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MCX COMMODITY MARKET NEWS & LEVELS – 12 OCT 2017

Commodities-Market-1

Gold Prices Gain In Asia As Fed Minutes Seen Slightly Dovish.
Gold gained in Asia as the Fed appears on track for a December rate hike, but set a somewhat overall dovish tone on the track for 2018 in minutes released overnight. Federal Reserve policymakers had a prolonged debate about the prospects of a pickup in inflation and slowing the path of future interest rate rises if it did not, according to the minutes of the U.S. central bank’s last policy meeting on Sept. 1920 released on Wednesday. The readout of the meeting, at which the Fed announced it would begin this month to reduce its large bond portfolio mostly amassed following the financial crisis and unanimously voted to hold rates steady, also showed that officials remained mostly sanguine about the economic impact of recent hurricanes. “Many participants expressed concern that the low inflation readings this year might reflect… the influence of developments that could prove more persistent, and it was noted that some patience in removing policy accommodation while assessing trends in inflation was warranted,” the Fed said in the minutes.

Chile Copper Export Hits 3-Year High in September, Sees Copper Price Rise Later This Year.
Chile’s copper export value reached $3.18 billion in September, the highest over the past three years. Pan Pacific Copper to Hike Copper Production in Next 6 Months. Chile’s mining minister Aurora Williams said copper prices will rise mildly for the remainder of the year, but will unlikely push to $3 per pound. US Copper Imports Fall Sharply in August and Exports Grow.

ILZSG: World Zinc Deficit Worsens in August.
Global zinc supply deficit expanded to 39,600 tonnes in August, compared to a revised 23,200 tonnes deficit in July, according to ILZSG. Hechi Nanfang to be Largest Zinc Producer in China by 2020. Zinc shortages was 287,000 tonnes during January-August, versus 221,000 tonnes in the same period of last year. Zinc Inventory in China Major Markets around National Day Holiday.

Crude Oil Prices Drop In Asia After API Estimates, EIA Data Awaited . 

Oil prices fell in Asia on Thursday as U.S. industry estimates showed a bearish and unexpected build in crude inventories and investor awaited official figures.The API estimates will be followed by official data on Thursday from the Energy Information Administration (EIA). The API and EIA figures often diverge. Overnight, crude oil prices settled higher on Wednesday after Opec said demand for oil is set to increase in 2018 raising investor expectations that higher demand will rein in excess supplies. In its monthly report, the Organization of the Petroleum Exporting Countries (Opec) indicated that market rebalancing will continue amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018. The upbeat forecast for oil demand growth, however, was offset by a rise in Opec production by 90,000 barrels a day, fueling concerns that Opec compliance with the deal to curb output is starting to wane.

Precious Metals

CS GOLD (DEC) OVERVIEW: 
TREND : BULLISH

RESIST 2: 30150

RESIST 1: 30000

SUP 1: 29650

SUP 2: 29500

CS SILVER (DEC) OVERVIEW: 

TREND : BULLISH

RESIST 2: 41100

RESIST 1: 40900

SUP1: 39900

SUP2: 39700

Base Metals

CS COPPER (NOV) OVERVIEW: 
TREND : BULLISH

RESIST 2: 454.00

RESIST 1: 451.00

SUP1: 442.00

SUP2: 439.00

CS NICKEL (OCT) OVERVIEW: 
TREND : BULLISH

RESIST 2: 740.00

RESIST 1: 735.00

SUP1: 708.00

SUP2: 703.00

CS ZINC (OCT) OVERVIEW: 
TREND : SIDEWAYS

RESIST 2: 217.00

RESIST 1: 215.00

SUP1: 208.00

SUP2: 206.00

CS LEAD (OCT) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 172.00

RESIST 1: 170.00

SUP1: 162.00

SUP2: 160.00

CS ALUMINIUM (OCT) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 141.00

RESIST 1: 140.50

SUP1: 137.00

SUP2: 136.00

Energies

CS CRUDE OIL (OCT) OVERVIEW: 

TREND : BULLISH

RESIST 2: 3440

RESIST 1: 3400

SUP1: 3290

SUP2: 3250

CS NATURAL GAS (OCT) OVERVIEW:

TREND : SIDEWAYS

RESIST 2: 197.00

RESIST 1: 193.00

SUP1: 186.00

SUP2: 182.00

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