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08/10/2015

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DAILY MCX NEWSLETTER


BULLION:

Gold was little changed just below a near-two-week high on Thursday, as the

dollar firmed and traders awaited minutes of the last Federal Reserve policy

meeting for clues about the timing of a U.S. rate hike. The return of top

consumer China from a week-long holiday could also lend support to prices on

Thursday. A softer dollar would make gold cheaper for holders of other

currencies, while a delay in rate hike could also support non-interest-paying

bullion. Gold has benefited in recent years from ultra-low rates, which cut the

opportunity cost of holding the metal.

BASE METAL: Copper prices have slumped almost 10% in the

third quarter of the current year. The prices

have fallen almost 20% from the start of the

year. But the worse is not yet over for the

metal. The investment bank predicts further

sell-off in copper during the last quarter of the

year. According to Barclays, copper prices are

likely to average at $4,850 per tonne during the

final quarter of the year. The rise in copper

production is likely to aggravate the surplus

situation, which may accelerate the price fall.

Barclay’s forecasts copper market surplus at 380

kilotons’ at end-2015.

ENERGY:

Crude oil futures rose in early Asian trade on Thursday, shrugging off a surprise build in U.S. inventories as some Chinese traders

returned following a weeklong National Day holiday period. Another concern lingering on investors’ minds is whether the global

economy is experiencing a downturn. Those fears were stoked by a report from the IMF that China’s slowdown and tumbling

commodity prices will push global economic growth this year to the lowest level since the 2009 recession. The IMF expects Chinese

economic growth to drop to a 25-year low of 6.8 percent this year, unchanged from its July forecast.


CS GOLD (DECEMBER) OVERVIEW:

TREND : BEARISH RESIST 2: 26850 RESIST 1: 26730

SUP 1: 26370 SUP 2: 26200

STRATEGY: SELL ON RISE

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH RESIST 2:37730 RESIST 1:37570

SUP1:36360 SUP2:36000

STRATEGY : SELL ON RISE

CS CRUDE OIL (OCTOBER) OVERVIEW:

TREND : BULLISH

RESIST 2:3260 RESIST 1:3220

SUP1:3090 SUP2:3050

STRATEGY: BUY ON DIPS

CS NATURAL GAS (OCTOBER) OVERVIEW:

TREND :BEARISH RESIST 2:167 RESIST 1:165

SUP1: 160 SUP2:158


BULLION & ENERGY


CS COPPER (NOVEMBER) OVERVIEW:

TREND :BEARISH

RESIST 2:350 RESIST 1:346

SUP1:339 SUP2:337


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MCX CRUDE OIL OCT., Wednesday as seen in the daily chart opened at 3167 levels and day

high of 3251 levels. During this period price corrected & made day low of 3119 levels finally


COMMODITY PICK OF THE DAY: CRUDE OIL

closed at 3162 levels. Now, there are chances of further downward movement technically &

fundamentally.

Those fears were stoked by a report from the IMF that China’s slowdown and tumbling commodity prices will push global

economic growth this year to the lowest level since the 2009 recession. The IMF expects Chinese economic growth to drop

to a 25-year low of 6.8 percent this year, unchanged from its July forecast.

DAILY RECOMMENDATION: SELL MCX CRUDE OIL OCT., BELOW 3170 LEVELS FOR

TARGET OF T1 3070/T2 3020 WITH SL OF 3290 LEVELS.


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