Gold prices gained in Asia ahead of a speech by US Federal Reserve Chair Janet Yellen. Zinc climbed to a 10-year high due to concerns about reduced supply from China. Oil prices dipped below $50 per barrel on doubts that a recent rally would continue through the end of the year. The report provides an overview and analysis of commodity prices, and recommends a sell on MCX Crude Oil futures with targets and stop loss levels.

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MCX Daily Report - 04 OCT 2017
News High lights
Gold Gains In Asia Ahead OF Yellen Speech, Thin Regional Trade With China Shut.
Gold prices gained in Asia on Wednesday with markets in China, Taiwan and South
Korea shut for holidays and caution ahead of remarks later in the day from the U.S.
central bank chief. Overnight, gold prices halted their recent slump after treasury
yields trimmed gains pressuring the dollar to retreat from six-week highs lifting
sentiment on the yellow metal. Yellen will speak at the Community Banking in the
21st Century Conference on Wednesday amid growing speculation concerning her
position as Fed chair. Fed Governor Jerome Powell and former Fed governor Kevin
Warsh are reportedly on a shortlist of candidates to succeed Janet Yellen. Gold prices have fallen for three-
straight weeks and show no sign of abating as data on Friday suggested that traders are losing faith in gold’s
upside potential in the wake of renewed tax reform hopes and an expected year-end rate hike.
Copper has been consolidating and defending a pair of bottom.
December Comex High Grade Copper futures are trading higher early Tuesday after investors
came in to stop the selling and defend a pair of bottoms. The market has been consolidating
for almost two weeks at and inside a major retracement zone. The price action suggests that
investors believe copper is in a bull market, but that prices may just be a little ahead of the
fundamentals. This usually happens with the hedge funds get too aggressive.
Zinc traded higher on mounting supply concerns in China.
Zinc climbed to 10-year high as China’s pollution crackdown has raised concerns that domestic zinc production
will be hit and heavy industry will be forced to import more refined metal. Striking workers at North America's
second-largest zinc processing plant rejected a wage and pension offer from the company adding pressure to
zinc supply. Manufacturing PMI’s from US, Europe and Japan continue to suggest an upturn in factory activity.
U.S. oil dips below $50 over doubts recent rally will last.
Oil prices eased on Wednesday, with U.S. crude dipping below $50 per barrel,
pulled down by caution that a rally that lasted for most of the third quarter would
not extend through the last three months of the year.Traders said the drops came
over concerns that a third-quarter market rally that had lifted Brent to mid-2015
highs by late September had been overdone. "Fundamentals may not yet be
strong enough to support a continued rally, especially in growth-dependent commodities such as oil," said Ole
Hansen. Analysts say that a so-called market rebalancing is now well underway, meaning that demand is no
longer undershooting available supply. The re-balancing is a result of strong consumption and also due to efforts
led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output by around 1.8 million barrels
per day (bpd) in 2017 and the first quarter of next year.

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MCX Daily Report -04 OCT 2017
Precious Metals
CS GOLD (DEC) OVERVIEW:
RESIST 2: 29900
RESIST 1: 29700
SUP 1: 29350
SUP 2: 29150
TREND : SIDEWAYS
RESIST 2: 437.00 RESIST 2: 723.00
RESIST 1: 434.00 RESIST 1: 718.00
CS ZINC (OCT) OVERVIEW: CS LEAD (OCT) OVERVIEW:
TREND : BULLISH TREND : BULLISH
RESIST 2: 221.00 RESIST 2: 177.00
RESIST 1: 219.00 RESIST 1: 175.00
CS ALUMINIUM (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 142.00
RESIST 1: 141.00
SUP1: 137.00
SUP2: 136.00
WWW.CAPITALSTARS.COM +917316690000
Energies
CS CRUDE OIL (OCT) OVERVIEW: CS NATURAL GAS (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 199.00
RESIST 1: 195.00

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MCX Daily Report -04 OCT 2017
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MCX Daily Report -04 OCT 2017
Pick for the Day
MCX Crude Oil Oct on Tuesday as seen in the daily chart opened at 3354 levels and
day high of 3354 levels. During this period price corrected & made day low of 3295
levels finally closed at 3311 levels. Now, there are chances of further downside
movement technically & fundamentally.
∑ Sentiment on oil prices soured as data showed a dip in Opec’s September
compliance with the global pact to curb output, fuelling fresh doubts over the oil-
cartel’s commitment to rein in output.
∑ The main catalyst behind the rally was expectations of increased demand according
to reports from OPEC and the International Energy Administration. However, since
that initial rally, bullish investors have been waiting for fresh news. In the meantime,
the wall of worry about the supply glut has been encouraging investors to take
profits and pair positions.
DAILY RECOMMENDATION: Sell MCX CRUDE OIL OCT AROUND 3320 LEVELS FOR
TARGET OF T1 3270/T2 3250 WITH SL 3400 OF LEVELS.

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MCX Daily Report - 04 OCT 2017
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