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CAPITALSTARS MCX COMMODITY MARKET NEWS & LEVELS – 13 FEB 2018

Commodities-Market-1

Gold Dips In Asia On Mild Dollar Gains, China Holiday Demand Eyed.
Gold dipped in Asia on Tuesday with a slightly stronger dollar noted, but support seen from physical demand in China ahead of the Lunar New Year holidays. Overnight, gold prices rose sharply on dollar weakness. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A fall in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand for the precious metal. The biggest demand for gold is for use in gold jewellery which accounts for roughly 50% of total demand, according to the World Gold Council. The rebound in gold prices comes in the wake of a second straight week of losses, however, market participants expect upward momentum to be short lived somewhat as strong US consumer inflation data due Wednesday could stoke expectations for a faster pace of Federal Reserve rate increases.

Strikes to be game changer in copper ore supply in 2018.
Strikes are expected to be the biggest factor affecting copper ore supply in 2018, with 30 labour negotiations already planned this year in Chile alone. In addition, such negotiation at Escondida scheduled in August and a share transfer programme at Grasberg would also create uncertainties over output at the world’s two largest copper mines. Following a decrease in copper ore supply in 2017, SMM forecast a 3.3% output growth this year contributed mainly by First Quantum’s Cobre Panama mine and Southern Copper’s Toquepala mine. Other factors including new and expanding smelting capacities in China and the country’s copper scrap import restrictions would also be key to watch out for this year.

China will contest any ‘unfair’ U.S. trade measures on steel: think-tank.
China will oppose any “unfair and unreasonable” trade measures by countries such as the United States against its steel companies, a Chinese government think-tank said on Tuesday, arguing protectionism will “poison” the industry. “Certainly we will protest against unfair and unreasonable measures launched by some countries such as the U.S.A. towards Chinese steel companies,” the China Metallurgical Industry Planning and Research Institute said in an email to Reuters. “We will also study and discuss the counter-measures to try to seek a fair position for Chinese companies without any violation of W.T.O. (World Trade Organisation) agreement.”The Institute, which provides consultancy services to Chinese government policymakers and steel enterprises, was responding to recent efforts by U.S. steel firms urging President Donald Trump to curb surging imports they say are undermining the U.S. industry.

Precious Metals

CS GOLD (APR) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 30280

RESIST 1: 30200

SUP 1: 30050

SUP 2: 29970

CS SILVER (MAR) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 38650

RESIST 1: 38450

SUP 1: 37950

SUP 2: 37600

Base Metals

CS COPPER (FEB) OVERVIEW: 
TREND : BEARISH

RESIST 2: 444.00

RESIST 1: 441.00

SUP 1: 436.00

SUP 2: 432.00

CS NICKEL (FEB) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 855.00

RESIST 1: 845.00

SUP 1: 835.00

SUP 2: 830.00

CS ZINC (FEB) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 221.00

RESIST 1: 220.00

SUP 1: 218.00

SUP 2: 216.00

CS LEAD (FEB) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 166.00

RESIST 1: 164.00

SUP 1: 161.00

SUP 2: 159.00

CS ALUMINIUM (FEB) OVERVIEW:

TREND : BEARISH

RESIST 2: 140.00

RESIST 1: 138.00

SUP 1: 136.00

SUP 2: 135.00

Energies

CS CRUDE OIL (FEB) OVERVIEW: 
TREND : BEARISH

RESIST 2:3950

RESIST 1: 3900

SUP 1: 3800

SUP 2: 3760

CS NATURAL GAS (FEB) OVERVIEW: 
TREND : BEARISH

RESIST 2: 170.00

RESIST 1: 168.00

SUP 1: 163.00

SUP 2: 161.00

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