DAILY COMMODITY MARKET NEWS 16 MAR 2016
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Transcript of DAILY COMMODITY MARKET NEWS 16 MAR 2016
www.capitalstars.com | CapitalStars Research
16/03/2016
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www.capitalstars.com | Ca
DAILY MCX NEWSLETTER
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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
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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