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Mcx daily report - 24 july 2017
- 1. CapitalStars Financial Research Pvt., Ltd., 1 SEBI Registration Number: INA000001647 MCX Daily Report -24 JULY 2017 News High lights Gold dips in Asia with focus on Fed later this week. Gold ticked slightly lower in Asia on Monday with the latest views from the Fed expected to set the tone later this week. On Wednesday, the Fed will give its latest views on rates ahead of the first look at U.S. second quarter growth on Friday. The Fed is expected to hold steady. Last week, gold prices rose for a sixth straight session on Friday, to notch up the largest weekly gain in two months as the U.S. dollar slid to its lowest level in more than a year. The greenback was pressured lower by the stronger euro, which was boosted by expectations that the European Central Bank is moving closer to tapering its bond-buying program and fresh political turmoil in Washington. On Thursday, Bloomberg reported that the investigation into alleged links between President Donald Trump’s campaign and Russia in last year’s election is extending into his business. The Fed is to hold its next meeting on Wednesday and is widely expected to hold policy steady. Operating Rate at China Copper Plate/Sheet, Strip and Foil Plants to Fall in July, SMM Survey. The average operating rate at domestic copper plate/sheet, strip and foil plants is expected to fall slightly to 70.01% in July, SMM predicts based on a survey. Spot Copper Concentrate TCs Stabilize as Smelters Hold Sufficient Raw Materials, SMM Reports. About 71% of them see orders hold flat at June’s in July. Some reported steady orders, and said they will maintain production at current level until the latter half of the year. How Will Aluminum Prices Perform This Week? SMM Reports. Without fresh output cut news, aluminum prices will continue hovering at highs this week. In domestic spot market, growing stocks will leave suppliers more eager to sell, while traders and downstream producers will be cautious about buying. Spot discounts will remain high at 140-160 yuan/tonne. Oil gains ahead of producer meeting; Nigeria, Libya output in focus. Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production. The committee may recommend a conditional cap on Nigerian and Libyan oil production, sources familiar with the talks said, although some analysts were deeply skeptical the group would make such a move. "The committee may issue a statement on cooperation in production cuts, but output cuts by Libya and Nigeria would be next to impossible considering Libya was just re-emerging from the civil war, for example," said Kaname Gokon, strategist for commodities brokerage Okato Shoji in Japan. Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilizes, the Financial Times reported.
- 2. CapitalStars Financial Research Pvt., Ltd., 2 SEBI Registration Number: INA000001647 MCX Daily Report - 24 JULY 2017 CS GOLD (AUG) OVERVIEW: TREND : BULLISH TREND : BULLISH RESIST 2: 28850 RESIST 1: 28750 SUP 1: 28400 SUP 2: 28300 Base Metals TREND : SIDEWAYS RESIST 2: 396.00 RESIST 2: 628.00 RESIST 1: 392.00 RESIST 1: 624.00 TREND : SIDEWAYS RESIST 2: 184.00 RESIST 2: 147.00 RESIST 1: 182.00 RESIST 1: 146.00 CS ALUMINIUM (JULY) OVERVIEW: TREND : SIDEWAYS RESIST 2: 125.00 RESIST 1: 124.00 SUP1: 121.00 SUP2: 120.00 WWW.CAPITALSTARS.COM +917316790000 Energies TREND : SIDEWAYS TREND : BEARISH RESIST 2: 200.00 RESIST 1: 195.00
- 3. CapitalStars Financial Research Pvt., Ltd., 3 SEBI Registration Number: INA000001647 MCX Daily Report - 24 JULY 2017 GET MORE DETAILS HERE:- ÿ Commodity Market tips ÿ Mcx live tips ÿ Precious Metal ÿ Base Metal ÿ Energy Pack ÿ Crude Intraday Tips ÿ Turmeric Tips ÿ Agri Commodity Price
- 4. CapitalStars Financial Research Pvt., Ltd., 4 SEBI Registration Number: INA000001647 MCX Daily Report - 24 JULY 2017 Pick for the Day MCX Crude Oil Aug on Friday as seen in the daily chart opened at 3037 levels and day high of 3047 levels. During this period price corrected & made day low of 2957 levels finally closed at 2965 levels. Now, there are chances of further upside movement technically & fundamentally. ∑ Perhaps we should adopt in the oil sector the sort of regulations and market controls that were imposed on banks. Banks have a central watchdog, while in the past, our regulator was OPEC, which is no longer playing the role it once had. DAILY RECOMMENDATION: Buy MCX CRUDE OIl Aug AROUND 2930 LEVELS FOR TARGET OF T1 3930/T2 3980 WITH SL OF 2780 LEVELS.
- 5. CapitalStars Financial Research Pvt., Ltd., 5 SEBI Registration Number: INA000001647 MCX Daily Report - 24 JULY 2017 Disclaimer The information and views in this report & all the service we provide are believed to be reliable, but we do not accept any responsibility for errors of fact or opinion. Investors have the right to choose the product/s that suits them the most. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and up on sources that we consider reliable. This material is for personal information and based upon it & takes no responsibility. The information given herein should be treated as only factor, while making investment decision. The report does not provide individually tailor-made investment advice. My research recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. Capital Stars shall not be responsible for any transaction conducted based on the information given in this report, which is in violation of rules and regulations of regulators. The price projections shown are not necessarily indicative of future price performance. The information herein, together with all estimates and forecasts, can change without notice. It is understood that anyone who is browsing through the site has done so at his free will and does not read any views expressed as a recommendation for which either the site or its owners or anyone can be held responsible for. Investment & Trading in Securities Markets are always subjected to market risk. Capital stars Financial Research Private Ltd., Reserves all Rights. Registered Office Capital Stars Financial Research Private Limited Plot No.12, Scheme No. 78, Part-II, Vijay Nagar, INDORE – 452010 M. P. Branch - 1 +91 731 6790000 Branch - 2 +91 731 6669900 Email: - backoffice@capitalstars.in