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CAPITALSTARS MCX COMMODITY MARKET NEWS & LEVELS – 12 FEB 2018

Commodities-Market-1

Gold Prices Gain In Asia With Chinese New Year Trade In Focus.
Gold prices gained in Asia on Monday with financial markets in Japan will be closed for a holiday and demand eyed in greater China watched with the Lunar New Year holidays set to kick off this week. Investors this week are watching inflation readings from the U.S., UK and Germany. Last week, gold prices edged lower on Friday in what was a fifth day of declines in the last six sessions as the stronger dollar weighed on the precious metal, making it more expensive for holders of other currencies. The dollar was supported by increased safe haven demand from investors amid dramatic moves in the equities and bond markets. U.S. stocks ended higher on Friday, but still suffered their steepest weekly losses in more than two years. Market turbulence has been triggered by speculation that the Federal Reserve may raise interest rates at a faster rate than had been expected amid signs of a pickup in inflation. Expectations for higher interest rates are typically negative for gold as the precious metal struggles to compete with yield-bearing assets like Treasury’s when borrowing costs rise.

Zinc prices dropped tracking weakness in spot demand as stock markets extended the slide, with the prospect of rising U.S. interest rates.
Zinc on MCX settled down -1.6% at 218.15 tracking weakness in spot demand as stock markets extended the slide, with the prospect of rising U.S. interest rates. However, prices got some support on limited supply from China because of severe weather conditions, the Chinese New Year holiday and mine shutdowns resulting from the country’s environmental crackdown. The poor weather conditions in top producer China have prevented metal from reaching global markets, curbing accessibility. World zinc mine production rose by 3.8% mainly as a result of increases in Eritrea, India, Peru and Turkey that more than balanced falls in Australia and the United States.

Oil prices rise 1 percent as stocks markets steady.
Oil prices rose by 1 percent on Monday, recovering at least some of last week’s steep losses as Asian stock markets found their footing after days of chaotic trading. Looming over oil markets, however, was rising production in the United States which is undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to tighten markets and prop up prices.The firmer prices came after crude registered its biggest loss in two years last week as stock markets slumped. But with U.S. stock markets rebounding on Friday and Asian markets seemingly steadying on Monday, analysts said crude was also supported. “The bounce in U.S. stocks means some catch-up is possible (for oil),” said Greg McKenna, chief market strategist at futures brokerage AxiTrader. McKenna said markets on Monday were quiet as “the incentive for traders in Australia or Asia to do anything without the lead of the U.S. is likely to be lacking,” referring to recent U.S. stock market volatility.

Precious Metals

CS GOLD (APR) OVERVIEW: 
TREND : BEARISH

RESIST 2: 30400

RESIST 1: 30300

SUP 1: 30000

SUP 2: 29900

CS SILVER (MAR) OVERVIEW: 
TREND : BEARISH

RESIST 2: 38600

RESIST 1: 38400

SUP 1: 37500

SUP 2: 37300

Base Metals

CS COPPER (FEB) OVERVIEW: 
TREND : BEARISH

RESIST 2: 443.00

RESIST 1: 441.00

SUP 1: 432.00

SUP 2: 430.00

CS NICKEL (FEB) OVERVIEW: 
TREND : BEARISH

RESIST 2: 860.00

RESIST 1: 855.00

SUP 1: 825.00

SUP 2: 820.00

CS ZINC (FEB) OVERVIEW: 
TREND : BEARISH

RESIST 2: 224.00

RESIST 1: 222.00

SUP 1: 216.00

SUP 2: 214.00

CS LEAD (FEB) OVERVIEW:

TREND : BEARISH

RESIST 2: 167.00

RESIST 1: 166.00

SUP 1: 162.00

SUP 2: 161.00

CS ALUMINIUM (FEB) OVERVIEW:

TREND : BEARISH

RESIST 2: 140.00

RESIST 1: 139.00

SUP 1: 135.00

SUP 2: 134.00

Energies

CS CRUDE OIL (FEB) OVERVIEW: 
TREND : BEARISH

RESIST 2: 3950

RESIST 1: 3910

SUP 1: 3780

SUP 2: 3740

CS NATURAL GAS (FEB) OVERVIEW: 
TREND : BEARISH

RESIST 2: 174.00

RESIST 1: 171.00

SUP 1: 163.00

SUP 2: 160.00

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