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30/09/2015
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DAILY MCX NEWSLETTER
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BULLION:
Gold steadied after a three-day losing streak but was headed for its worst quarter
in a year on a looming U.S. rate hike. The metal's 15 percent loss this quarter is
its fifth straight quarterly drop and its worst three-month period since the third
quarter of 2008. It is down 9 percent for the month, its biggest monthly drop
since May 2012. Gold has been hurt by expectations that the Federal Reserve
would raise U.S. rates this year for the first time in nearly a decade, a move that
could dent demand for non-interest-paying bullion. Traders will be eyeing a
speech by Fed Chair Janet Yellen later on Wednesday.
BASE METAL: Base metals market was overshadowed by
sluggish Chinese and European economy,
possible rate hike in the US, falling copper
demand in China and selloffs in Glencore’s
shares earlier. China’s support for infrastructure
projects will cheer market up. Today is the last
trading day before the week-log Chinese
holiday, so caution will dominate. LME copper
should move between USD 4,950-5,010/mt on
Wednesday. SHFE 1512 copper should rise to
RMB 37,800-38,300/mt on exit of shorts before
the holiday. In China’s spot market, trading
activity will quiet down, and spot discounts of
RMB 0-30/mt.
ENERGY:
Crude oil futures fell in Asian trade on Wednesday after U.S. inventories showed a weekly buildup that far exceeded analyst
expectations. The American Petroleum Institute said late on Tuesday that U.S. crude oil stockpiles rose by 4.6 million barrels to 457.8
million barrels in the week to Sept. 25. Analysts polled by Reuters had expected an increase of only 102,000 barrels. U.S. crude oil
production should continue on its decline with falling rig counts," Ang said. Wednesday's session may have added volatility due to
the close of September and third-quarter trading, according to some analysts.
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CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH RESIST 2: 26580 RESIST 1: 26460
SUP 1: 26050 SUP 2: 25870
STRATEGY: SELL ON RISE
CS SILVER (DECEMBER) OVERVIEW:
TREND : BEARISH RESIST 2:35470 RESIST 1:35225
SUP1:34630 SUP2:34250
STRATEGY : SELL ON RISE
CS CRUDE OIL (OCTOBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3070 RESIST 1:3030
SUP1:2950 SUP2:2920
STRATEGY: SELL ON RISE
CS NATURAL GAS (OCTOBER) OVERVIEW:
TREND :BEARISH RESIST 2:177 RESIST 1:174
SUP1: 170 SUP2:167
STRATEGY: SELL ON RISE
BULLION & ENERGY
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CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:337 RESIST 1:335
SUP1:330 SUP2:328
STRATEGY: SELL ON RISE
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BASE METAL
MCX CRUDE OIL OCT., Tuesday as seen in the daily chart opened at 2968 levels and day high of
3033 levels. During this period price corrected & made day low of 2953 levels finally closed at
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COMMODITY PICK OF THE DAY: CRUDE OIL
3026 levels. Now, there are chances of further downward movement technically &
fundamentally.
Crude oil futures fell in Asian trade on Wednesday after U.S. inventories showed a weekly buildup that far exceeded analyst
expectations.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL OCT., BELOW 3000 LEVELS FOR
TARGET OF T1 2900/T2 2850 WITH SL OF 3120 LEVELS.
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