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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 14 SEP 2018

Commodities-Market-1

Gold rises for second day on USD weakness and rising demand from India.

Gold prices traded marginally down Friday morning as investors purchased riskier assets instead of seeking a safe haven in gold, amid hopes for a new round of U.S.-China trade talks. Spot gold declined 0.3 percent to $1,202.30 per ounce, after earlier hitting its highest level since Aug. 28 at $1,212.49. Bullion gained 0.7 percent in the previous session in its biggest single-day rise since Aug. 24. U.S. gold futures for December delivery settled down $2.70, or 0.2 percent, at $1,208.20 per ounce. The dollar index declined against a basket of major currencies after data showed U.S. consumer prices increased less than expected in August, paring traders’ outlook that domestic inflation is accelerating.

Copper was trading steady on Monday morning after it registered its second weekly loss as an intensifying trade war.

London copper edged lower on Friday, pulling back from a two-week high reached in the prior session, as investors exercised caution ahead of possible trade talks between the United States and China to resolve an escalating tariff war. China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks. Investors were also eyeing a slew of Chinese data due out this morning for trading cues, including industrial output and retail sales.
LME nickel inventory shrinking 456 mt to 236,250 mt.

US-Sino trade disputes limited upward momentum in nickel prices, even as the US dollar weakened. Both LME nickel and the SHFE 1811 contract settled lower overnight. We expect LME nickel to consolidate around $12,600/mt with the contract trading at 103,000-105,000 yuan/mt today. Spot prices are set at 102,500-109,500 yuan/mt. .

Oil prices fall on emerging market woes, looming tariff deadline.

Oil on Friday clawed back some of its losses from the previous session, when prices fell the most in a month, as concerns about oil supply are countering worries that emerging market crises and trade disputes could dent demand. Brent crude was up 8 cents, or 0.1 percent, at $78.26 a barrel, after falling 2 percent on Thursday. The global benchmark rose on Wednesday to its highest since May 22 at $80.13. U.S. West Texas Intermediate (WTI) futures were up 18 cents, or 0.2 percent, at 68.76 a barrel, after dropping 2.5 percent on Thursday. Brent is heading for a 1.8 percent gain this week, while WTI is on track for a 1.5 percent increase

Precious Metals

CS GOLD (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2: 30750
RESIST 1: 30650
SUP 1: 30450
SUP 2: 30350
CS SILVER (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 37500
RESIST 1: 37200
SUP 1: 36700
SUP 2: 36500

Base Metals

CS COPPER (NOV) OVERVIEW:
TREND : BULLISH
RESIST 2: 434.00
RESIST 1: 430.00
SUP 1: 423.00
SUP 2: 418.00
CS NICKEL (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 918.00
RESIST 1: 910.00
SUP 1: 892.00
SUP 2: 880.00
CS ZINC (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 173.00
RESIST 1: 171.00
SUP 1: 167.00
SUP 2: 165.00
CS LEAD (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 151.00
RESIST 1: 149.00
SUP 1: 146.00
SUP 2: 144.00
CS ALUMINIUM (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 149.00
RESIST 1: 148.00
SUP 1: 147.00
SUP 2: 145.50

Energies

CS CRUDE OIL (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 5040
RESIST 1: 4990
SUP 1: 4930
SUP 2: 4880
CS NATURAL GAS (SEP) OVERVIEW:
TREND : BEARSIH
RESIST 2: 206.00
RESIST 1: 204.50
SUP 1: 200.00
SUP 2: 198.00

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