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CAPITALSTARS – DAILY MCX COMMODITY MARKET NEWS & LEVELS – 10 JAN 2018

Commodities-Market-1

Gold Eases In Asia After China Consumer Prices Come In A tad Weaker Than Seen.
Gold prices fell in Asia on Wednesday as weaker than expected consumer inflation in China last month gave some pause to views on global inflation rising more than expected in 2018. Overnight, gold prices continued to ease from multi-month highs amid a revival in the dollar as investors weighed the prospect of global monetary policy tightening after the Bank of Japan trimmed its bond purchases. Gold prices retreated further from four-month highs on Tuesday as treasury yields surged, supporting dollar strength amid growing expectations for global monetary policy tightening after the Bank of Japan’s cut its purchases of long-term bonds. Also supporting the dollar strength was a drop in safe-haven demand as global equity markets continued to top multi-year highs amid ongoing risk-on sentiment.

Analysis: LME zinc price sees risks ahead.
SMM believes the LME zinc price may stay on its current upward-moving track with historical low inventory and demand from the reconstruction activities in the US. However, we also see irrational factors supporting the price rise and potential risks ahead. With stronger LME zinc price but a weaker SHFE contract, there is limited room for marginal supply to go lower whereas demand sees downside due to deleveraging exercises among businesses and governments.

Copper prices pared gains on profit booking tracking losses in LME prices as the U.S. dollar seen supported.

Copper on MCX settled down -0.02% at 453.75 prices dropped as traded book profit tracking Comex copper prices which weakened although the complex remains well supported due to positive Chinese and US data released over the past few weeks. China’s producer price index (PPI) in December rose 4.9% from the same month a year ago, higher than the expectation at 4.8%. China tightens restrictions on imports of foreign waste, Chinese metal recyclers and even smelters like Jiangxi Copper Co are increasingly looking to use Southeast Asian countries as an alternative location for the processing of copper scrap.

Oil prices hit highest since 2014, but analysts warn of overheated market.
Oil prices hit their highest levels since 2014 on Wednesday due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating. A broad global market rally, including stocks, has also been fuelling investment into crude oil futures. [MKTS/GLOB] “The extension of the OPEC agreement … and declining inventories are all helping to drive the price higher,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities. In an effort to prop up prices, the Organization of the Petroleum Exporting Countries (OPEC) together with Russia and a group of other producers last November extended an output cut deal that was due to expire in March this year to cover all of 2018. The cuts, which have mostly targeted Europe and North America, were aimed at reducing a global supply overhang that had dogged oil markets since 2014.

Precious Metals

CS GOLD (FEB) OVERVIEW: 

TREND : BEARISH

RESIST 2: 29400

RESIST 1: 29300

SUP 1: 29050

SUP 2: 28950

CS SILVER (MAR) OVERVIEW: 

TREND : BEARISH

RESIST 2: 39300

RESIST 1: 39100

SUP 1: 38400

SUP 2: 38200

Base Metals

CS COPPER (FEB) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 462.00

RESIST 1: 459.00

SUP 1: 452.00

SUP 2: 449.00

CS NICKEL (JAN) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 825.00

RESIST 1: 820.00

SUP 1: 795.00

SUP 2: 790.00

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: 160.00

SUP 2: 158.00

CS ALUMINIUM (JAN) OVERVIEW: 
TREND : BEARISH

RESIST 2: 140.00

RESIST 1: 139.00

SUP 1: 136.00

SUP 2: 135.00

Energies

CS CRUDE OIL (JAN) OVERVIEW: 
TREND : BULLISH

RESIST 2: 4140

RESIST 1: 4100

SUP 1: 4000

SUP 2: 3960

CS NATURAL GAS (JAN) OVERVIEW: 

TREND : BULLISH

RESIST 2: 196.00

RESIST 1: 193.00

SUP 1: 183.00

SUP 2: 180.00

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