DAILY COMMODITY MARKET NEWS 16 MAR 2016

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www.capitalstars.com | CapitalStars Research 16/03/2016 DAILY MCX NEWSLETTER www.capitalstars.com | CapitalStars Research

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Transcript of DAILY COMMODITY MARKET NEWS 16 MAR 2016

Page 1: DAILY COMMODITY MARKET NEWS 16 MAR 2016

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16/03/2016

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DAILY MCX NEWSLETTER

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Page 2: DAILY COMMODITY MARKET NEWS 16 MAR 2016

BULLION:

Gold prices edged up in Asia with all eyes on the upcoming Federal

Reserve policy review expected to hold steady, but offer fresh

commentary on the likely path for the remainder of the year. On the

Comex division of the New York Mercantile Exchange, gold for April

delivery rose 0.31% to $1,234.80 a troy ounce. Overnight, gold fell

sharply on Tuesday, extending sharp losses from the previous session, as

the Bank of Japan left interest rates unchanged.

BASE METAL: LME copper will face downside pressure and

will range USD 4,900-4,955/mt during Asian

trading hours Wednesday.US annualized

February CPI should continue to improve as

declines in annualized imported goods price

index in February narrowed for the 6th

straight month. Stabilization in crude oil

prices in February also bodes well for

February CPI. US industrial output in

February, however, is not promising, since

manufacturing indexes released by Federal

Reserves in the US were downbeat.

ENERGY:

Crude oil prices gained strongly on Wednesday in Asia after industry data on U.S. crude and refined product stockpiles

showed a sharp drop in gasoline supplies. Iran, meanwhile, increased production by more than 40,000 bpd in February

to 3.39 million bpd, slightly above monthly estimates from secondary sources. Separately, three OPEC sources said an

emergency meeting aimed at stabilizing prices will likely be held in Doha in mid-April. Previously, the meeting was

scheduled for March 20 in Russia.

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CS GOLD (APRIL) OVERVIEW:

TREND : BEARISH RESIST 2: 29580 RESIST 1: 29330

SUP 1: 28800 SUP 2: 28440

STRATEGY: BUY ON DIPS

CS SILVER (MAY) OVERVIEW:

TREND : BEARISH RESIST 2: 37830 RESIST 1: 37560

SUP1: 36600 SUP2: 36400

STRATEGY : SELL ON RISE

CS CRUDE OIL (MARCH) OVERVIEW:

TREND :BEARISH RESIST 2:2580 RESIST 1:2550

SUP1:2425 SUP2:2390

STRATEGY: SELL ON RISE

CS NATURAL GAS (MARCH) OVERVIEW:

TREND : BULLISH

RESIST 2:130 RESIST 1:128

SUP1:123 SUP2:119

STRATEGY: BUY ON DIPS

BULLION & ENERGY

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CS COPPER (APRIL) OVERVIEW:

TREND :SIDEWAYS RESIST 2:339 RESIST 1:336

SUP1:331 SUP2:329

STRATEGY: SELL ON RISE

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BASE METAL

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MCX CRUDE OIL MAR., Tuesday as seen in the daily chart opened at 2483 levels and day high

of 2489 levels. During this period price corrected & made day low of 2430 levels finally closed

at 2457 levels. Now, there are chances of further downward movement technically &

fundamentally.

Separately, three OPEC sources said an emergency meeting aimed at stabilizing prices will likely be held in Doha

in mid-April. Previously, the meeting was scheduled for March 20 in Russia.

DAILY RECOMMENDATION: SELL MCX CRUDE OIL MAR., AROUND 2480 LEVELS FOR

TARGET OF T1 2380 /T2 2330 WITH SL OF 2600 LEVELS.

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COMMODITY PICK OF THE DAY: CRUDE OIL

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