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MCX Daily Report - 12 SEP 2017
News High lights
Gold dips in Asia after latest U.N. sanctions on NKorea.
Gold prices fell in Asia on Tuesday with tensions on the Korean peninsula eyed after
fresh U.N. economic sanctions against Pyongyang that were seen as weaker than
expected, or pushed, by the U.S. "Under the new sanctions resolution passed by the
UN Security Council on 11 September, UN members would only need to cap oil
exports to North Korea at the average level over the past 12 months, although the
new UN resolution also bans exports of natural gas liquids and condensates and caps
exports of refined petroleum products to North Korea at 2 million barrels per year for the 2018 calendar year
and 500,000 barrels for the last quarter of 2017." Overnight, gold prices remained on the downside on Monday,
as concerns over the impact of Hurricane Irma and tensions with North Korea continued to subside. Market
participants had been worried about a potential North Korean missile test on Saturday, to mark the anniversary
of the founding of the nation.
Zambia Expects Copper Output to Fall in 2017.
Zambia's copper production is expected to fall slightly in 2017 to 753,992 tonnes, lower
than 774,290 tonnes in 2016, Ministry of Mines said on Monday. The decline will be due
mainly to output decline at Konkola Copper Mines, whose output is estimated to fall by 40
per cent this year. Chile Copper Export Value Surges 33.7 Per cent YoY in August. The
Zambia Chamber of Mines, an industry body, said output would depend on power supply,
infrastructure and stability of the fiscal and regulatory regime.
Xinjiang Joinworld Releases Aluminum and Related Capacity.
Xinjiang Joinworld has released its current capacity for high-purity aluminum and aluminum foil. At present,
Xinjiang Joinworld has an annual capacity of 42,000 tonnes of high-purity aluminum, 35,000 tonnes of electronic
aluminum foil, as well as 16 million m2 of electrode foil. The company has no expansion plans for now and
needs to source power from market since its captive power could not meet its production needs.
Crude oil flat to weaker in Asia as API estimates ahead.
Crude oil prices were flat to weaker in Asia on Tuesday with industry estimates of crude
and refined product stocks from the American Petroleum Institute in the U.S. ahead.
Analysts surveyed Monday by S&P Global Platts expect US crude stocks rose 10.1 million
barrels. Overenight, oil prices settled higher on Monday amid an uptick in sentiment after
Saudi Arabia said its oil minister held talks with counterparts over the possibility of
extending the supply-cut agreement beyond March 2018.The uptick in sentiment on oil prices comes against
concerns that falling U.S. oil demand could weigh on crude futures in the wake of Hurricane Irma which made
landfall in the U.S. over the weekend. "We believe that Irma will have a negative impact on oil demand but not
on oil production or processing," Goldman Sachs (NYSE:GS) analysts said in a note.
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MCX Daily Report - 12 SEP 2017
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MCX Daily Report - 12 SEP 2017
Pick for the Day
MCX Crude Oil Sep on Monday as seen in the daily chart opened at 3060 levels and
day high of 3089 levels. During this period price corrected & made day low of 3010
levels finally closed at 3073 levels. Now, there are chances of further upside
movement technically & fundamentally.
∑ Saudi Arabia, Opec's de facto leader and the world's largest exporter, said Sunday
that the country’s energy minister Khalid al-Falih met with his Venezuelan and
Kazakh counterparts to discuss an extension of Opec’s supply-cut agreement.
∑ The uptick in sentiment on oil prices comes against concerns that falling U.S. oil
demand could weigh on crude futures in the wake of Hurricane Irma which made
landfall in the U.S. over the weekend. "We believe that Irma will have a negative
impact on oil demand but not on oil production or processing," Goldman Sachs
(NYSE:GS) analysts said in a note.
DAILY RECOMMENDATION: Buy MCX CRUDE OIL SEP AROUND 3060 LEVELS FOR
TARGET OF T1 3110/T2 3130 WITH SL 2980 OF LEVELS.
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MCX Daily Report -12 SEP 2017
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