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CAPITALSTARS – DAILY MCX COMMODITY MARKET NEWS & LEVELS – 11 JAN 2018

Commodities-Market-1

Gold Prices Dip In Asia As Bank of Japan And People’s Bank Of China Eyed.
Gold prices eased slightly in Asia on Thursday as investors debated the prospect of China sharply trimming purchases of US Treasury and whether the Bank of Japan is set to inch forward on a way out of its aggressive monetary policy. Overnight, gold prices were hovering near four-month highs on Wednesday, as sentiment on the U.S. dollar weakened ahead of retail sales and inflation reports due at the end of the week. The U.S. dollar received no support after official data on Wednesday showed that U.S. import prices rose less than expected in December, while export prices unexpectedly fell. Market participants were now focusing on the release of U.S. inflation data due on Friday, for clues on the potential pace of rate hikes by the Federal Reserve.

Copper prices gained as the dollar softened and the World Bank issued a solid view of global economic growth.
Copper on MCX settled up 0.74% at 457.1 as the dollar softened and the World Bank issued a solid view of global economic growth. Market participants were now focusing on the release of U.S. inflation data due on Friday, for clues on the potential pace of rate hikes by the Federal Reserve. The greenback had initially strengthened after San Francisco Fed President John Williams said that the Fed should raise interest rates three times this year given that economy will benefit from tax cuts.

Nickel gained on reports of production outages at nickel mines in the Zambales region of the Philippines.

Nickel on MCX settled up 1.65% at 819 on fresh buying as support seen after the news that Madagascar nickel mine halts output due to cyclone. China’s central bank governor said yesterday that he expects the GDP to slow down to 6.4% from 6.5% in 2018, in turn hurting prospects for minerals demand. The comments came a day after Cleveland Fed President Loretta Mester said she expects about four interest rate hikes this year, thanks to solid U.S. economic growth and low unemployment.

Crude Oil Mixed In Asia With Iran Economic Sanctions Waivers In Focus.
Crude oil prices were mixed in early Asia on Thursday with investors braced for a decision expected on Friday on whether the Trump administration will continue with economic sanctions waivers on Iran. Advisers want Trump to extend Iran deal economic sanction waivers with a decision expected on Friday. But Trump, who has previously vowed to scrap the nuclear pact, is privately expressing reluctance to continue with the waivers – which would imperil a a multi-national deal that includes Russia and European allies. Overnight, crude oil prices settled higher on Wednesday as traders cheered an unexpected drop in US production while data showing crude stockpiles fell for the eighth-straight week lifted sentiment. Crude oil prices continued their bullish start to the week as traders cheered signs of ongoing tightening in domestic crude oil supplies which offset a larger-than-expected build in both gasoline and distillate stockpiles.

Precious Metals

CS GOLD (FEB) OVERVIEW: 

TREND : BEARISH

RESIST 2: 29550

RESIST 1: 29450

SUP 1: 29150

SUP 2: 29050

CS SILVER (MAR) OVERVIEW: 

TREND : BEARISH

RESIST 2: 39500

RESIST 1: 39300

SUP 1: 38600

SUP 2: 38400

Base Metals

CS COPPER (FEB) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 465.00

RESIST 1: 462.00

SUP 1: 454.00

SUP 2: 451.00

CS NICKEL (JAN) OVERVIEW: 

TREND : BULLISH

RESIST 2: 840.00

RESIST 1: 835.00

SUP 1: 800.00

SUP 2: 795.00

CS ZINC (JAN) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 220.00

RESIST 1: 218.00

SUP 1: 213.00

SUP 2: 211.00

CS LEAD (JAN) OVERVIEW:
TREND : SIDEWAYS

RESIST 2: 168.00

RESIST 1: 166.00

SUP 1: 161.00

SUP 2: 159.00

CS ALUMINIUM (JAN) OVERVIEW: 
TREND : BEARISH

RESIST 2: 142.00

RESIST 1: 141.00

SUP 1: 138.00

SUP 2: 137.00

Energies

CS CRUDE OIL (JAN) OVERVIEW: 
TREND : BULLISH

RESIST 2: 4130

RESIST 1: 4090

SUP 1: 4010

SUP 2: 3970

CS NATURAL GAS (JAN) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 194.00

RESIST 1: 191.00

SUP 1: 181.00

SUP 2: 178.00

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