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CAPITALSTARS MCX COMMODITY MARKET NEWS & LEVELS – 14 FEB 2018

Commodities-Market-1

Gold Prices Rise To Hit One-Week High; All Eyes on U.S. Inflation.
Gold prices rose on Wednesday, but investors remain cautious ahead of today’s U.S. inflation data and clues on the pace of future interest rate hikes. The U.S. Dollar Index that tracks the dollar against a basket of currencies was down 0.11% to 89.60, but gold prices are likely to be range bound before the release of U.S. inflation data. Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion. Asian equities were mixed in Wednesday, with Hang Seng and KOSPI gaining in the morning trading session but Nikkei, ASX, Shanghai Composite and Shenzhen Component traded in the red. Japan took centre stage in the region as the country’s 4Q GDP missed estimate and grew 0.5% vs the expected 1%.

Aluminium inventory to climb further post-CNY.
China’s aluminium inventory after Chinese New Year may continue to go up to 2.1 million mt and the price of the lightweight metal is set to trade in a wider range, SMM believes. Earlier this week, SMM data showed that the country’s aluminium inventory hit a record high at 1.81 million mt due to weak consumption ahead of the week-long holiday. We believe the increase has been seasonal, and this has contributed to the decline in SHFE aluminium prices since the start of the year.

Flash : Zinc inventory to rise amid CNY.

SMM expects zinc social inventory in Shanghai, Guangdong and Tianjin to hit 200,000 mt after Chinese New Year, up by at least 20,000-30,000 mt during the week-long holiday. Production at smelters and deliveries remain normal but trading was muted, SMM learned.

Oil Prices Flat In Asia Morning As Traders Eye Mixed Cues.
Oil prices were mostly flat Wednesday morning in Asia, with traders in the region reacting to mixed cues from data that suggests demand will increase this year but so will supply.A stronger U.S. dollar, faster-than-anticipated U.S. production and a surge in demand from China have supported oil prices over the last week but oil remains well off recent highs, likely due to lingering concerns of oversupply. Brent started February at $69.65 and WTI started at $65.80. On Tuesday, International Energy Agency (IEA) raised both its forecast for oil demand this year by 7.7% but also warned that production is rising, particularly in the U.S. and that could put downward pressure on oil. The IEA expects global demand to increase by 1.4 million barrels per day (bpd) through 2018.

Precious Metals

CS GOLD (APR) OVERVIEW: 
TREND : BULLISH

RESIST 2: 30600

RESIST 1: 30500

SUP 1: 30100

SUP 2: 30000

CS SILVER (MAR) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 38900

RESIST 1: 38700

SUP 1: 38000

SUP 2: 37800

Base Metals

CS COPPER (FEB) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 454.00

RESIST 1: 452.00

SUP 1: 443.00

SUP 2: 441.00

CS NICKEL (FEB) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 880.00

RESIST 1: 875.00

SUP 1: 850.00

SUP 2: 845.00

CS ZINC (FEB) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 228.00

RESIST 1: 226.00

SUP 1: 221.00

SUP 2: 219.00

CS LEAD (FEB) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 167.00

RESIST 1: 166.00

SUP 1: 162.00

SUP 2: 161.00

CS ALUMINIUM (FEB) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 140.00

RESIST 1: 138.50

SUP 1: 135.50

SUP 2: 134.00

Energies

CS CRUDE OIL (FEB) OVERVIEW: 
TREND : BEARISH

RESIST 2:3880

RESIST 1: 3840

SUP 1: 3750

SUP 2: 3710

CS NATURAL GAS (FEB) OVERVIEW: 
TREND : BEARISH

RESIST 2: 176.00

RESIST 1: 173.00

SUP 1: 164.00

SUP 2: 161.00

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