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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 12 OCT 2018

Commodities-Market

Gold prices edged higher as some investors sought refuge in the precious metal.

Gold edged down on Friday but held near an over two-month high hit in the previous session, when prices surged over 2 percent as a rout in global stock markets boosted the metal’s safe-haven appeal. Spot gold was down 0.2 percent at $1,221.06 an ounce at the time of writing. On Thursday, it jumped about 2.5 percent after marking its highest since July 31 at $1,226.27. That was also the metal’s best one-day percentage gain since June 2016. U.S. gold futures were down 0.3 percent at $1,224.50 an ounce. Worries about the economic impact of the Sino-U.S. trade war, a spike in U.S. bond yields this week and caution ahead of earnings seasons have all been cited as potential reasons behind the selloff, the biggest market rout since February.

Shrinking inventories provided some support to copper prices while anticipated growth in Chinese infrastructure.

London copper rebounded to a high of $6,300/mt as the dollar fell poor data from the consumer price index (CPI). The SHFE 1811 contract also gained and tried to stand firmly above the 10-day moving average overnight with a shorter MACD red line. Shrinking inventories provided some support to copper prices while anticipated growth in Chinese infrastructure and upbeat orders for stockpiling before the year-end buoyed SHFE copper. LME copper is likely to trade at $6,150-6,280/mt today; the SHFE 1811 contract is expected to trade at 50,060-50,650 yuan/mt. Spot prices are seen between discounts of 30 yuan/mt to premiums of 30 yuan/mt.

US dollar weakened and the growth in US consumer price index for September missed expectations.

London nickel and the SHFE 1811 contract rebounded overnight as the US dollar weakened and the growth in US consumer price index for September missed expectations. LME nickel rallied to a high of $12,780/mt and settled at $12,705/mt, with LME stocks dipping 600 mt to 224,928 mt. The SHFE 1811 contract slid from a high of 105,150 yuan/mt to close at 104,700 yuan/mt. Fundamentals supported and grew both supply and demand. We forecast LME nickel hovering around $12,600/mt today, with the SHFE 1811 contract trading at 103,500-105,000 yuan/mt. Spot prices are set at 103,500-110,500 yuan/mt today.

Oil dropped on Thursday to extend big losses from the previous session as global stock markets suffered a rout.

Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 percent for the week. U.S. West Texas Intermediate (WTI) crude futures were up 11 cents at $71.08 a barrel, after falling 3 percent in the previous session to the lowest since Sept. 21. U.S. crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts’ expectations of a 2.6 million-barrel increase. The Organization of the Petroleum Exporting Countries cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets. OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary- general said on Thursday.

Precious 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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