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CAPITALSTARS – MCX COMMODITY MORNING MARKET NEWS & LEVELS – 17 APR 2018

Commodities-Market-1

Gold Prices Slip Amid Easing Geopolitical Tensions.
Gold prices slipped on Tuesday amid easing geopolitical tensions, as more strikes on Syria seemed unlikely. As geopolitical concerns eased, investors now turned their attention to economic data from China, the world’s second largest economy, on Tuesday and the high-level trade talks between the U.S. and Japan this week to look for cues. China’s GDP growth figures for the first quarter of 2018 came in at 6.8% year-on-year, in line with market expectation. However, the country’s industrial production data were worse than expected, posting 6.0% compared to the estimated 6.4%.Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

Snapshot: China’s steel, aluminium, nonferrous metals output in Q1.
In the first three months of this year, China produced 212.15 million mt of crude steel, up 5.4% year on year, according to latest data from the National Bureau of Statistics. The output of aluminium stood at 8.12 million mt, up 0.3% on the year. The output of nonferrous metals stood at 13.39 million mt, up 2.4% on the year.

Copper gained as losses in the U.S. dollar bolstered, though gains were muted as financial markets bet that air strikes on Syria would not escalate into a wider conflict. Copper on MCX settled up 0.95% at 446.95 on short covering as support seen looming economic data from China amid signs Western-led strikes on Syria weren’t likely to escalate. Yesterday the dollar fell against most peers with stocks rose as geopolitical tensions faded and investors turned to what’s expected to be a blowout corporate earnings season. Support also seena after China’s imports of copper rose 25.4 percent from month ago to 439,000 tonnes in March, data from the General Administration of Customs showed. Copper imports to China, the world’s leading copper and aluminium consumer, include anode, refined, alloy and semi-finished copper products. Meanwhile Hedge funds and money managers raised their net long positions in COMEX gold and copper contracts in the week to April 10, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. Today China’s data was out suggesting economy will grew 6.8 percent in the first quarter of 2018, the statistics bureau reported on Tuesday.

Oil prices rise amid risk of supply disruptions.
Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply, especially in the Middle East.Traders said oil markets were receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading conflict in the Middle East, renewed U.S. sanctions against Iran and falling output as a result of political and economic crisis in Venezuela. “With so many potential supply disruptors in play and few signs that the current market upheaval will end any time soon, traders continue to pay the geopolitical risk premium,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

Precious Metals

CS GOLD (JUNE) OVERVIEW: 

TREND : BULLISH

RESIST 2: 31600

RESIST 1: 31500

SUP 1: 31100

SUP 2: 31000

CS SILVER (MAY) OVERVIEW: 

TREND : BULLISH

RESIST 2: 39700

RESIST 1: 39500

SUP 1: 38800

SUP 2: 38600

Base Metals

CS COPPER (APR) OVERVIEW: 
TREND : BULLISH

RESIST 2: 455.00

RESIST 1: 453.00

SUP 1: 444.00

SUP 2: 442.00

CS NICKEL (APR) OVERVIEW: 

TREND : BULLISH

RESIST 2: 955.00

RESIST 1: 950.00

SUP 1: 920.00

SUP 2: 915.00

CS ZINC (APR) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 211.00

RESIST 1: 209.00

SUP 1: 202.00

SUP 2: 200.00

CS LEAD (APR) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 159.00

RESIST 1: 157.00

SUP 1: 152.00

SUP 2: 150.00

CS ALUMINIUM (APR) OVERVIEW:

TREND : BULLISH

RESIST 2: 164.00

RESIST 1: 162.00

SUP 1: 154.00

SUP 2: 152.00

Energies

CS CRUDE OIL (APR) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 4440

RESIST 1: 4400

SUP 1: 4300

SUP 2: 4260

CS NATURAL GAS (APR) OVERVIEW: 
TREND : BULLISH

RESIST 2: 183.00R

ESIST 1: 181.00

SUP 1: 177.00

SUP 2: 175.00

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