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DAILY MCX COMMODITY MARKET NEWS & LEVELS – 12 JUNE 2017

Commodities-Market

Gold down in Asia with Fed meeting this week in focus.   

Gold prices fell in Asia on Monday with views ahead of the June policy review by the Fed key for the precious metal. In the week ahead, investors will be turning their attention to Wednesday’s Federal Reserve policy meeting, where the central bank is widely expected to deliver its second rate hike so far this year. Markets will also be watching central bank meetings in the UK, Japan and Switzerland. The shock UK election result added to political risks surrounding the upcoming Brexit negotiations, due to start on June 19, sending sterling tumbling. That, along with a drop in the euro, pushed the dollar higher against a basket of the other major currencies.

On Thursday, Comey accused President Donald Trump of firing him in a bid to undermine a probe into Russia’s alleged involvement in the U.S. presidential election, but did not say whether he thought the president attempted to obstruct justice.


 Copper hits five-week high on China data, lower inventories.  

Copper prices hit their highest in over five weeks on Friday, helped by supply concerns in Chile, recent data pointing to robust import demand from China and falling stocks of the metal. “Chinese trade data registered another surplus in May, its helped coax copper prices higher,” said Kash Kamal, a commodities analyst at Sucden Financial.

Zinc Prices to Stay High This Week, SMM Foresees.  

Zinc prices are expected to fluctuate at high levels this week, SMM foresees. SMM Survey: China Zinc Smelters See Higher Raw Material Inventory Days as Ore Supplies LoosenChina’s spot zinc supplies are tight for now, and will give support to zinc prices, SMM explained. Delivery for June zinc on the SHFE is due this week. Guangdong Zinc Inventories Fall to Record Low, Pressure Mounts before Delivery, SMM Reports.

Crude holds gains in Asia with Saudi, Russia views supportive. 

Crude prices held gains in Asia Monday after supporting comments by the Russian and Saudi energy ministers at the weekend from Kazakhstan and as data sets this week may provide support for views that the supply and demand are slowly, but surely heading for balance. Meanwhile, investors will keep an eye out for monthly reports from the Organization of Petroleum Exporting Counties and the International Energy Agency to assess global supply and demand levels. The increase in U.S. drilling activity and shale production has mostly offset efforts by OPEC and other producers to cut output in a move to prop up the market. So far, the production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in U.S. shale oil output.

Precious Levels

CS GOLD (AUG) OVERVIEW: 

TREND : BEARISH

RESIST 2: 29350

RESIST 1: 29150

SUP 1: 28750

SUP 2: 28550


CS SILVER (JULY) OVERVIEW: 

TREND : BEARISH

RESIST 2: 40300

RESIST 1: 40000

SUP1: 38800

SUP2: 38500

Base Metal Levels

CS COPPER (JUNE) OVERVIEW: 

TREND : BULLISH

RESIST 2:383

RESIST 1:378

SUP1:369

SUP2:365

CS NICKEL (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2:585

RESIST 1:581

SUP1:569

SUP2:565

CS ZINC (JUNE) OVERVIEW: 

TREND : BULLISH

RESIST 2:168.00

RESIST 1:166.00

SUP1:161.00

SUP2:159.00


CS LEAD (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 138.00

RESIST 1: 136.80

SUP1: 133.80

SUP2: 132.00


CS ALUMINIUM (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 125.00

RESIST 1: 123.30

SUP1: 121.20

SUP2: 120.00

Energy Levels

CS CRUDE OIL (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2:3100

RESIST 1:3050

SUP1:2930

SUP2:2880

CS NATURAL GAS (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2:201.00

RESIST 1:198.00

SUP1:192.00

SUP2:189.00

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