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CAPITALSTARS – DAILY MCX COMMODITY MARKET NEWS & LEVELS – 05 JAN 2018

Commodities-Market-1

Gold Gains In Asia As Investors Look To US Nonfarm Payrolls.
Gold prices rose in Asia on Friday with US nonfarm payrolls key for the precious metal and a reading of 190,000 new jobs added in December expected today. Overnight, gold prices moved off session lows shrugging off the prospect of further Federal Reserve rate hikes amid upbeat labor market data pointing to underlying strength in the US economy. The recent rally in gold futures came under pressure amid investor concerns that continued upbeat US economic data could strengthen the case for the Fed to raise rates more than currently priced in. In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-bearing assets such as bonds. Losses in gold, however, were capped by a continued slump in the greenback as it struggled to rebound from three-month lows.

FeNi Luppen may change nickel supply landscape.
A similar product to nickel pig iron (NPI) produced in Indonesia, FeNi Luppen, is set to change the global nickel supply pattern if Chinese stainless steel mills are receptive, SMM learned. Backed by Russian investors, Blackspace in Indonesia launched the nickel intermediate product in 2017 and claimed the production could hit 200,000 nickel mt in 2019. This is a product that has gotten less attention compared with NPI as the latter received heavy Chinese investment in Indonesia over the past couple of years.

Having Trouble Taking Out Long-Term Tops.
March Comex High Grade Copper futures closed slightly higher on Thursday in a relatively volatile session. The two-sided price action in the U.S. Dollar may have influenced copper’s movement. There weren’t any major news events on Thursday with most traders focusing on technically overbought conditions and on whether the hedge funds will continue to buy at such lofty levels after an almost month long rally in December. The recent price action suggests investors are deciding whether to buy strength or wait for a pullback into a value zone.

Oil dips away from 2015 highs as doubts over rally emerge.
Oil prices fell on Friday, dropping away from highs last seen in 2015, as soaring production in the United States undermined the 10 percent rally from lows hit in December that was driven by tightening supply and political tensions in OPEC member Iran.Traders said political tensions in Iran, third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), had pushed prices higher. “The protests in Iran add more fuel to the already bullish oil market mood,” said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer. Oil prices have received general support by production cuts led by OPEC and by Russia.

Precious Metals

CS GOLD (FEB) OVERVIEW: 

TREND : BULLISH

RESIST 2: 29550

RESIST 1: 29450

SUP 1: 29150

SUP 2: 29050

CS SILVER (MAR) OVERVIEW: 

TREND : BULLISH

RESIST 2: 39800

RESIST 1: 39600

SUP 1: 38900

SUP 2: 38700

Base Metals

CS COPPER (FEB) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 468.00

RESIST 1: 465.00

SUP 1: 454.00

SUP 2: 451.00

CS NICKEL (JAN) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 820.00

RESIST 1: 815.00

SUP 1: 785.00

SUP 2: 780.00

CS ZINC (JAN) OVERVIEW: 
TREND : BULLISH

RESIST 2: 218.00

RESIST 1: 216.00

SUP 1: 211.00

SUP 2: 209.00

CS LEAD (JAN) OVERVIEW:
TREND : SIDEWAYS

RESIST 2: 167.00

RESIST 1: 165.00

SUP 1: 161.00

SUP 2: 159.00

CS ALUMINIUM (JAN) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 145.00

RESIST 1: 143.50

SUP 1: 140.00

SUP 2: 139.00

Energies

CS CRUDE OIL (JAN) OVERVIEW: 
TREND : BULLISH

RESIST 2: 4010

RESIST 1: 3970

SUP 1: 3890

SUP 2: 3850

CS NATURAL GAS (JAN) OVERVIEW: 

TREND : BEARISH

RESIST 2: 201.00

RESIST 1: 188.00

SUP 1: 178.00

SUP 2: 175.00

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