daily mcx commodity market updates – 10 sep 2015
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10/09/2015
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DAILY MCX NEWSLETTER
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BULLION:
Gold prices gained in Asia on Thursday with regional data sets noted, particularly
a rise in consumer prices in China. In China consumer prices rose 0.5%, higher
than the 0.4% gain seen in August and producer prices fell 5.9%, ore than the
expected drop of 5.5% year-on-year. On the Comex division of the New York
Mercantile Exchange, gold for December delivery rose 0.33% to $1,105.60 a troy
ounce. On Tuesday, World Bank chief economist Kaushik Basu warned that a rate
hike by the Fed next week could trigger a widespread crisis in emerging markets,
pushing capital away from their economies and potentially creating sharp
fluctuations in their currencies.
BASE METAL: Goldman Sachs lowered its medium-term
forecast for copper prices Sept. 8, though
Glencore plans to cut its copper output,
according to Wallstreetcn.com. Base metal
prices on the SHFE now waits for the result of
major economic results from China on Sept. 10.
LME copper retreated earlier gains during
European and US trading hours responding to a
slowdown in China’s economy and firmer US
dollar. The 3-month copper finally edged up
USD 4/mt to USD 5,356/mt. LME copper is
predicted to range between USD 5,300-
5,380/mt during Asian trading hours.
ENERGY:
Oil prices fell on Thursday as weak Japanese and Chinese economic data fuelled concerns that low levels of investment could further
erode already slowing global growth. Japan's core machinery orders fell 3.6 percent in July, official data showed, much worse than a
3.7 percent increase expected by economists, and followed a 7.9 percent month-on-month decline in June. In China, Asia's biggest
economy, analysts already expect a further slowdown in economic growth, now at its lowest in a generation.
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CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26400 RESIST 1: 26280
SUP 1: 25980 SUP 2: 25870
STRATEGY: SELL ON RISE
CS SILVER (DECEMBER) OVERVIEW:
TREND : SIDEWAYS RESIST 2:36120 RESIST 1:35800
SUP1:35175 SUP2:34770
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3140 RESIST 1:3100
SUP1:2880 SUP2:2840
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :SIDEWAYS RESIST 2:183 RESIST 1:181
SUP1: 177 SUP2:175
STRATEGY: BUY ON DIPS
BULLION & ENERGY
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CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH RESIST 2:369 RESIST 1:367
SUP1:360 SUP2:358
STRATEGY: SELL ON RISE
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BASE METAL
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MCX CRUDE OIL SEP., Wednesday as seen in the daily chart opened at 3071 levels and day high
of 3084 levels. During this period price corrected & made day low of 2976 levels finally
closed at 2989 levels. Now, there are chances of further downward movement technically &
fundamentally.
Oil prices fell on Thursday as weak Japanese and Chinese economic data fuelled concerns that low
levels of investment could further erode already slowing global growth.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL SEP., BELOW 2970 LEVELS FOR TARGET
OF T1 2870/T2 2820 WITH SL OF 3090 LEVELS.
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COMMODITY PICK OF THE DAY: CRUDE OIL
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