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MCX COMMODITY MARKET NEWS & LEVELS – 17 FEB 2017

Mcx Commodity Tips

Gold dips in Asia, on mine labor issues.  

Gold for April delivery on the Comex division of the New York Mercantile Exchange fell 0.17% to $1,239.55 a troy ounce, while silver futures for March delivery dipped 0.12% to $18.053 a troy ounce. Overnight, gold prices added to overnight gains on Thursday, hitting a one-week high despite a brighter outlook for interest rate hikes on a raft of mostly upbeat U.S. economic data.  

The number of people who filed for unemployment assistance in the U.S. last week rose by a less-thanexpected 5,000 to 239,000 last week, holding close to the lowest level since 1973. A separate report showed that the Philadelphia Fed index surged to a reading of 43.3 from 23.6 in January. That was the highest level since early 1984.

How Will China Actions Affect Zinc Market? SMM Reports. 

China’s Ministry of Environmental Protection announced it will execute air quality inspections during February 15-March 15 in 18 cities, SMM learns. These cities include Beijing, Tianjin, Hebei’s Shijiazhuang, Langfang, Baoding, Tangshan, Handan, Xingtai, Cangzhou, Hengshui, Shanxi’s Taiyuan and Linfen, Shandong’s Jinan and Dezhou and Henan’s Zhengzhou, Hebi, Jiaozuo and Anyang, which are major metal producing regions. 

In these 18 cities, Tianjin, Hebei, Cangzhou and Hengshui have an agglomeration of galvanizers. Large steel tube/pipe plants reported slow sales due to weak demand and environmental protection factor, so they did not reach full operation, SMM said. 50% of galvanizers in Daqiu Village, Tianjin are still restricted as they have yet to complete coal-to-gas switch. 

Plants in some regions were not affected yet as the inspections are not so strict during February 15-28. Any effect from environmental protection on galvanizers in Hengshui and Handan is only limited, with production steady. Zinc oxide producers in Hebei and Tianjin were not affected and returned to normal production after the 2017 Chinese New Year holiday. No plants in Jiangsu and Zhejiang reported production restrictions, SMM understands. 

Oil firms as OPEC floats extended output cut; markets still bloated. 

Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia plan to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent. 

The cuts are aimed at curbing oversupply that has dogged markets since 2014. To help rebalance the market, OPEC sources told Reuters that the supply reduction pact could be extended if all major producers showed “effective cooperation”. For now, inventories remain bloated and supplies high, especially in the United States. 

Recent price movements reflect this, with Brent and WTI trading within a $5 per barrel price range this year, in what has become the longest and most range-bound period since a price slump began in mid-2014. 

PRECIOUS LEVEL

CS GOLD (APRIL) OVERVIEW:

TREND : BULLISH 

RESIST 2: 29700 

RESIST 1: 29500 

SUP 1: 29150 

SUP 2: 28950 

CS SILVER (MARCH) OVERVIEW:

TREND : BULLISH  

RESIST 2: 43500 

RESIST 1:43200 

SUP1: 42600 

SUP2: 42300

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BEARISH 

RESIST 2:410 

RESIST 1:405 

SUP1:398 

SUP2:394 

CS NICKEL (FEB) OVERVIEW:

TREND :  BULLISH 

RESIST 2:755 

RESIST 1:745 

SUP1:728 

SUP2:720

CS ZINC (FEB)OVERVIEW:

TREND : BEARISH 

RESIST 2:195.00 

RESIST 1:193.00 

SUP1:189.50 

SUP2:188.50

CS LEAD (FEB) OVERVIEW: 

TREND : BEARISH 

RESIST 2: 156.50 

RESIST 1: 155.30 

SUP1: 150.00 

SUP2: 149.00 

CS ALUMINIUM (FEB) OVERVIEW: 

TREND : BULLISH 

RESIST 2: 129.50 

RESIST 1: 128.50 

SUP1: 125.50 

SUP2: 124.50 

ENERGY LEVELS

CS CRUDE OIL (FEB) OVERVIEW:                           

TREND : SIDEWAYS 

RESIST 2:3680 

RESIST 1:3640 

SUP1:3580 

SUP2:3550 

CS NATURAL GAS (FEB) OVERVIEW: 

TREND : BEARISH 

RESIST 2:197.00 

RESIST 1:195.00 

SUP1:190.00 

SUP2:187.00 

Commodity Market TipsMCX Copper TipsMCX TipsCrude oil tipsNifty Options Tips,Stock Market LiveFinancial Advisory Company in IndoreStock Advisory Company in Indore

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