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CAPITALSTARS – MCX COMMODITY MORNING MARKET NEWS & LEVELS – 13 MAR 2018

Commodities-Market-1

Gold prices fell as the dollar held steady after data showed the U.S. economy added a larger-than-expected number of jobs in February.
Gold on MCX settled down -0.23% at 30332 tracking weakness from Comex Gold prices which turned lower as market sentiment remained supported by expectations for a less aggressive rate hike policy by the Federal Reserve. The dollar initially strengthened after the Labor Department reported on Friday that the U.S. economy added 313,000 jobs last month, beating economists’ forecasts of 200,000. It was the largest monthly increase in one-and-a-half years. However the report also showed that average hourly earnings rose by just 0.1% in February for an annual rate of 2.6%, down from 2.8% in January. The slowdown in wage growth dampened expectations for four rate hikes by the Federal Reserve this year. Meanwhile the U.S. dollar index was steady at 90.13, not far from Friday’s one-week highs of 90.36. A stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion. In the week ahead, investors will be focusing on Tuesday’s U.S. inflation data to gauge how it will affect the outlook for monetary tightening in the coming months.

China’s aluminum oxide imports fall to new low in Jan.
China’s imports of aluminum oxide in January fell for three consecutive months and touched a new low of 74,000 mt since August 2017. This is down 48.6% month on month and 72.3% year on year, according to China Customs. Higher prices of imports, over prices of domestic supplies, accounted for the decline. Imports are likely to remain weak in February given the impact of the Chinese New Year (CNY) holiday and as profit margins between domestic supplies and imports widen. SMM expects imports to remain low in March in view of the 50% production cut at Hydro’s Alunorte aluminum oxide plant in Brazil. The cur will lower supplies of foreign aluminum oxide.

Oil prices fall on relentless rise in U.S. crude output.
Oil prices fell on Tuesday, extending losses from the previous session, as the inexorable rise in U.S. crude output weighed on markets.Both crude benchmarks dropped by around 1 percent in their Monday sessions. “Oil prices fell on the back of concerns that surging U.S. production … could push inventories in the U.S. higher,” ANZ bank said on Tuesday. U.S. crude oil production soared past 10 million barrels per day (bpd) in late 2017, overtaking output by top exporter Saudi Arabia. U.S. production is expected to rise above 11 million bpd by late 2018, taking the top spot from Russia, according to the International Energy Agency (IEA). The rising U.S. output comes largely on the back of onshore shale oil production. U.S. crude production from major shale formations is expected to rise by 131,000 bpd in April from the previous month to a record 6.95 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Monday.

Precious Metals

CS GOLD (APR) OVERVIEW: 
TREND : BEARISH

RESIST 2: 30600

RESIST 1: 30500

SUP 1: 30200

SUP 2: 30100

CS SILVER (MAY) OVERVIEW: 
TREND : BEARISH

RESIST 2: 39300

RESIST 1: 39100

SUP 1: 38300

SUP 2: 38100

Base Metals

CS COPPER (APR) OVERVIEW: 
TREND : BEARISH

RESIST 2: 457.00

RESIST 1: 454.00

SUP 1: 445.00

SUP 2: 442.00

CS NICKEL (MAR) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 910.00

RESIST 1: 905.00

SUP 1: 875.00

SUP 2: 870.00

CS ZINC (MAR) OVERVIEW: 
TREND : BEARISH

RESIST 2: 216.00

RESIST 1: 214.00

SUP 1: 208.00

SUP 2: 206.00

CS LEAD (MAR) OVERVIEW:

TREND : BEARISH

RESIST 2: 157.00

RESIST 1: 155.00

SUP 1: 150.00

SUP 2: 148.00

CS ALUMINIUM (MAR) OVERVIEW:

TREND : BEARISH

RESIST 2: 138.00

RESIST 1: 137.00

SUP 1: 134.00

SUP 2: 133.00

Energies

CS CRUDE OIL (MAR) OVERVIEW: 
TREND : BEARISH

RESIST 2:4080

RESIST 1: 4040

SUP 1: 3920

SUP 2: 3880

CS NATURAL GAS (MAR) OVERVIEW: 
TREND : BULLISH

RESIST 2: 188.00

RESIST 1: 185.00

SUP 1: 179.00

SUP 2: 176.00

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