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

Commodities-Market

Gold inches up as retreat of bond yields weigh on dollar.

Gold The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 per cent. Stocks on major world markets edged lower on Tuesday, with a decline in the materials sector offsetting rising energy shares. US long-dated Treasury yields fell on Tuesday in choppy trading, as investors took a respite from selling bonds that took rates to multi-year highs following recent economic data and on interest rate prospects over the next year and a half. Risks to the global financial system have risen over the past six months and could increase sharply if pressures in emerging markets escalate or global trade relations deteriorate further, the IMF said on Wednesday.

In the physical market, high prices grew cautious sentiment among downstream consumers while sellers were keen to cash in their cargoes.

London copper rebounded above the daily moving average to a high of $6,303.5/mt and settled at $6,295/mt on Tuesday after the dollar dipped when US bond yields fell. On the technical front, LME copper managed to stand firmly above the five- and 10-day moving averages and approached the upper Bollinger band. Its MACD red line extended, reflecting the strength of longs. The SHFE 1811 contract soared to a high of 51,140 yuan/mt after it hovered at the daily moving average overnight.

London nickel surged past the 40-day moving average.

London nickel surged past the 40-day moving average to a high of $13,020/mt in the later trading hours on Tuesday and closed at $12,970/mt. The SHFE 1811 contract also performed strongly overnight. It jumped past 107,000 yuan/mt to the highest since September and ended at 106,950 yuan/mt. The metal was voted as the most promising base metal for 2019 at this year’s LME week in London, which might account for the recent increases in prices of futures. We expect LME nickel to hover at $12,800/mt today with the SHFE 1811 contract trading at 105,500-107,500 yuan/mt. Spot prices are seen at 105,000- 112,000 yuan/mt.

Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts.

Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40 percent of U.S. Gulf of Mexico crude output. Trade tensions and rising import tariffs were taking a toll on commerce, while emerging markets struggle with tighter financial conditions and capital outflows, the IMF said are peaking at the most opportunistic time given waning global growth narrative,” said Stephen Innes, head of trading APAC at OANDA in Singapore. In the United States, nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND : BULLISH RESIST
2: 31600 RESIST
1: 31450 SUP
1: 31200

CS SILVER (DEC) OVERVIEW:
TREND : SIDEWAYS RESIST
2: 39000 RESIST
1: 38700 SUP
1: 38500 SUP
2: 38300

Base Metals

CS GOLD (DEC) OVERVIEW:
TREND : BULLISH RESIST
2: 31600 RESIST
1: 31450 SUP
1: 31200 SUP
2: 31100

CS SILVER (DEC) OVERVIEW:
TREND : SIDEWAYS RESIST
2: 39000 RESIST
1: 38700 SUP
1: 38500 SUP
2: 38300

Base Metals
CS COPPER (NOV) OVERVIEW:
TREND : BULLISH RESIST
2: 468.00 RESIST
1: 464.00 SUP
1: 457.00 SUP
2: 452.00

CS NICKEL (OCT) OVERVIEW:
TREND : BULLISH RESIST
2: 965.00 RESIST
1: 960.00 SUP
1: 952.00 SUP
2: 946.00

CS ZINC (OCT) OVERVIEW:
TREND : BULLISH RESIST
2: 205.00 RESIST
1: 202.00 SUP
1: 197.00 SUP
2: 194.00

CS LEAD (OCT) OVERVIEW:
TREND : SIDEWAYS RESIST
2: 148.00 RESIST
1: 146.00 SUP
1: 143.00 SUP
2: 141.00

CS ALUMINIUM (OCT) OVERVIEW:
TREND : BEARISH RESIST
2: 155.00 RESIST
1: 153.00 SUP
1: 150.00 SUP
2: 148.00

Energies

CS CRUDE OIL (OCT) OVERVIEW:
TREND : BULLISH RESIST
2: 5600 RESIST
1: 5550 SUP
1: 5480 SUP
2: 5420

CS NATURAL GAS (OCT) OVERVIEW:
TREND : BULLISH RESIST
2: 248.00 RESIST
1: 246.00 SUP
1: 242.00 SUP
2: 238.00

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