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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 10 AUG 2018

Commodities-Market-1

 

Gold prices buoyed by global political tensions.

Gold prices held broadly steady early on Friday after dipping the session before, drawing some support from global political tensions and a slightly weaker dollarNSE -0.88 % against the yen. Japan economy expanded at an annualised rate of 1.9 per cent in April-June, bouncing back from a contraction in the previous quarter, government data showed on Friday, in a sign its recovery momentum remained intact. The US economy is performing “very well” with continued growth clearing the way for one or two more interest rate hikes in 2018, Chicago Federal Reserve Bank President Charles Evans said on Thursday in an interview in which he dismissed earlier worries about weak inflation.

Copper prices came off from early highs overnight as market sentiment was depressed by the strengthening dollar.

Copper prices came off from early highs overnight as market sentiment was depressed by the strengthening dollar. LME copper hit the $6,300/mt level but closed near $6,200/mt; the SHFE 1810 contract jumped past the 50,000 yuan/mt level but closed near 49,850 yuan/mt. We expect copper prices to rise in the short term, but the upward room would be limited. LME copper is likely to trade at $6,180-6,240/mt today and the SHFE 1810 contract at 49,600-50,100 yuan/mt. Spot premiums are seen lower at 10-50 yuan/mt..

Nickel fell sharply to a low of $13,845/mt on a strengthened US dollar.

LME nickel fell sharply to a low of $13,845/mt on a strengthened US dollar. It closed over 1% lower from Wednesday at $13,905/mt. We see it hovering around $13,800/mt today with continued pressure at the 40-day moving average today. The SHFE 1811 contract diverged gradually from the daily moving average to a low of 113,340 yuan/mt. It then stopped falling and closed at 113,770 yuan/mt. Limited upward momentum is seen for the contract, which is likely to trade at 113,000-114,500 yuan/mt today. Spot prices are set at 112,800-115,000 yuan/mt.

Oil edges up on Iran sanctions tightening supply, but trade spat weighs.

Oil prices on Friday edged up on worries that reimposed U.S. sanctions against Iran would tighten supplies, although the escalating trade dispute between Washington and Beijing held markets back from further gains. Despite the possibility of a slowdown in economic growth due to escalating trade tensions, oil markets are for now relatively tight, analysts said, mostly because of sanctions on Iranian oil exports the United States plan to implement in November. many other powers, including the European Union and major Asian buyers such as China and India oppose sanctions, many are expected to bow to American pressure. On a weekly basis, Brent is set for a 1.5 to 2 percent fall, while WTI is heading for a drop of around 2.5 percent.

Precious Metals

CS GOLD (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 29810
RESIST 1: 29730
SUP 1: 29590
SUP 2: 29480
CS SILVER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38370
RESIST 1: 38200
SUP 1: 37940
SUP 2: 37800

Base Metals

CS COPPER (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 430.00
RESIST 1: 426.00
SUP 1: 418.00
SUP 2: 415.00
CS NICKEL (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 976.00
RESIST 1: 964.00
SUP 1: 945.00
SUP 2: 938.00
CS ZINC (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 186.00
RESIST 1: 184.00
SUP 1: 179.00
SUP 2: 177.00
CS LEAD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 150.00
RESIST 1: 147.50
SUP 1: 143.50
SUP 2: 141.50
CS ALUMINIUM (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 148.50
RESIST 1: 146.50
SUP 1: 140.50
SUP 2: 138.50

Energies

CS CRUDE OIL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 4670
RESIST 1: 4640
SUP 1: 4570
SUP 2: 4530
CS NATURAL GAS (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 205.00
RESIST 1: 204.00
SUP 1: 202.00
SUP 2: 201.00

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