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

Commodities-Market-1

Gold buoyed by waning yields, but prices are backing under $1,320 as bulls pause.
Gold kicked off the new week lifting into 1,322.00 as the US Dollar backs away from recent highs and US Treasury yields relax, but gold fiends couldn’t get the wheels turning and the precious metal is sinking back to last week’s close and back under 1,320. Gold caught a bit of a relief rally recently after getting hammered by a scorching run up the charts by the Greenback which propped up on broad market expectations of a fourth rate hike from the US Fed this year, coupled with US Treasury yields marching higher as well, with the 10 year Treasury yield crossing the key 3% mark recently.

Secondary aluminium alloy export prices to go up on tightened supply.
China’s secondary aluminium exports prices are likely to rise further in the short term as the month-long operation suspension of China Certification and Inspection Group (CCIC) at North America in May would significantly slash aluminium scrap imports from the US and shrink secondary aluminium exports as a result, SMM believes. The authority began to impose broad-based inspections on all scrap materials imported from the US from May 4 and put CCIC’s operations at North America under A-level risk alert for one month. This in effect means China would not be able to import scrap from the US due to a lack of CCIC certificate for one month.

Nickel price to be pressured by lower nickel sulphate prices.

SMM takes a bearish outlook on nickel prices in May and June as optimism from nickel sulphate for the battery industry weakened. Whether pressure will emerge from the nickel pig iron (NPI) side in the stainless steel industry remains to be seen. The price gap between China’s battery-grade nickel sulphate in nickel content and nickel cathode will continue to narrow in May. The gap was once narrowed to 15,000 yuan/mt in early May as nickel sulphate prices declined due to fewer purchases from ternary precursor plants. The lower profits of ternary precursor plants than that of nickel sulphate producers also accounted for the drop in nickel sulphate prices.

Oil Prices Recede On Opposition Against Iran Sanctions, Surge In U.S. Drilling.
Oil prices on Monday morning in Asia receded from last week’s multi-year highs as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while a relentless climb in U.S. drilling activity pointed to further increases in output.Germany has said it will protect its companies from U.S. sanctions, and Iran has said French oil giant Total has yet to pull out of its fields. Meanwhile, China seems ready to fill the void created by the U.S. Still, oil prices remained near more than three-year-highs reached last week as traders expect Iran’s oil exports to fall significantly once U.S. sanctions bite later this year. Around a million barrels of oil a day is likely to disappear, threatening to tip the oil market into undersupply.

Precious Metals

CS GOLD (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 31700

RESIST 1: 31600

SUP 1: 31200

SUP 2: 31100

CS SILVER (JULY) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 41000

RESIST 1: 40800

SUP 1: 40000

SUP 2: 39800

Base Metals

CS COPPER (JUNE) OVERVIEW: 
TREND : BULLISH

RESIST 2: 470.00

RESIST 1: 468.00

SUP 1: 460.00

SUP 2: 458.00

CS NICKEL (MAY) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 970.00

RESIST 1: 965.00

SUP 1: 940.00

SUP 2: 935.00

CS ZINC (MAY) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 212.00

RESIST 1: 210.00

SUP 1: 205.00

SUP 2: 203.00

CS LEAD (MAY) OVERVIEW:

TREND : BULLISH

RESIST 2: 163.00

RESIST 1: 161.00

SUP 1: 157.00

SUP 2: 155.00

CS ALUMINIUM (MAY) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 158.00

RESIST 1: 156.00

SUP 1: 152.00

SUP 2: 150.00

Energies

CS CRUDE OIL (MAY) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 4840

RESIST 1: 4800

SUP 1: 4700

SUP 2: 4660

CS NATURAL GAS (MAY) OVERVIEW: 
TREND :BULLISH

RESIST 2: 194.00

RESIST 1: 192.00

SUP 1: 186.00

SUP 2: 184.00

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