GIVE MISS CALL ON :- +91 99774 99927

CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 2 NOV 2018

Commodities-Market-1

Gold prices steady, U.S. nonfarm payroll data awaited.

Gold prices were steady in early Asian trade on Friday, after rising about 1.5 percent in the previous session, while the dollar inched up ahead of the U.S. payrolls data due later in the day. According to a Reuters survey of economists, nonfarm payrolls probably rebounded by 190,000 jobs in October after Florence depressed restaurant and retail payrolls in September. U.S. President Donald Trump and Chinese President Xi Jinping both expressed optimism on Thursday about resolving their bitter trade disputes ahead of a high-stakes meeting planned for the two leaders at the end of November in Argentina. Trump increased economic pressure on Venezuela’s leftist President Nicolas Maduro on Thursday with new sanctions aimed at disrupting the South American country’s gold exports.

In the physical market, cash flow issues prompted sellers to offload cargoes while spot premiums rose from previous declines.

LME copper closed near day-highs of $6,143/mt overnight as the US dollar index came off from multi-month highs on weak-than-expected economic data and a rebound in the pound. SHFE copper also closed near session-highs overnight, which returned it to the 60-day moving average. In the physical market, cash flow issues prompted sellers to offload cargoes while spot premiums rose from previous declines in prices of futures. Trades improved as traders purchased on demand. LME copper is likely to trade at $6,040-6,130/mt with SHFE copper at 49,880-49,400 yuan/mt. Spot premiums are seen up to 50 yuan/mt.

In the domestic physical market, stainless steel mills held back from purchases given the recent declines in nickel prices.

London Nickel was the best performer among LME and SHFE base metals overnight. LME nickel is likely to hover around $11,700/mt today with the SHFE 1901 contract at 96,500-98,500 yuan/mt. Spot prices are seen at 97,500- 106,000 yuan/mt.

Oil prices fell on Friday as surging output by the world’s three largest producers outweighed supply concerns.

Oil prices fell on Friday as surging output by the world’s three largest producers outweighed supply concerns from the start of U.S. sanctions next week against Iran’s petroleum exports. Crude oil prices took a severe hit as investors were unnerved on rising global inventories and record high output in 2018,” said Benjamin Lu of brokerage Phillip Futures. Brent has fallen by over 12 percent since the beginning of October, while WTI has lost more than 13 percent in value. The downward pressure on oil is also visible in the physical market, where top exporter Saudi Arabia is expected to cut crude prices for December cargoes amid higher supply and a glut in refined products that has eroded refinery profits. Organization of the Petroleum Exporting Countries (OPEC) boosted oil production in October to 33.31 million barrels per day (bpd), a Reuters survey found this week.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32200
RESIST 1: 32100
SUP 1: 31800
SUP 2: 31700

CS SILVER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 39100
RESIST 1: 39000
SUP 1: 38700
SUP 2: 38500

Base Metals

CS COPPER (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 442.00
RESIST 1: 438.00
SUP 1: 432.00
SUP 2: 428.00

CS NICKEL (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 872.00
RESIST 1: 865.00
SUP 1: 850.00
SUP 2: 845.00

CS ZINC (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 202.00
RESIST 1: 199.00
SUP 1: 196.00
SUP 2: 194.00

CS LEAD (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 147.00
RESIST 1: 145.00
SUP 1: 142.00
SUP 2: 140.00

CS ALUMINIUM (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 148.00
RESIST 1: 146.00
SUP 1: 144.00
SUP 2: 142.00

Energies

CS CRUDE OIL (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 5020
RESIST 1: 4960
SUP 1: 4840
SUP 2: 4800

CS NATURAL GAS (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 245.00
RESIST 1: 242.00
SUP 1: 238.00
SUP 2: 235.00

WWW.CAPITALSTARS.COM +917440449744

CapitalStars Provides  Free Trial To Our Client…

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

 

Leave a Reply

Checking...

Ouch! There was a server error.
Retry »

Sending message...

FREE TRIAL REQUEST


CapitalStars FORUM