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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 20 DEC 2018

Commodities-Market-1

Gold steadies, Fed signals ‘some’ rate hikes for 2019.
Gold steadied on Thursday, after declining about half a percent in the previous session as the U.S. Federal Reserve did not deliver as dovish a statement as some investors had expected. The Fed raised interest rates on Wednesday and noted that “some” rate hikes would be needed next year, a more aggressive stance than many expected. In a news conference, Fed Chairman Jerome Powell said the central bank would continue trimming its balance sheet by $50 billion each month, leaving open the possibility that continued strong data could force it to raise rates to the point where they start to brake the economy’s momentum. U.S. benchmark Treasury yields fell to more than eightmonth lows on Wednesday following Powell’s statement, which spurred safety buying of U.S. government debt.

 

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

As shorts covered their positions after the US dollar index fell, LME copper crept to close at $6,065/mt on Wednesday. The SHFE 1902 contract rebounded to close at 48,440 yuan/mt overnight from a low of 48,140 yuan/mt. LME copper is expected to trade at $6,010-6,070/mt today and the SHFE 1902 contract is likely to trade at 48,200-48,500 yuan/mt. Spot premiums are seen at 20-120 yuan/mt. As the US dollar surged, LME nickel tumbled to close lower. London nickel climbed to close at $10,980/mt on Wednesday. Its SHFE counterpart also gained overnight, as shorts aggressively cut their positions, ending at 90,200 yuan/mt. LME nickel is expected to hover around $10,900/mt today with the SHFE 1905 contract at 89,000-90,500 yuan/mt. Spot prices are seen at 89,500-96,000 yuan/mt.

 

Oil prices resume drop, shed most of last session’s gains.

Oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy. “Wednesday’s recovery was shortcovering. Investors quickly moved their attention to deteriorating fundamentals in the oil markets including more signs of slowing economic growth next year, record production and the lack of confidence with OPEC’s pledge to curb production,” said Xi Jiarui, chief oil analyst at consultancy JLC. The Organization of the Petroleum Exporting Countries and other oil producers including Russia agreed this month to curb output by 1.2 million barrels per day (bpd) in an attempt to drain tanks and boost prices. Oil prices are down more than 30 percent from peaks seen in October.

 

Precious Metals
CS GOLD (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 31600
RESIST 1: 31400
SUP 1: 31200
SUP 2: 31100

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 37700
RESIST 1: 37500
SUP 1: 37300
SUP 2: 37100

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 426.00
RESIST 1: 422.00
SUP 1: 415.00
SUP 2: 408.00

CS NICKEL (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 775.00
RESIST 1: 765.00
SUP 1: 750.00
SUP 2: 740.00

CS ZINC (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 182.00
RESIST 1: 180.00
SUP 1: 178.00
SUP 2: 176.00

CS LEAD (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 140.00
RESIST 1: 137.00
SUP 1: 135.00
SUP 2: 132.00

CS ALUMINIUM (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 139.00
RESIST 1: 137.00
SUP 1: 135.00
SUP 2: 133.00

Energies

CS CRUDE OIL (DEC) OVERVIEW:
TREND : BERAISH
RESIST 2: 3400
RESIST 1: 3350
SUP 1: 3280
SUP 2: 3230

CS NATURAL GAS (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 270.00
RESIST 1: 266.00
SUP 1: 260.00
SUP 2: 255.00

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