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MCX COMMODITY MARKET NEWS & LEVELS – 09 OCT 2017

Commodities-Market-1

Gold Prices Gain Smartly in Asia As China Returns from Week-Long Break.
Gold prices jumped in Asia on Monday with China back after a week-long break bringing some heft to the market even as Japan, South Korea and Taiwan are shut for holidays. This week, Wednesday’s Fed minutes will be in focus for fresh indications on the timing of the next U.S. rate hike. Friday’s U.S. data on inflation and retail sales will also be in focus. Markets will also be eyeing a speech by ECB head Mario Draghi for clues on when the central bank will shift away from its ultra-easy policy. Last week, gold prices rebounded from two month lows on Friday as fresh concerns over tensions with North Korea pressured the dollar lower and bolstered safe haven demand for the precious metal. The dollar fell following reports on Friday that North Korea is preparing to test a long-range missile, adding to fears over a potential conflict in the region. The dollar earlier rose as higher than expected wage growth in the U.S. jobs report for September was seen as potentially boosting inflation. The uptick in wage inflation bolstered expectations that the Federal Reserve will hike interest rates in December.

US Lead Imports Fall Remarkably in August, Exports Surge.
US lead imports declined sharply in August, while lead exports jumped, according to Commerce Department. US Copper Imports Fall Sharply in August and Exports Grow. Lead imports by the US were 34,990,691 kg in August, much lower than 56,191,550 kg in July. Total lead imports were 378,075,347 kg during January-August.

SHFE Base Metals Surge upon Reopening, with SHFE Zinc Refreshing 10-year High.
SHFE base metals mostly opened higher on October 9, the first day following Chinese National Day holiday. SHFE zinc and SHFE nickel rose 2%, leading gains of base metals. SHFE zinc reached a 10-year high. LME Base Metals Price Movement during Chinese National Day Holiday.

Crude Oil Gains In Asia As Market Looks Ahead To Busy Data Week.   

Crude oil prices gained in Asia on Monday with investors focused on fairly busy week of data points on supply and demand. Markets in Japan shut and China comes back from a week-long holiday. In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to further weigh what the impact of recent storm activity was on supply and demand. Oil traders will also focus on monthly reports from the Organization of Petroleum Exporting Counties and the International Energy Agency to assess global oil supply and demand levels. The data will give traders a better picture of whether a global rebalancing is taking place in the oil market. The market is also waiting on President Donald Trump’s decision on Thursday on whether or not to certify Iran’s compliance with the international nuclear deal. This week, Wednesday’s Fed minutes will be in focus for fresh indications on the timing of the next U.S. rate hike. Friday’s U.S. data on inflation and retail sales will also be in focus.

Precious Metals

CS GOLD (DEC) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 30050

RESIST 1: 29900

SUP 1: 29550

SUP 2: 29400

CS SILVER (DEC) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 40600

RESIST 1: 40400

SUP1: 39550

SUP2: 39350

Base Metals

CS COPPER (NOV) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 445.00

RESIST 1: 442.00

SUP1: 433.00

SUP2: 430.00

CS NICKEL (OCT) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 715.00

RESIST 1: 710.00

SUP1: 685.00

SUP2: 680.00

CS ZINC (OCT) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 219.00

RESIST 1: 217.00

SUP1: 209.00

SUP2: 207.00

CS LEAD (OCT) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 169.00

RESIST 1: 167.00

SUP1: 160.00

SUP2: 158.00

CS ALUMINIUM (OCT) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 142.00

RESIST 1: 141.00

SUP1: 137.00

SUP2: 136.00

Energies

CS CRUDE OIL (OCT) OVERVIEW: 

TREND : BEARISH

RESIST 2: 3340

RESIST 1: 3300

SUP1: 3180

SUP2: 3140

CS NATURAL GAS (OCT) OVERVIEW:

TREND : BEARISH

RESIST 2: 195.00

RESIST 1: 192.00

SUP1: 184.00

SUP2: 181.00

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