Gold prices rose for a second day due to weakness in the US dollar and rising demand from India. India's gold imports more than doubled in August, hitting their highest level in 15 months. Oil prices fell as emerging market troubles weighed on economic growth prospects and a deadline neared for potential new US tariffs on China. Base metals prices were mixed, with copper rebounding but nickel falling on concerns over US tariffs. The report recommends selling MCX crude oil futures below 4945 levels, targeting 4900 with a stop loss of 4880.

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MCX Daily Report 06 Sep 2018
News Highlights
Gold rises for second day on USD weakness and rising demand from India.
The US dollar exchange rate, as represented by the dollar index (DXY), fell to a low of
94.90 earlier today, having dropped 0.64 percent yesterday. More importantly, the
greenback risks falling below the head-and-shoulders neckline support of 94.53 on
escalating US-China trade tensions. Further, the yellow metal is likely taking heart from the
rising demand from India, one of the biggest sources of demand for gold. The data released
yesterday showed that India's gold imports more than doubled in August to hit their highest
level in 15 months. As a result, the metal may remain well bid during the day ahead,
although if the DXY picks up a bid on haven demand, then gold could trim gains. It is worth
noting that in the recent past, the US dollar has strengthened during the bouts of risk
aversion.
Inflows of imports may weigh on spot premiums.
As LME copper rebounded after five consecutive days of decline, and returned to around
$5,900/mt as the US dollar fell. It is expected to stand above that level today. Some 5,000
lots of long positions increased across the SHFE copper contracts overnight, and this
buoyed prices. Inflows of imports may weigh on spot premiums to 120-180 yuan/mt today.
Long positions entered the market cautiously on concerns over potential, fresh US
tariffs.
LME nickel broke resistance at the $12,600/mt level and rose to a high of $12,630/mt as the
US dollar weakened. It closed at $12,475/mt, with LME inventory shrinking 954 mt to
237,030 mt. The SHFE 1811 contract inched down after it climbed to a high of 103,600
yuan/mt. Long positions entered the market cautiously on concerns over potential, fresh US
tariffs. We expect LME nickel to hover at $12,500/mt with the SHFE 1811 contract at
102,000-103,500 yuan/mt today. Spot prices are set at 102,500-108,500 yuan/mt..
Oil prices fall on emerging market woes, looming tariff deadline.
Oil prices fell on Thursday as emerging market woes weighed on sentiment, while a deadline
neared for a potential new round of U.S. tariffs on another $200 billion of Chinese goods.
Broad emerging market weakness is weighing on global economic growth prospects. a
public comment period on possible U.S. tariffs on another $200 billion of Chinese goods
ends on Thursday, with expectations that U.S. President Donald Trump will impose the
additional levies. that China and emerging markets more broadly are key demand growth
areas for oil markets, analysts said crude prices had come under downward pressure. "The
prospects of increased supplies from OPEC and her allies, and weaker demand from China
and other emerging markets could weigh further on oil prices going forward, or at least limit
the upside potential," said Fawad Razaqzada, market analyst at futures brokerage Forex.

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MCX Daily Report 06 Sep 2018
Precious Metals
CS GOLD (OCT) OVERVIEW: CS SILVER (DEC) OVERVIEW:
TREND : BULLISH TREND : BEARISH
RESIST 2: 30550 RESIST 2: 37500
RESIST 1: 30450 RESIST 1: 37200
SUP 1: 30050 SUP 1: 36700
SUP 2: 29900 SUP 2: 36500
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Base Metals
CS COPPER (NOV) OVERVIEW: CS NICKEL (SEP) OVERVIEW:
TREND : SIDEWAYS TREND : BEARISH
RESIST 2: 425.00 RESIST 2: 918.00
RESIST 1: 420.00 RESIST 1: 910.00
SUP 1: 415.00 SUP 1: 880.00
SUP 2: 411.00 SUP 2: 875.00
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CS ZINC (SEP) OVERVIEW: CS LEAD (SEP) OVERVIEW:
TREND : BEARISH TREND : SIDEWAYS
RESIST 2: 180.00 RESIST 2: 153.00
RESIST 1: 177.00 RESIST 1: 151.00
SUP 1: 173.00 SUP 1: 148.00
SUP 2: 171.00 SUP 2: 146.00
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CS ALUMINIUM (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 153.00
RESIST 1: 151.00
SUP 1: 146.00
SUP 2: 144.50
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Energies
CS CRUDE OIL (SEP) OVERVIEW: CS NATURAL GAS (SEP) OVERVIEW:
TREND : BULLISH TREND : SIDEWAYS
RESIST 2: 5100 RESIST 2: 207.00
RESIST 1: 5050 RESIST 1: 205.50
SUP 1: 4930 SUP 1: 200.00
SUP 2: 4880 SUP 2: 198.00

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MCX Daily Report 06 Sep 2018
Pick for the DAY
MCX CRUDE SEP on Wednesday as seen in the Daily chart opened at
4972 levels and made day Low of 4924 levels. During this period
CRUDE came up to 4989 levels and finally closed at 4934 levels.
Now, there are chances of down movement technically &
fundamentally.
 Oil prices fall on Thursday as emerging market woes weighed on
sentiment.
 Oil prices fall on emerging market woes, looming tariff deadline.
DAILY RECOMMENDATION: SELL MCX CRUDE SEP BELOW
4945 LEVELS FOR TARGET OF 4900/ WITH SL 4880 OF LEVELS.

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MCX Daily Report 06 Sep 2018
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