Mcx daily report 30 jan 2018

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MCX Daily Report - 30 JAN 2018
News High lights
Gold Slips In Asia In Cautious Trade Ahead OF Fed Meeting Start.
Gold prices slipped in Asia on Tuesday as the dollar edged up ahead of the start of a
two-day FOMC meeting with rates seen steady, but views on inflation expected to have
an impact on the market. Overnight, gold prices fell on Monday in the wake of a sharp
move higher in the dollar amid investor expectations that solid economy growth and
faster inflation would strengthen the Federal Reserve’s case for a more aggressive
approach to monetary policy. Goldman Sachs (NYSE:GS) said it expects the Federal Reserve bank to adopt a slightly
hawkish slant in its commentary related to economic conditions and inflation, when the central bank releases its
policy statement due Wednesday.
Analysis: Zinc price sees further upward room.
As the SHFE 1803 zinc contract refreshed its 10-year high and touched 27,235 yuan/mt on
Monday January 29, SMM believes new highs may continue to be made. Such strong
momentum can be attributed to stronger Chinese yuan, declining inventory, and more fund
liquidity. In China, zinc concentrate supply stayed tight. Deliveries have also been affected
due to poor weather. Social inventories in the three major markets have declined for two
consecutive weeks to just below 140,000 mt, according to SMM data. We maintain our
view that zinc would stay firm in the first half of this year but a small correction is expected in the near term.
Copper concentrate spot TCs steady ahead of CNY.
SMM’s assessment of imported copper concentrate treatment charges (TCs) stood at $74-
86/mt as of Friday January 26, down $1/mt from a week ago. We expect spot TCs to remain
stable at the $80/mt level ahead of Chinese New Year with sluggish trading activity as
smelters have mostly finished their restocking. The malfunction of Pasar and Birla smelters
saw some long-term contract cargoes flow into the Chinese spot market but the impact on
TCs was rather small, SMM learned.
U.S. oil extends decline, weighed down by dollar, rising output.
Oil prices fell on Tuesday for a second day as rising U.S. output and a strengthening dollar
sapped demand for crude, pushing Brent below $70 a barrel.Prices are still heading for a
fifth straight monthly gain. "Markets remain fragile to the downside," said Stephen Innes,
head of trading for Asia-Pacific at futures brokerage Oanda in Singapore, citing a jump in
the number of rigs drilling for oil in the United States. U.S. production is already on par
with Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries (OPEC). Only
Russia produces more, averaging 10.98 million barrels per day (bpd) in 2017. U.S. output has jumped more than 17
percent since mid-2016 and is expected to exceed 10 million bpd soon. The recent rally in oil prices had been fueled
by the U.S. dollar's six straight weekly slides. The greenback is down 3 percent so far this month.

Precious Metals
CS GOLD (FEB) OVERVIEW: CS SILVER (MAR) OVERVIEW:
TREND : BEARISH TREND : BEARISH
RESIST 2: 30250 RESIST 2: 39900
RESIST 1: 30150 RESIST 1: 39700
SUP 1: 29800 SUP 1: 38600
SUP 2: 29700 SUP 2: 38400
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Base Metals
CS COPPER (FEB) OVERVIEW: CS NICKEL (JAN) OVERVIEW:
TREND : BEARISH TREND : BULLISH
RESIST 2: 455.00 RESIST 2: 890.00
RESIST 1: 452.00 RESIST 1: 885.00
SUP 1: 442.00 SUP 1: 855.00
SUP 2: 439.00 SUP 2: 850.00
CS ZINC (JAN) OVERVIEW: CS LEAD (JAN) OVERVIEW:
TREND : BULLISH TREND : SIDEWAYS
RESIST 2: 232.00 RESIST 2: 169.00
RESIST 1: 230.00 RESIST 1: 167.00
SUP 1: 225.00 SUP 1: 163.00
SUP 2: 223.00 SUP 2: 161.00
CS ALUMINIUM (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2: 144.00
RESIST 1: 142.50
SUP 1: 139.50
SUP 2: 138.00
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Energies
CS CRUDE OIL (FEB) OVERVIEW: CS NATURAL GAS (FEB) OVERVIEW:
TREND : BEARISH TREND : SIDEWAYS
RESIST 2: 4270 RESIST 2: 210.00
RESIST 1: 4230 RESIST 1: 207.00
SUP 1: 4100 SUP 1: 198.00
SUP 2: 4060 SUP 2: 195.00

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Pick for the Day
MCX Crude Oil Feb on Monday as seen in the daily chart opened at 4210 levels and
day high of 4271 levels. During this period price corrected & made day low of 4142
levels finally closed at 4177 levels. Now, there are chances of further downside
movement technically & fundamentally.
 Oil is priced in the U.S. currency, so a falling dollar can boost demand for crude
from buyers using other currencies.


 The dollar index had been below $90 since Jan. 24, falling below $89 on Friday. But
the currency has rebounded since then to around $89.37, which has weighed on
crude prices.


 Investors are bracing "for the upcoming refinery maintenance season amid a
strong USD," ANZ Research said in a note, which also pointed to rising inventories
as U.S. shale producers continue their battle with OPEC.


DAILY RECOMMENDATION: SELL MCX CRUDE OIL FEB AROUND 4180 LEVELS
FOR TARGET OF T1 4130/ T2 4110 WITH SL 4260 OF LEVELS.

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Mcx daily report 30 jan 2018

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