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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 3 AUG 2018

Commodities-Market-1

Gold holds steady near 1-year low amid firm dollar.

Gold prices held steady near a one-year low on Friday amid a resilient U.S. dollar and were headed for a fourth straight weekly falls. The dollar climbed to a two-week high against a basket of major currencies and stayed firm against the Yuan as worries about an escalation in trade tensions between the United States and China supported the U.S. currency. The greenback was also supported by strong U.S. economic data and outlook for higher interest rates. Higher U.S. rates tend to boost the greenback, in which the metal is priced. most recent data suggests continued weakness for gold amid a stronger U.S. dollar index” said John Sharma, an economist at National Australia Bank. China vowed on Thursday to retaliate if the United States acted on a threat to raise tariffs on the Asian nation’s exports, fuelling fears in financial markets that the trade war between the world’s two biggest economies would escalate.

Copper prices face strong pressure from the US-China trade disputes and a slowdown in Chinese economic growth.

Copper Aug rebounded and closed at 416.85 after it fell to 414.80 on Thursday. Copper prices face strong pressure from the US-China trade disputes and a slowdown in Chinese economic growth. Bearish sentiment prevails in the market despite potential strikes at Escondida and low levels of LME and SHFE inventory that could provide support to copper prices.

Nickel fell down as low in demand and recovery in production.

LME Nickel closed slightly lower on Thursday. It lost the gains it made in two weeks. With weak downstream demand in August and as nickel pig iron production recovers, we expect LME nickel to weaken and hover around $13,300/mt today with the MCX Nickel at 928 – 907.

Oil supported as new hedges placed, but rising global supplies weigh.

Oil prices were steady on Friday, supported by traders placing new hedges in the futures market in anticipation of a decline in U.S. crude inventories, but held back from advancing by the prospect of rising global supplies. Overall U.S. crude oil inventories actually rose by 3.8 million barrels last week to 408.74 million barrels C-STK-T-EIA , according to data from the Energy Information Administration (EIA), however stocks at the key Cushing storage hub USOICC=ECI in Oklahoma fell by 1.3 million barrels, the EIA data showed. EIA/S (are) thought to be a factor in oil prices being well bid,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore. Russian oil output rose by 150,000 barrels per day (bpd) in July from a month earlier, to 11.21 million bpd, energy ministry data showed on Thursday. by top exporter Saudi Arabia has also risen recently, to around 11 million bpd, and U.S. production C-OUT-T- EIA is around that level as well.

Precious Metals

CS GOLD (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 29850
RESIST 1: 29750
SUP 1: 29550
SUP 2: 29450

CS SILVER (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 38350
RESIST 1: 38200
SUP 1: 37800
SUP 2: 37650

Base Metals

CS COPPER (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 422.00
RESIST 1: 419.50
SUP 1: 413.00
SUP 2: 409.50

CS NICKEL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 935.00
RESIST 1: 927.00
SUP 1: 914.00
SUP 2: 907.00

CS ZINC (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 181.50
RESIST 1: 179.50
SUP 1: 175.50
SUP 2: 172.50

CS LEAD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 150.00
RESIST 1: 148.00
SUP 1: 145.00
SUP 2: 143.00

CS ALUMINIUM (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 142.00
RESIST 1: 144.50
SUP 1: 138.50
SUP 2: 137.50

Energies

CS CRUDE OIL (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4750
RESIST 1: 4690
SUP 1: 4590
SUP 2: 4550

CS NATURAL GAS (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 199.00
RESIST 1: 196.50
SUP 1: 190.00
SUP 2: 186.00

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