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MCX COMMODITY MARKET NEWS & LEVELS – 16 JUNE 2017

Commodities-Market

Gold gains slightly in Asia with focus on dollar prospects.  

Gold rose slightly in Asia on Friday with sentiment subdued following the Fed rate hike and wavering fortunes for the dollar with investors focused on whether the Trump Administration can get back on track with its tax cut and stimulus policies in the face of a tense political debate over Russian interference in the 2016 election. Overnight, gold prices tumbled to three week lows on Thursday, pressured by a firmer dollar as risk-on sentiment resumed amid upbeat U.S. economic data and expectations of an additional rate hike later this year.  

A raft of better than expected economic reports tapered fears the US economy was set for a slowdown in the second quarter, stoking expectations of an additional rate hike, after the Federal Reserve maintained its outlook of three total rate hikes on Wednesday.  


SMM Copper Demand Surprise Index: China Copper Demand to Change Little YoY in June 2017.  

Copper imports grew sharply in May along with concentrated arrivals of shipments, but it is now the final stage of peak-demand season, with demand support waning, dragging down the index in May. SMM survey finds robust demand from home appliance sector pushed up overall utilization rates at domestic copper processing enterprises in May. The rate is expected to fall slightly to 74.64% in June as the onset of off-season will be felt by copper processing producers. 

Chalco Hikes Aluminum Prices across Major Markets.  

China Aluminum International Trading Co. (Chalco Trading) raised aluminum prices it offered in major markets across the board today. SHFE 1708 aluminum will move at lows of RMB 13,450-13,650/mt today, due to growing stocks, weakening consumption and tightening cash around mid-year. 


 Oil sits near half-year lows as global supply overhang weighs. 

Oil prices dipped early on Friday and were not far off six-months lows as an ongoing supply overhang weighed on markets despite an OPEC-led effort to cut production and prop up prices.Prices for both benchmarks are down by more than 13 percent since late May, when producers led by the Organization of the Petroleum Exporting Countries (OPEC) extended a pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months until the end of the first quarter of 2018. The price falls are due to ongoing high supplies despite the pledge to cut from within OPEC, and also because of rising output from the United States.In the United States, which is not participating in any deal to hold back production, oil output has risen over 10 percent over the past year to 9.3 million bpd, and the Energy Information Administration (EIA) expects that figure to rise above 10 million bpd in 2018. In a sign of the ongoing supply overhang, traders are increasingly hiring tankers again to store unsold crude, waiting to sell later at a higher price.   

Precious Levels

CS GOLD (AUG) OVERVIEW: 

TREND : BEARISH

RESIST 2: 29150

RESIST 1: 28950

SUP 1: 28600

SUP 2: 28400

CS SILVER (JULY) OVERVIEW: 

TREND : BEARISH

RESIST 2: 39500

RESIST 1: 39200

SUP1: 38200

SUP2: 37900

Base Metal Levels

CS COPPER (JUNE) OVERVIEW: 

TREND : BEARISH

RESIST 2:374

RESIST 1:371

SUP1:363

SUP2:360

CS NICKEL (JUNE) OVERVIEW: 

TREND : BULLISH

RESIST 2:587

RESIST 1:582

SUP1:569

SUP2:565

CS ZINC (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2:166.50

RESIST 1:165.00

SUP1:161.00

SUP2:159.50

CS LEAD (JUNE) OVERVIEW: 

TREND : SIDEWAYS

RESIST 2: 138.00

RESIST 1: 136.80

SUP1: 134.00

SUP2: 133.00

CS ALUMINIUM (JUNE) OVERVIEW: 

TREND : BEARISH

RESIST 2: 123.00

RESIST 1: 121.70

SUP1: 120.00

SUP2: 119.00

Energy Levels

CS CRUDE OIL (JUNE) OVERVIEW: 

TREND : BEARISH

RESIST 2:3000

RESIST 1:2950

SUP1:2840

SUP2:2790

CS NATURAL GAS (JUNE) OVERVIEW: 

TREND : BULLISH

RESIST 2:205.00

RESIST 1:202.00

SUP1:195.00

SUP2:192.00

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