free mcx commodity tips & news updates 25 sep 2015
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25/09/2015
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DAILY MCX NEWSLETTER
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BULLION:
Gold prices fell in Asia on Friday after Fed Chair Janet Yellen said that an interest
rate hike this year is still very much on the cards. Yellen said she anticipates that
it will be appropriate to raise short-term interest rates by the end of the year. In
prepared remarks for a speech at the University of Massachussetts-Amherst,
Yellen emphasized that most of her colleagues will likely support raising the
target range for the Federal Funds Rate at some point this year. FOMC only
disclosed that 13 of 17 of its members were in favor of raising rates this year.
Yellen had not personally associated herself with a rate hike since July.
BASE METAL: Overnight, LME copper once dipped to USD
5,013/mt but later rebounded due to softer
dollar, to close up USD 21/mt at USD 5,080/mt.
Safety-seeking sentiment is boosted in market.
German’s auto industry is attacked and
Caterpillar will lay off workers. European and US
stocks all dropped. US durable goods orders are
soft. US dollar index fell initially but later rallied
thanks to the dovish tone of Yellen’s speech,
weighing down base metals. Investors will exit
market to seek safety ahead of holiday. LME
copper should move between USD 5,020-
5,120/mt during Asian trading hours.
ENERGY:
Oil markets remained subdued in early trading in Asia on Friday after weak data from Japan reinforced concerns over global
economic growth. Japan's core consumer prices fell 0.1 percent in August from a year earlier, government data showed on Friday,
marking the first year-on-year drop since April 2013. The index includes oil products but excludes fresh food prices. HSBC cautioned
not to over-focus on weak China data, arguing that fully developed economies were also slowing. Yet a global oversupply that
analysts estimate at 2.5 million barrels per day remains largely in place due to high production.
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CS GOLD (OCTOBER) OVERVIEW:
TREND : BULLISH RESIST 2: 27150 RESIST 1: 26950
SUP 1: 26450 SUP 2: 26380
STRATEGY: BUY ON DIPS
CS SILVER (DECEMBER) OVERVIEW:
TREND : BULLISH RESIST 2:36470 RESIST 1:36250
SUP1:35460 SUP2:35150
STRATEGY : BUY ON DIPS
CS CRUDE OIL (OCTOBER) OVERVIEW:
TREND :BEARISH
RESIST 2:3050 RESIST 1:3010
SUP1:2975 SUP2:2920
STRATEGY: SELL ON RISE
CS NATURAL GAS (OCTOBER) OVERVIEW:
TREND :BULLISH RESIST 2:179 RESIST 1:178
SUP1: 175 SUP2:173
STRATEGY: BUY ON DIPS
BULLION & ENERGY
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CS COPPER (NOVEMBER) OVERVIEW:
TREND :BEARISH
RESIST 2:346 RESIST 1:344
SUP1:338 SUP2:334
STRATEGY: SELL ON RISE
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BASE METAL
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MCX CRUDE OIL OCT., Thursday as seen in the daily chart opened at 2991 levels and day high
of 3016 levels. During this period price corrected & made day low of 2921 levels finally closed
at 2984 levels. Now, there are chances of further downward movement technically &
fundamentally.
HSBC cautioned not to over-focus on weak China data, arguing that fully developed economies were also slowing. Yet a
global oversupply that analysts estimate at 2.5 million barrels per day remains largely in place due to high production.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL OCT., BELOW 3030 LEVELS FOR TARGET
OF T1 2930/T2 2900 WITH SL OF 3135 LEVELS.
COMMODITY PICK OF THE DAY: CRUDE OIL
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