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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 8 AUG 2018

Commodities-Market-1

 

Gold steady as dollar softens versus stabilizing yuan.

Gold prices were steady early on Wednesday, after rising in the previous session, as the U.S. dollar softened against China’s yuan and the euro. Asian shares rose on Wednesday on the back of firmer Wall Street earnings while expectations for increased Chinese stimulus helped take the edge off wider concerns about the worsening Sino-U.S. trade dispute The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23, the U.S. Trade Representative’s office said on Tuesday as it published a final tariff list targeting 279 imported product lines. The European Parliament has agreed to ease tough new liquidity rules for banks trading gold, marking a success for the London Bullion Market Association’s (LBMA) campaign to revise the plans.

Copper prices are likely to rebound against the backdrop of resilient infrastructure construction in China.

Copper lost some early gains and closed at $6,150/mt in LME on Tuesday. The SHFE October contract turned to the most liquid overnight. Copper prices are likely to rebound against the backdrop of resilient infrastructure construction in China. We expect LME copper to trade at $6,160-6,210/mt today with the SHFE 1810 contract at 49,300-49,800 yuan/mt. Spot premiums are seen at 60-100 yuan/mt.

Nickel rebound as a weakened US dollar and low stocks at SHFE warehouses accounted for the increase.

Given low-level inventory of nickel across LME warehouses, LME nickel rebounded to around the daily moving average to a high of $13,890/mt. Pressure was at the $13,900/mt level. LME inventory continued to shrink 372 mt to 251,466 mt. The SHFE 1811 contract received support at the 40-day moving average and gained over 1% from Monday to close at 113,240 yuan/mt. A weakened US dollar and low stocks at SHFE warehouses accounted for the increase. We expect the contract to trade at 112,500-114,000 yuan/mt with LME nickel hovering at $13,900/mt today. Spot prices are set at 112,000-114,500 yuan/mt.

Oil prices steady on falling U.S. crude stocks, Iran sanctions.

Oil prices held steady on Wednesday, supported by a report of rising U.S. crude inventories as well as the introduction of sanctions against Iran. The U.S. government introduced a raft of new sanctions against Iran on Tuesday, targeting Iran’s purchases of U.S. dollars – in which oil is traded – metals trading, coal, industrial software and its auto sector. November, Washington will also target Iran’s petroleum sector. Beyond the sanctions, the oil market was focusing on the U.S. market, where the American Petroleum Institute said on Tuesday that crude inventories fell by 6 million barrels in the week to Aug. 3 to 407.2 million. U.S. fuel storage data is due to be released later on Wednesday by the Energy Information Administration (EIA). Shipments into the world’s biggest importer of crude came in at 36.02 million tonnes last month, or 8.48 million bpd, up from 8.18 million bpd a year ago, and just up on June’s 8.36 million bpd, data from the General Administration of Customs showed.

Precious Metals

CS GOLD (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 29790
RESIST 1: 29690
SUP 1: 29550
SUP 2: 29450

CS SILVER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38300
RESIST 1: 38150
SUP 1: 37750
SUP 2: 37600

Base Metals

CS COPPER (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 422.50
RESIST 1: 420.50
SUP 1: 416.00
SUP 2: 414.00

CS NICKEL (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 965.00
RESIST 1: 958.00
SUP 1: 940.00
SUP 2: 932.00

CS ZINC (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 182.50
RESIST 1: 181.50
SUP 1: 179.00
SUP 2: 177.50

CS LEAD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 148.50
RESIST 1: 147.50
SUP 1: 145.50
SUP 2: 144.00

CS ALUMINIUM (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 142.00
RESIST 1: 140.50
SUP 1: 138.50
SUP 2: 137.50

Energies

CS CRUDE OIL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 4830
RESIST 1: 4790
SUP 1: 4730
SUP 2: 4700

CS NATURAL GAS (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 200.50
RESIST 1: 199.50
SUP 1: 197.00
SUP 2: 195.50

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