARS
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
CS GOLD (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 29000
RESIST 1: 28800
SUP 1: 28400
SUP 2: 28200
CS SILVER (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 39800
RESIST 1: 39500
SUP1: 38500
SUP2: 38200
Base Metal Levels
CS COPPER (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2:378
RESIST 1:375
SUP1:364
SUP2:360
CS NICKEL (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2:616
RESIST 1:610
SUP1:590
SUP2:585
CS ZINC (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2:173.50
RESIST 1:172.00
SUP1:166.00
SUP2:164.50
CS LEAD (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 138.50
RESIST 1: 137.00
SUP1: 133.00
SUP2: 131.50
CS ALUMINIUM (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 127.50
RESIST 1: 126.50
SUP1: 124.00
SUP2: 122.50
Energy Levels
CS CRUDE OIL (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2:3400
RESIST 1:3350
SUP1:3250
SUP2:3220
CS NATURAL GAS (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2:219.00
RESIST 1:215.00
SUP1:208.00
SUP2:205.00
CAPITALSTARSInvestment & 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
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