DAILY MCX COMMODITY MARKET UPDATES – 04 SEP 2015

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Transcript of DAILY MCX COMMODITY MARKET UPDATES – 04 SEP 2015

Page 1: 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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Page 2: DAILY MCX COMMODITY MARKET UPDATES – 04 SEP 2015

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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Page 3: DAILY MCX COMMODITY MARKET UPDATES – 04 SEP 2015

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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Page 5: DAILY MCX COMMODITY MARKET UPDATES – 04 SEP 2015

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

Page 6: DAILY MCX COMMODITY MARKET UPDATES – 04 SEP 2015

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