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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 18 DEC 2018

Commodities-Market-1

Gold prices steady in r-up to Fed meeting. 

Gold prices were largely steady on Tuesday ahead of a U.S. Federal Reserve meeting that starts later in the day, with investors looking for clues on the central bank’s outlook for next year. Asian share markets stumbled on Tuesday as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year. The Federal Open Market Committee (FOMC) is widely expected to raise interest rates at its two-day meeting starting later in the day.

New US-China trade hopes weighed on the US dollar index overnight and supported copper prices.

London copper fell to the day’s lows of $6,079/mt on Monday before it recovered from those losses and closed at $6,133.5/mt. The SHFE 1902 contract rebounded from a low of 48,860 yuan/mt and ended at 49,130 yuan/mt overnight. With pressure at moving averages, both LME and SHFE copper are expected to remain rangebound at lows today. LME copper is likely to trade at $6,100-6,150/mt with the SHFE 1902 contract at 48,700-49,200 yuan/mt. Spot prices are seen at discounts of 60 yuan/mt to premiums of 20 yuan/mt.

As the US dollar surged, LME nickel tumbled to close lower.

London nickel fell to close at $10,995/mt on Monday after it climbed past the $11,100/mt level. The SHFE 1905 contract pared some earlier gains to close at 90,620 yuan/mt overnight as longs took profits after the contract crept to highs of 91,290 yuan/mt. LME nickel is likely to hover around $11,000/mt today with the SHFE 1905 contract at 90,000-91,500 yuan/mt. Spot prices are seen at 90,000-97,000 yuan/mt.

Oil prices fall for third straight session amid supply glut worries.

Oil prices dropped over 1 percent on Tuesday, falling for a third straight session, as reports of inventory builds and forecasts of record shale output in the United States, currently the world’s biggest producer, stoked worries about oversupply. Concerns around future oil demand amid weakening global economic growth and doubts over the impact of planned production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) were also pressuring prices, traders said. Both U.S. crude and Brent have shed more than 30 percent from early October amid swelling global inventories, with WTI currently trading at levels not seen since October 2017.

 

Precious Metals
CS GOLD (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 31900
RESIST 1: 31800
SUP 1: 31500
SUP 2: 31300

CS SILVER (MAR) OVERVIEW:

TREND : BEARISH
RESIST 2: 38600
RESIST 1: 38400
SUP 1: 38000
SUP 2: 37800

 

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 447.00
RESIST 1: 442.00
SUP 1: 435.00
SUP 2: 431.00

CS ZINC (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 188.00
RESIST 1: 185.00
SUP 1: 182.00
SUP 2: 180.00

CS NICKEL (NOV) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 800.00
RESIST 1: 792.00
SUP 1: 780.00
SUP 2: 770.00

CS ALUMINIUM (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 141.00
RESIST 1: 139.00
SUP 1: 137.00
SUP 2: 135.00

 

Energies
CS CRUDE OIL (DEC) OVERVIEW:
TREND : BERAISH
RESIST 2: 3600
RESIST 1: 3550
SUP 1: 3500
SUP 2: 345

CS NATURAL GAS (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 268.00
RESIST 1: 263.00
SUP 1: 255.00
SUP 2: 250.0

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