MCX DAILY COMMODITY NEWS & LEVELS - 13 October 2016

October 13, 2016

Author: Geet Khare

HIGHLITES:

1.Oil prices fall on higher OPEC output, rise in U.S. crude stocks.2. Gold prices up in early Asia despite rising chances of Fed hike.3. LME Copper to Face Downward Pressure.

PRECIOUS METALS:

Gold prices gained in Asia on Thursday despite the mounting chances for a rate hike in the U.S. by the end of the year.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 0.24% to $1,256.85 a troy ounce.

Elsewhere in metals trading, silver futures for December delivery rose 0.07% to $17.517 a troy ounce.

Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $ rate

BASE MATELS:

LME copper is expected to move at USD 4,795-4,835/mt and SHFE 1612 copper will range between RMB 37,850-38,050/mt.

Market will digest minutes of the US Fed’s September meeting today, and closely watch US crude oil stocks as well as China September foreign trade data.

China’s foreign trade data in September will not be as positive as in August, citing still slow global economic recovery. New export order sub-indexes under China official manufacturing PMI and that released by Caixin for September both rose. Chinese yuan is still depreciating. This means China’s exports will not weaken significantly in September.

ENERGIES:

Oil prices fell on Thursday after OPEC said its production had risen to the highest level in at least eight years and following reports of an increase in U.S. crude stockpiles.

Traders said oil markets had come under pressure after the Organization of the Petroleum Exporting Countries (OPEC) reported a rise in output, despite the producer cartel having plans, potentially with non-OPEC producer Russia, to cut output in a bid to rein in a global supply overhang.

OPEC on Wednesday reported its oil production climbed in September to the highest in at least eight years and raised its forecast for 2017 non-OPEC supply growth, pointing to a larger surplus next year despite the group's deal to cut output

MARKET LEVELS: CS GOLD (DECEMBER) OVERVIEW:TREND : BEARISHRESIST 2: 30100RESIST 1: 29950SUP 1: 29550SUP 2: 29350WWW.CAPITALSTARS.COM +917316790000

CS SILVER (DECEMBER) OVERVIEW:TREND : BEARISHRESIST 2: 43600RESIST 1: 43200SUP1: 41600SUP2: 41000WWW.CAPITALSTARS.COM +917316790000

CS COPPER (NOVEMBER) OVERVIEW:TREND : BEARISHRESIST 2:327RESIST 1:325SUP1:321SUP2:319WWW.CAPITALSTARS.COM +917316790000

CS NICKEL ( OCTOBER ) OVERVIEW:TREND : BEARISHRESIST 2: 720RESIST 1: 708SUP1: 690SUP2: 680WWW.CAPITALSTARS.COM +917316790000 CS CRUDE OIL (OCTOBER) OVERVIEW: TREND : BEARISHRESIST 2:3400RESIST 1:3370SUP1:3270SUP2:3240WWW.CAPITALSTARS.COM +917316790000

CS NATURAL GAS ( OCTOBER ) OVERVIEW:TREND : BEARISHRESIST 2:219.00RESIST 1:217.80SUP1:212.00SUP2:210.00WWW.CAPITALSTARS.COM +917316790000 MCX CRUDE OIL October Wednesday as seen in the daily chart opened at 3400 levels and day high of 3416 levels. During this period price corrected & made day low of 3336 levels finally closed at 3351 levels. Now, there are chances of further downward movement technically & fundamentally.

OPEC on Wednesday reported its oil production climbed in September to the highest in at least eight years and raised its forecast for 2017 non-OPEC supply growth, pointing to a larger surplus next year despite the group's deal to cut output.

DAILY RECOMMENDATION: SELL MCX CRUDE OIL OCTOBER AROUND 3350 LEVELS FOR TARGET OF T1 3250/T2 3150 WITH SL OF 3450 LEVELS.

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