DAILY COMMODITY NEWS & LEVELS REPORT - 25 October 2016

HIGHLITES:

LME Copper to Move in a Range.Brent, NYMEX weaker in Asia as investors eye OPEC, API estimates.Gold prices fall in Asia as stronger dollar, Fed rate views weigh.

PRECIOUS METALS:

Gold prices dipped in Asia on Tuesday with the dual combination of a stronger dollar and rising expectations of a Fed rate hike by the end of the year keeping sentiment downbeat.

Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.07% to $1,262.85 a troy ounce. Also on the Comex, silver futures for December delivery eased 0.18% to $17.572 a troy ounce.

Overnight, gold prices faced selling as expectations rose for a Fed rate hike by the end of the year. Investors currently price a 73.6% chance of a rate hike at the Fed's December meeting, according to federal funds futures tracked on Investing.com's Fed Rate Monitor Tool.

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

CS GOLD (DECEMBER) OVERVIEW:TREND : SIDEWAYSRESIST 2: 30100RESIST 1: 30000SUP 1: 29600SUP 2: 29500WWW.CAPITALSTARS.COM +917316790000

CS SILVER (DECEMBER) OVERVIEW:TREND : SIDEWAYSRESIST 2: 42600RESIST 1: 42400SUP1: 41500SUP2: 40900WWW.CAPITALSTARS.COM +917316790000

BASE METALS:

LME copper will range between USD 4,640-4,670/mt during Asian trading hours on Tuesday and SHFE 1612 copper is expected to move at RMB 37,300-37,600/mt. Market will eye US August home prices, October IBD consumer confidence index and October Richmond Fed Manufacturing Index today.

US housing starts and building permits fell sharply in August, and new home sales and existing home sales fell unexpectedly. But, single home permits increased in August, and inventories of existing house are limited. Home prices rose faster than wages. Hence, US housing market is still positive and home price index is expected to extend gains in August.

LEVELS:

CS COPPER (NOVEMBER) OVERVIEW:TREND : SIDEWAYSRESIST 2:319RESIST 1:316SUP1:311SUP2:309WWW.CAPITALSTARS.COM +917316790000

CS NICKEL ( OCTOBER ) OVERVIEW:TREND : BULLISHRESIST 2: 695RESIST 1: 689SUP1: 675SUP2: 670WWW.CAPITALSTARS.COM +917316790000

ENERGIES:

Crude prices held weaker in Asia on Tuesday as investors assessed chances of a finalized and workable plan for a complicated output curb pact that includes OPEC and Russia and noted a stronger dollar hitting demand.

U.S. crude futures for December delivery on the New York Mercantile Exchange fell 0.12% to $50.46 a barrel. On the ICE Futures Exchange in London, the December Brent contract traded down 0.23% to $51.34 a barrel. Later on Tuesday, the American Petroleum Institute will release its estimates of crude and refined product inventories in the U.S. at the end of last week. The figures are followed on Wednesday by closely-watched official data from the U.S. Department of Energy

LEVELS:

CS CRUDE OIL (NOVEMBER) OVERVIEW: TREND : SIDEWAYSRESIST 2:3450RESIST 1:3420SUP1:3330SUP2:3300WWW.CAPITALSTARS.COM +917316790000

CS NATURAL GAS ( OCTOBER ) OVERVIEW:TREND : BEARISHRESIST 2:194.00RESIST 1:191.00SUP1:187.00SUP2:185.00WWW.CAPITALSTARS.COM +917316790000 MCX CRUDE OIL November Monday as seen in the daily chart opened at 3393 levels and day high of 3416 levels. During this period price corrected & made day low of 3332 levels finally closed at 3355 levels. Now, there are chances of further downward movement technically & fundamentally.

? Crude prices held weaker in Asia on Tuesday as investors assessed chances of a finalized and workable plan for a complicated output curb pact that includes OPEC and Russia and noted a stronger dollar hitting demand.

DAILY RECOMMENDATION: SELL MCX CRUDE OIL NOVEMBER AROUND 3400 LEVELS FOR TARGET OF T1 3300/T2 3250 WITH SL OF 3500 LEVELS.

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