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DAILY MCX COMMODITY MARKET NEWS & LEVELS – 14 JUNE 2017

Commodities-Market

Gold prices unchanged as the Fed’s two-day meeting kicks off.   

Gold prices traded at break-even on Tuesday, after expectations that the Federal Reserve will increase interest rates on Wednesday weighed on gold, as the precious metal struggled to capitalise on a slump in the dollar. Gold prices traded at break-even on Tuesday, after expectations that the Federal Reserve will increase interest rates on Wednesday weighed on gold, as the precious metal struggled to capitalise on a slump in the dollar. In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-bearing assets such as bonds. Investor skepticism on the pace of rate hikes has started to grow in recent weeks amid signs of cracks in the US economy, with some analysts suggesting that Wednesday’s widely expected interest rate hike could be final hike of 2017.

“Weakness in consumption is becoming more visible due to emerging headwinds from negative wage growth in real terms, combined with falling housing affordability and tighter credit standards.”


LME Zinc to Stay Weak.  

LME zinc is expected to move between USD 2,435-2,485/mt today. US annualized CPI and retail sales will be released today. Eurozone CPI and US PPI will be released today. SHFE 1708 zinc meet strong resistance from the 5- and 10-da moving average, and is expected to fluctuate between RMB 20,550-21,000/mt, with spot prices RMB 950-1,200/mt above SHFE 1707 zinc.  

Chalco Cuts Aluminum Prices in Major Markets for Three Consecutive Days on June 14.  

China Aluminum International Trading Co. (Chalco Trading) lowered aluminum prices it offered in major markets today for three days in a row, it said on its WeChat. SHFE 1708 aluminum will find support from rally in LME aluminum. But, poor market fundamentals will prevent prices from rising.


 Oil prices fall on OPEC output increase, rising U.S. crude stocks. 

Oil prices fell by one percent early on Wednesday after data showed a build in U.S. crude stocks and OPEC reported a rise in its production despite its pledge to cut back. The price falls came on the back of an ongoing supply glut that has pulled down crude prices by more than 10 percent since late May despite a move led by the Petroleum Exporting Countries (OPEC) to cut production by almost 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. More specifically for oil, there are signs of a slowdown in China, long the key driver in fuel demand growth, as its economy slows down and refiners have produced far too much fuel for the market to consume, forcing a slowdown in activity. “Chinese demand is slow, so we have a build-up of crude in Asia where demand seems to have slowed for now,” said Oystein Berentsen, managing director for oil trading company Strong Petroleum.

Precious Levels

CS GOLD (AUG) OVERVIEW: 

TREND : BEARISH

RESIST 2: 29350

RESIST 1: 29150

SUP 1: 28850

SUP 2: 28650


CS SILVER (JULY) OVERVIEW: 

TREND : BEARISH

RESIST 2: 39800

RESIST 1: 39500

SUP1: 38500

SUP2: 38200

Base Metal Levels

CS COPPER (JUNE) OVERVIEW: 

TREND : BEARISH

RESIST 2:378

RESIST 1:374

SUP1:366

SUP2:362

CS NICKEL (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2:582

RESIST 1:577

SUP1:563

SUP2:558

CS ZINC (JUNE) OVERVIEW: 

TREND : BEARISH

RESIST 2:164.00

RESIST 1:162.00

SUP1:157.00

SUP2:155.00

CS LEAD (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 135.00

RESIST 1: 134.00

SUP1: 131.50

SUP2: 130.00

CS ALUMINIUM (JUNE) OVERVIEW: 

TREND : BEARISH

RESIST 2: 124.00

RESIST 1: 122.50

SUP1: 120.50

SUP2: 119.00

Energy Levels

CS CRUDE OIL (JUNE) OVERVIEW: 

TREND : BEARISH

RESIST 2:3070

RESIST 1:3020

SUP1:2920

SUP2:2870

CS NATURAL GAS (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2:199.00

RESIST 1:197.00

SUP1:189.50

SUP2:186.00

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