Daily commodity market updated news & levels-7 october 2016

HIGHLITES:

1. NYMEX gives up early gains in Asia, Brent down as U.S. rig count ahead.2. Gold gains in Asia as British pound drops sharply on Brexit views.3. Financial markets in Shanghai will be closed for a national holiday for whole week.

PRECIOUS METALS:

Gold gained in Asia on Friday as the pound plunged in thin trade as investor’s awaited U.S. jobs data and the return of China to the markets next week after a week-long holiday.

Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.41% to $1,258.15 a troy ounce. Silver futures for December delivery on the Comex recovered to $17.343 a troy ounce, nearly flat.Market participants were focusing on Friday’s U.S. nonfarm payrolls report for further indications on the strength of the job market, as the Federal Reserve has indicated that future interest rate decisions will be data-dependent.

Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $ rate BASE METALS:LME base metals traded mixed yesterday as rising US rate hike bets exerted pressure on dollar denominated commodities. Also, muted volumes owing to week long holiday in China have hurt volumes. MCX base metals traded mixed in line with international trends.

LME Copper prices fell by 0.9 percent yesterday to $4799.5/ton as Copper hit a two-week after jobless claims suggested further improvement in the U.S. jobs market, increasing the chances of a Fed rate rise later this year and so boosting the dollar. This is in addition to recent comments by Fed members Loretta Master and Jeffrey Lacker, thereby adding to rising US rate hike bets. MCX copper prices traded lower by 0.6 percent to close at Rs.320.2 per kg on Thursday.

ENERGIES:

Crude oil prices gave up early gains in Asia on Friday though sentiment remained upbeat on the demand and supply outlook ahead of U.S. rig count data. Crude oil for November delivery on the New York Mercantile Exchange eased 0.02% to $50.43 a barrel. Brent oil for December delivery on the ICE Futures Exchange in London fell 0.06% to $52.48 a barrel.

Figures from the most recent previous count by oilfield services provider Baker Hughes showed the number of rigs drilling for oil in the U.S. rose by 7 to 425, marking the 13th increase in 14 weeks

MARKET LEVELS:

CS GOLD (DECEMBER) OVERVIEW:TREND : BEARISHRESIST 2: 30000RESIST 1: 29850SUP 1: 29450SUP 2: 29000WWW.CAPITALSTARS.COM +917316790000

CS SILVER (DECEMBER) OVERVIEW:TREND : BEARISHRESIST 2: 42900RESIST 1: 42400SUP1: 41100SUP2: 40600WWW.CAPITALSTARS.COM +917316790000

CS COPPER (NOVEMBER) OVERVIEW:TREND : BEARISHRESIST 2:325RESIST 1:323SUP1:319SUP2:317WWW.CAPITALSTARS.COM +917316790000

CS NICKEL ( OCTOBER ) OVERVIEW:TREND : BULLISHRESIST 2: 702RESIST 1: 690SUP1: 670SUP2: 662WWW.CAPITALSTARS.COM +917316790000 CS ZINC ( OCTOBER ) OVERVIEW:TREND : SIDEWAYSRESIST 2:157.60RESIST 1:156.60SUP1:155.00SUP2:154.00WWW.CAPITALSTARS.COM +917316790000

CS LEAD ( OCTOBER ) OVERVIEW:TREND : BULLISHRESIST 2:139.00RESIST 1:138.00SUP1:136.00SUP2:135.00WWW.CAPITALSTARS.COM +917316790000 CS CRUDE OIL (OCTOBER) OVERVIEW: TREND : BULLISHRESIST 2:3470RESIST 1:3430SUP1:3330SUP2:3300WWW.CAPITALSTARS.COM +917316790000

CS NATURAL GAS ( OCTOBER ) OVERVIEW:TREND : BULLISHRESIST 2:206.00RESIST 1:204.00SUP1:201.00SUP2:199.00WWW.CAPITALSTARS.COM +917316790000

MCX CRUDE OIL October Thursday as seen in the daily chart opened at 3307 levels and day high of 3377 levels. During this period price corrected & made day low of 3291 levels finally closed at 3368 levels. Now, there are chances of further upward movement technically & fundamentally.

• Figures from the most recent previous count by oilfield services provider Baker Hughes showed the number of rigs drilling for oil in the U.S. rose by 7 to 425, marking the 13th increase in 14 weeks.

DAILY RECOMMENDATION: BUY MCX CRUDE OIL OCTOBER AROUND 3350 LEVELS FOR TARGET OF T1 3450/T2 3500 WITH SL OF 3250 LEVELS.

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