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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 07 DEC 2018

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Gold inches higher as dollar dips amid risk aversion.

Gold prices rose slightly on Friday and were headed for their best week in 15, as the dollar weakened following a decline in U.S. Treasury yields, while investors awaited U.S. nonfarm payroll data for clues about the health of the world’s top economy. Atlanta Federal Reserve bank president Raphael Bostic on Thursday said he felt the Fed should continue raising rates towards a “neutral” level, noting that despite recent market volatility and increasing uncertainty, he did not see “any indications of a material weakening in the macroeconomic data at the moment.” The U.S. economy is “performing very well overall,” Federal Reserve Chairman Jerome Powell said, capping a week of widespread market nervousness with a reminder that the U.S. economy continues to expand. Asian share markets tried to find their footing on Friday as speculation the Federal Reserve might be “one-and-done” with U.S. rate hikes helped salve some wounds after a punishing week.

In the physical market, sellers were reluctant to offload cargoes and these tightened supplies across the market.

London copper slid to a low of $6,080/mt on Thursday as shorts added their positions after the contract climbed to a high of $6,120.5/mt. LME copper later rebounded to end at $6,134.5/mt. After opening in the red, the SHFE 1902 contract fluctuated overnight and closed at 48,950 yuan/mt. As both LME and SHFE copper have fallen below all short-term moving averages, copper prices are expected to remain weak and trade range bound at lows today. LME copper is likely to trade at $6,080-6,120/mt today with the SHFE 1902 contract at 48,600-49,000 yuan/mt. Spot premiums are seen at 120-320 yuan/mt.

With worries over an escalation in the US-China trade tensions on Huawei CFO arrest, expected to trade in range bound.

London nickel slumped on Thursday and ended at $10,860/mt. After opening lower, the SHFE 1901 contract fell to 88,640 yuan/mt overnight as shorts added and longs cut their bets. It clawed back some losses in later trades and closed at 89,010 yuan/mt. With worries over an escalation in the US-China trade tensions on Huawei CFO arrest, We expect LME nickel to weaken when hovering around $10,900/mt today and the SHFE 1901 contract to trade at 88,500-90,000 yuan/mt. Spot prices are seen at 88,500-98,000 yuan/mt.

Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting.

Oil prices fell on Friday, pulled down by OPEC’s decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. The declines came after crude slumped by almost 3 percent the previous day, with the Organization of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday.Has decided to meet Friday again…(as) Russia remains the sticking point,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore. “We are beginning to witness the outline of the next iteration of production cuts, with OPEC conforming to cut its own production by around 1 million barrels per day, with the cartel lobbying non-OPEC members to contribute more,” Japanese bank MUFG said in a note. Oil producers have been hit by a 30-percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown. Output from the world’s biggest producers – OPEC, Russia and the United States – has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 31400
RESIST 1: 31300
SUP 1: 31100
SUP 2: 30000

CS SILVER (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 37500
RESIST 1: 37300
SUP 1: 37000
SUP 2: 36800

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : DOWNTREND
RESIST 2: 440.00
RESIST 1: 434.00
SUP 1: 430.00
SUP 2: 427.00

CS NICKEL (NOV) OVERVIEW:
TREND : DOWNTREND
RESIST 2: 778.00
RESIST 1: 770.00
SUP 1: 762.00
SUP 2: 755.00

CS ZINC (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 190.00
RESIST 1: 188.00
SUP 1: 185.00
SUP 2: 183.00

CS LEAD (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 143.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 136.00

CS ALUMINIUM (NOV) OVERVIEW:

TREND : DOWNTREND
RESIST 2: 141.00
RESIST 1: 139.00
SUP 1: 137.00
SUP 2: 135.00

Energies

CS CRUDE OIL (DEC) OVERVIEW:
TREND : BERAISH
RESIST 2: 3850
RESIST 1: 3800
SUP 1: 3750
SUP 2: 3700

CS NATURAL GAS (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 315.00
RESIST 1: 311.00
SUP 1: 303.00
SUP 2: 300.00

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