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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 7 AUG 2018

Commodities-Market-1

Gold gains slightly as lower price levels induce buying.

The U.S. Federal Reserve is widely expected to raise benchmark lending rates, for the third time this year, at its next policy meet in September. Higher U.S. rates tend to boost the dollar, making greenback-denominated gold more expensive for holders of other currencies. Global markets on Tuesday remained focused on developments on the trade war front while oil investors braced for impact from the first set of U.S. sanctions on Iran, set to take effect at 0401 GMT. Spot gold is poised to break a support at $1,206 per ounce, and fall towards the next support at $1,194, according to Reuters technical’s analyst Wang Tao.

Copper down with escalating US-China trade wars.

Copper fell to a low of $6,064/mt, and closed at $6,105/mt in LME on Monday. The SHFE 1809 contract opened lower but recovered some losses later, closing at 49,330 yuan/mt. Shorts are likely to drag LME copper down to the $6,000/mt level with escalating US-China trade wars. We expect LME copper to trade at $6,070-6,130/mt today with the SHFE 1809 contract at 49,000-49,500 yuan/mt. Spot premiums are likely to sustain at 70-100 yuan/mt today.

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

LME nickel reversed early losses, hitting a high of $13,725/mt and closing at $13,700/mt last night. The SHFE 1809 contract jumped past the 40-day moving average to a high of 112,780 yuan/mt and closed at 112,480 yuan/mt overnight. The shrinking LME and SHFE inventory gave some support to nickel prices. We expect LME nickel to hover around $13,600/mt today with the SHFE 1809 contract at 110,000-112,000 yuan/mt. Spot prices are seen at 111,000-113,000 yuan/mt..

Oil rises ahead of renewed U.S. sanctions against Iran.

Oil prices rose on Tuesday ahead of the introduction of U.S. sanctions against major crude exporter Iran. U.S. sanctions against Iran, which shipped out almost 3 million barrels per day (bpd) of crude in July, are set to begin at 12:01 a.m. U.S. Eastern time (0401 GMT) on Tuesday. Many countries, including U.S. allies in Europe as well as China and India oppose the introduction of new sanctions, but the U.S. government said it wants as many countries as possible to stop buying Iranian oil. The main oil market price drivers of recent months have been output levels by top producers Russia, Saudi Arabia and the United States, renewed Iran sanctions, the U.S.-China trade dispute, and unplanned supply disruptions. Some analysts warned that a global heat wave could also now affect oil demand. Much of the northern hemisphere has been gripped by extreme heat this summer, pushing up demand for industrial and residential cooling.

Precious Metals

CS GOLD (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 29730
RESIST 1: 29680
SUP 1: 29590
SUP 2: 29550

CS SILVER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38200
RESIST 1: 38050
SUP 1: 37800
SUP 2: 37700

Base Metals

CS COPPER (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 421.00
RESIST 1: 418.00
SUP 1: 413.00
SUP 2: 410.00

CS NICKEL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 963.00
RESIST 1: 952.00
SUP 1: 922.00
SUP 2: 903.00

CS ZINC (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 182.00
RESIST 1: 180.50
SUP 1: 177.00
SUP 2: 175.50

CS LEAD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 148.00
RESIST 1: 146.50
SUP 1: 143.50
SUP 2: 142.00

CS ALUMINIUM (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 141.50
RESIST 1: 140.50
SUP 1: 138.50
SUP 2: 137.50

Energies

CS CRUDE OIL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 4860
RESIST 1: 4820
SUP 1: 4720
SUP 2: 4670

CS NATURAL GAS (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 198.50
RESIST 1: 197.50
SUP 1: 195.00
SUP 2: 193.50

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