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CAPITALSTARS – MCX COMMODITY MORNING MARKET NEWS & LEVELS – 14 MAR 2018

Commodities-Market-1

Gold prices turned positive as the U.S. dollar lost ground after news that U.S. President Donald Trump replaced Secretary of State Rex Tillerson.
Gold on MCX settled up 0.15% at 30377 as prices saw some safe-haven demand due to increasing concerns about turmoil in the Trump administration. U.S. Secretary of State Rex Tillerson was fired by President Trump prompted some fresh safe-haven in gold and silver markets. The firing of a Trump cabinet official comes on the heels of Trump’s chief economic advisor quitting last week. Trump is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors, two people who had discussed the issue with the Trump administration said. Gold was sold at a discount in India as demand remained subdued for a fourth straight week while buying in the rest of Asia picked up as prices fell for a third consecutive week.

Copper prices gained tracking firmness in LME prices finished 0.5 percent higher at amid weakness in dollar.
Copper on MCX settled up 0.16% at 450.95 recovered from the day’s low as support seen after the update that reliable supply of copper from the world’s largest producer, Chile, is under threat as unions face broad wage renegotiations across top global miners. Strong demand from the growing electric economy could be undermined by supply disruptions if wage contracts can’t be negotiated across the major producer. Also China’s lower copper imports in February weakened the sentiment on copper. While New Federal Reserve Chair Jerome Powell said in his Congress testimony that hiking interest rates four times this year would be considered a “gradual pace”, bolstering expectations of a March rate hike.

Snapshot: Nickel spot market in Shanghai.

Norilsk nickel in the Shanghai market was offered at a discount of 500 yuan/mt against the Wuxi Stainless Steel Exchange 1804 contract on the morning of Wednesday March 14, while Jinchuan remained flat at 103,700 yuan/mt, SMM learned. As nickel prices rose, traders sold actively while downstream customers held back. Overall trading was thin, and trades were heard at 103,050-103,700 yuan/mt in the morning.

Oil Prices Stable With Strong China Data.
Oil prices were flat on Wednesday morning in Asia, having edged up slightly after two days of decline.China’s industrial output rose 7.2% in the first two months of the year compared with the same period last year, surpassing expectations of a 6.1% growth. At the same time, during the spring season now starting, U.S. crude inventories are not rising as much as expected, implying healthy demand. However, oil markets remain relatively weak. Prices have strayed far from their January highs of almost $67 for WTI and over $70 per barrel for Brent. While the Organization of the Petroleum Exporting Countries (OPEC) has been propping up prices by cutting output, the U.S. has been capping prices by ramping up production.

Precious Metals

CS GOLD (APR) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 30800

RESIST 1: 30700

SUP 1: 30300

SUP 2: 30200

CS SILVER (MAY) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 39700

RESIST 1: 39500

SUP 1: 38600

SUP 2: 38400

Base Metals

CS COPPER (APR) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 460.00

RESIST 1: 458.00

SUP 1: 450.00

SUP 2: 448.00

CS NICKEL (MAR) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 925.00

RESIST 1: 920.00

SUP 1: 885.00

SUP 2: 880.00

CS ZINC (MAR) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 219.00

RESIST 1: 217.00

SUP 1: 211.00

SUP 2: 209.00

CS LEAD (MAR) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 161.00

RESIST 1: 159.00

SUP 1: 154.00

SUP 2: 152.00

CS ALUMINIUM (MAR) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 139.00

RESIST 1: 138.00

SUP 1: 135.00

SUP 2: 134.00

Energies

CS CRUDE OIL (MAR) OVERVIEW: 
TREND : BEARISH

RESIST 2:4050

RESIST 1: 4010

SUP 1: 3880

SUP 2: 3840

CS NATURAL GAS (MAR) OVERVIEW: 
TREND : BULLISH

RESIST 2: 188.00

RESIST 1: 185.00

SUP 1: 180.00

SUP 2: 177.00

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