Mcx daily report -_22_jun_2017

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MCX Daily Report -22 June 2017
News High lights
Gold gains in Asia as Fed views change, weak dollar supports.
Gold prices rose in Asia on Thursday with a weaker dollar and revised views on
the Fed hiking rates for a third time this year offered support. Overnight, gold
prices traded above breakeven on Wednesday, as the dollar faded despite data
showing that U.S. existing home sales unexpectedly rose in May while growing
expectations for a rate hike later this year limited upside in the precious metal.
On Tuesday, Boston Fed President Eric Rosengren said low interest rates do
pose financial stability concerns that central bankers and the private sector must take seriously while Bill Dudley,
head of the New York Federal Reserve, a day earlier, downplayed the recent slowdown in inflation, warning that
halting rate increases at this point would be dangerous. In a rising interest rate environment, investor appetite
for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-
bearing assets such as bonds.
Peru Copper Output to Continue Rising in May-June, SMM Predicts.
Peru’s copper production increased 1.6% on a yearly basis in April to 190,903 tonnes,
foreign media reported. Higher output at MMG’s Las Bambas mine and Chalco’s
Toromocho mine offset output declines from the strike at Cerro Verde. WBMS: World
Zinc Market in Severe Deficit in January-April despite More Output. Peru’s copper output
will continue growing during May-June since the strike has ended, SMM predicts.
Chalco Cuts Aluminum Prices in Major Markets After Big Hike.
China Aluminum International Trading Co. (Chalco Trading) lowered aluminum prices it offered in major markets
today after sharp hike in previous two days.Several major alumina producers in Shandong, one of China’s main
alumina and aluminum producing regions, said they have no plans to expand alumina capacity in Shandong in
the future. This is because environmental protection requirements are strict and local alumina market is almost
saturated, those surveyed told SMM.
Oil prices climb off 10-month lows as U.S. stockpiles drop.
Oil prices rose on Thursday after U.S. crude and gasoline stockpiles fell, but worries
over whether OPEC-led output cuts would be able to rein in a three-year glut
continued to drag. The market largely shrugged off comments overnight from Iran's
oil minister that members of the Organization of Petroleum Exporting Countries
(OPEC) are considering deeper cuts in production. With production rising in Nigeria
and Libya, countries exempt from the deal, and output surging in the United States,
which was not part of the agreement, many bulls appear to have thrown in the
towel. Oil has "now fallen into 'bear' territory," ANZ said in a research note. "OPEC
(and allies) may have pared back production, but that's being offset by relentless
drilling in the U.S. and more output in Libya." A bigger-than-expected cut in U.S. crude stockpiles reported
overnight is barely shifting the dial.

MCX Daily Report - 22 June 2017
Precious Metals
CS GOLD (AUG) OVERVIEW: CS SILVER (JULY) OVERVIEW:
TREND : BEARISH TREND : BEARISH
RESIST 2: 29000 RESIST 2: 39100
RESIST 1: 28800 RESIST 1: 38800
SUP 1: 28450 SUP1: 37700
SUP 2: 28250 SUP2: 37400
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Base Metals
CS COPPER (JUNE) OVERVIEW: CS NICKEL (JUNE) OVERVIEW:
TREND : SIDEWAYS TREND : BULLISH
RESIST 2:378 RESIST 2:587
RESIST 1:374 RESIST 1:582
SUP1:366 SUP1:570
SUP2:362 SUP2:565
CS ZINC (JUNE) OVERVIEW: CS LEAD (JUNE) OVERVIEW:
TREND : BULLISH TREND : BULLISH
RESIST 2:174.00 RESIST 2: 143.00
RESIST 1:172.50 RESIST 1: 142.00
SUP1:168.00 SUP1: 138.00
SUP2:166.00 SUP2: 137.00
CS ALUMINIUM (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 123.00
RESIST 1: 121.50
SUP1: 119.00
SUP2: 118.00
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Energies
CS CRUDE OIL (JUNE) OVERVIEW: CS NATURAL GAS (JUNE) OVERVIEW:
TREND : BEARISH TREND : BEARISH
RESIST 2:2870 RESIST 2:195.00
RESIST 1:2820 RESIST 1:191.00
SUP1:2680 SUP1:183.00
SUP2:2630 SUP2:180.00

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Pick for the Day
MCX Crude Oil July Wednesday as seen in the daily chart opened at 2819 levels and
day high of 2866 levels. During this period price corrected & made day low of 2732
levels finally closed at 2741 levels. Now, there are chances of further downside
movement technically & fundamentally.
 Crude prices have remained under pressure since the start of the week, reflecting the growing
disbelief among traders in Opec and its allies’ ability to tackle the demand and supply balance in
the market. In May, Opec and non-Opec members agreed to extend production cuts for a period
of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November
last year.
DAILY RECOMMENDATION: Sell MCX CRUDE Oil July AROUND 2800 LEVELS FOR TARGET
OF T1 2700/T2 2650 WITH SL OF 2950 LEVELS.

MCX Daily Report -22 June 2017
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Mcx daily report -_22_jun_2017

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