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MCX Daily Report - 14 AUG 2017
News High lights
Gold gains in Asia in buy data day, Korea impasse continues.
Gold prices gained slightly in Asia on Monday in a buy regional data day, but North
Korea off the boil for now. Japan's second quarter surged an unexpected 4..0% on
year as investment in plant and equipment lifted sentiment for the sixth straight
quarter of expansion, official data released on Monday showed for the fastest pace
of growth since January-March 2015. Ahead this week, the Fed’s latest meeting will
be in focus as investors look for more hints on the timing of the next U.S. rate hike.
A report on U.S. retail sales will also be closely watched. Elsewhere, UK data on
inflation and employment will be in the spotlight amid ongoing concerns over the
economic fallout from Brexit. Demand for the precious metal was also
underpinned by increased safe haven demand amid heightened geopolitical tensions between the U.S. and
North Korea.
Alumina Market to Face Pressure from Weiqiao Group after Big Aluminum Cuts, SMM Warns.
Considering massive aluminum cuts at Weiqiao Group, alumina prices will face heavy
downward pressure due to inflows of surplus alumina from the company, SMM
expects. Breaking News: Weiqiao Group and Xinfa Group Ordered to Close Illegal
Aluminum Capacity. Weiqiao Group announced it will release alumina into the market.
Moreover, sales from Xinfa Group will exacerbate the situation.
Lead Prices to Stage Corrections This Week after Rapid Growth, SMM Forecasts.
LME lead will likely drop this week with price range at $2,320-2,380 per tonne, SMM expects. Primary Lead
Inventory in Shanghai and Guangdong down 1,000 Tonnes Further, SMM Reports. Downstream battery
producers are active in inquires but purchase based on orders. Finished goods inventories at primary lead
smelters are low, and secondary lead market will remain in supply shortage due to strict environmental checks.
Oil prices dip on weak Chinese refining activity.
Oil prices dipped on Monday as a slowdown in Chinese refining activity growth
cast doubts over its crude demand outlook, while rising U.S. shale output
suggested supplies would likely remain high. "Demand is outperforming
expectations amongst both developed and emerging markets. However, global
crude inventories remain bloated and there are considerable uncertainties
heading into 2018," BMI Research said in a note, including the possibility of rising
supplies. Shale production in the largest U.S. oilfield should rise by as much as
300,000 bpd by December, according to industry forecasts. Oil production from the Permian Basin of West Texas
and New Mexico is closely watched because its low costs and rapid growth have pressured efforts by the
Organization of the Petroleum Exporting Countries to drain a global crude supply glut.
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MCX Daily Report - 14 AUG 2017
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MCX Daily Report - 14 AUG 2017
Pick for the Day
MCX Crude Oil Aug on Friday as seen in the daily chart opened at 3111 levels and day
high of 3132 levels. During this period price corrected & made day low of 3082 levels
finally closed at 3127 levels. Now, there are chances of further upside movement
technically & fundamentally.
∑ Overall, markets remain well supplied thanks to strong output.
∑ "Demand is outperforming expectations amongst both developed and emerging
markets... However, global crude inventories remain bloated and there are
considerable uncertainties heading into 2018," BMI Research said in a note,
including the possibility of rising supplies.
∑ Shale production in the largest U.S. oilfield should rise by as much as 300,000 bpd by
December, according to industry forecasts.
DAILY RECOMMENDATION: Buy MCX CRUDE OIL AUG AROUND 3100 LEVELS FOR
TARGET OF T1 3200/T2 3250 WITH SL 2950 OF LEVELS.
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MCX Daily Report - 14 AUG 2017
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