MCX Commodity market News – 22 OCT 2015
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Transcript of MCX Commodity market News – 22 OCT 2015
www.capitalstars.com | CapitalStars Research
22/10/2015
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www.capitalstars.com | Ca
DAILY MCX NEWSLETTER
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BULLION:
Gold was trading near its lowest in over a week on Thursday, hurt by a stronger
dollar and an overnight sell-off following the metal's failure to breach a key
technical level. Bullion briefly burst through its 200-day moving average around
$1,175 per ounce on Wednesday for a sixth straight day, before easing back
more than $10 to a session low. Its failure to hold above long-term resistance
undermined sentiment and increased selling pressure, traders said.
BASE METAL: LME copper opened at USD 5,193/mt overnight
and dropped to USD 5,136/mt, to end at USD
5,192.5/mt, down 8.5%. Major reports were
absent yesterday evening but base metals were
depressed by Chinese stock declines, firmer dollar
and a slip in crude oil prices. However, exit of
shorts helped to support copper prices. LME
copper should fluctuate between USD 5,160-
5,220/mt during Asian trading hours. SHFE 1512
copper will move between RMB 38,900-
39,400/mt on October 22. Spot copper will trade
between discounts of RMB 40/mt and premiums
of RMB 40/mt over SHFE 1511 copper.
ENERGY:
Oil prices edged up in Asian trade on Thursday, gaining support from a weaker dollar to hold above a three-week low hit in the
previous session after a bigger-than-expected build in U.S. crude stocks added to concerns of a global oil glut. Oil prices came under
renewed pressure from worries about a global glut this week after U.S. crude inventories rose more than twice what analysts had
expected. Oil experts from the Organization of the Petroleum Exporting Countries and non-member countries made no agreement
this week to take steps to boost prices, officials said after talks in Vienna on Wednesday.
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CS GOLD (DECEMBER) OVERVIEW:
TREND : BEARISH RESIST 2: 27370 RESIST 1: 27200
SUP 1: 26970 SUP 2: 26590
STRATEGY: SELL ON RISE
CS SILVER (DECEMBER) OVERVIEW:
TREND : BEARISH RESIST 2: 37600 RESIST 1: 37180
SUP1: 36400 SUP2: 35840
STRATEGY : SELL ON RISE
CS CRUDE OIL (NOVEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2:3070 RESIST 1:3030
SUP1:2940 SUP2:2900
STRATEGY: SELL ON RISE
CS NATURAL GAS (OCTOBER) OVERVIEW:
TREND :BEARISH RESIST 2:164 RESIST 1:162
SUP1: 153 SUP2:148
STRATEGY: SELL ON RISE
BULLION & ENERGY
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CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:346 RESIST 1:344
SUP1:338 SUP2:336
STRATEGY: SELL ON RISE
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BASE METAL
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MCX CRUDE OIL Nov., Wednesday as seen in the daily chart opened at 3013 levels and day
high of 3023 levels. During this period price corrected & made day low of 2954 levels finally
closed at 2975 levels. Now, there are chances of further downward movement technically &
fundamentally.
Oil prices came under renewed pressure from worries about a global glut this week after U.S. crude inventories rose more
than twice what analysts had expected.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL NOV., BELOW 2980 LEVELS FOR
TARGET OF T1 2880/T2 2830 WITH SL OF 3100 LEVELS.
COMMODITY PICK OF THE DAY: CRUDE OIL
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