DAILY MCX COMMODITY MARKET UPDATES – 04 SEP 2015
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Transcript of DAILY MCX COMMODITY MARKET UPDATES – 04 SEP 2015
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04/09/2015
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DAILY MCX NEWSLETTER
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BULLION:
Gold held declines from a two-day losing streak on Friday, ahead of a crucial U.S.
jobs report as traders waited for clues about the timing of a Federal Reserve rate
hike. Bullion came under pressure on Thursday as the dollar ticked higher after
European central bankers cut economic growth targets and left interest rates
unchanged. Also weighing on bullion was the absence of Chinese buyers with
markets in the major gold consumer closed through Friday for public holidays.
Strong economic data could prompt the Fed to raise rates sooner than later,
hurting non-interest-paying bullion and boosting the dollar.
BASE METAL: Markets in China, are closed on Thursday and
Friday for public holidays. Base metal prices on
the SHFE are expected to be mixed ahead of the
holiday from Sept. 3-5, Shanghai Metals Market
foresees. LME copper was trading over $5,200
per tonne while aluminium remained over
$1,600 per tonne. Alongside the news of the
debt repayment, a rally in copper prices also
helped to mitigate the effect of Standard &
Poor’s announcement on Thursday that it has
placed the company’s BBB credit rating on
negative watch due to a downgrade in its
commodity price forecasts.
ENERGY:
Oil prices eased in Asian trade on Friday as investors turned cautious ahead of U.S. jobs data later in the day which is expected to
play into the Federal Reserve's decision on the timing of any U.S. rate hike. Oil stuck to a narrow range in thin trading, with Chinese
markets closed as second day for a holiday to commerate the end of World War Two. Investors are also keeping an eye on U.S. oil rig
data due later on Friday and any drop in rig numbers could bolster oil's price outlook.
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CS GOLD (OCTOBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 26740 RESIST 1: 26630
SUP 1: 26280 SUP 2: 26020
STRATEGY: SELL ON RISE
CS SILVER (NOVEMBER) OVERVIEW:
TREND : BEARISH RESIST 2:36070 RESIST 1:35850
SUP1:35300 SUP2:35000
STRATEGY : SELL ON RISE
CS CRUDE OIL (SEPTEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3190 RESIST 1:3150
SUP1:3020 SUP2:2980
STRATEGY: SELL ON RISE
CS NATURAL GAS (SEPTEMBER) OVERVIEW:
TREND :SIDEWAYS RESIST 2:184 RESIST 1:182
SUP1: 178 SUP2:175
STRATEGY: BUY ON RISE
BULLION & ENERGY
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CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH RESIST 2:356 RESIST 1:352
SUP1:348 SUP2:342
STRATEGY: SELL ON RISE
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BASE METAL
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MCX CRUDE OIL SEP., Thursday as seen in the daily chart opened at 3048 levels and day high of
3213 levels. During this period price corrected & made day low of 3042 levels finally closed at
3086 levels. Now, there are chances of further downward movement technically &
fundamentally.
Oil stuck to a narrow range in thin trading, with Chinese markets closed as second day for a holiday to commerate the end
of World War Two. Investors are also keeping an eye on U.S. oil rig data due later on Friday and any drop in rig numbers
could bolster oil's price outlook.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL SEP., BELOW 3120 LEVELS FOR TARGET
OF T1 3020/T2 2970 WITH SL OF 3240 LEVELS.
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COMMODITY PICK OF THE DAY: CRUDE OIL
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