Mcx daily report 8 feb 2018

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MCX Daily Report -08 FEB 2018
News High lights
Gold Prices Gain In Asia With China Trade Data Showing Surge In Imports.
Gold prices gained in Asia on Thursday as investors noted January trade data on China
showed a narrower than expected surplus even as imports soared. Overnight, gold
prices fell to five-week lows as the dollar continued to advance amid a sharp uptick in
Treasury yields. The United States 10-Year rose to four-year highs sparking a move
higher in the dollar, pressuring gold to five-week lows following news that the Senate
agreed a budget deal. Senate leaders reached a major budget agreement that would
increase spending caps, Majority Leader Mitch McConnell said Wednesday. Dollar-denominated assets such as
gold are sensitive to moves in the dollar – A rise in the dollar makes gold more expensive for holders of foreign
currency and thus, reduces demand. Also weighing on the yellow metal was a tick lower in safe-haven demand
amid easing geopolitical uncertainty following reports that German Chancellor Angela Merkel's Christian alliance
and the Social Democrats (SPD) agreed a coalition deal, paving the way for a new government.
Copper eased despite a recovery in stock markets after their recent steep slide.
Copper on MCX settled down -2.78% at 440.25 despite a recovery in stock markets after
their recent steep slide. China’s foreign exchange reserves rose for a 12th straight month
in January as further gains in the yuan currency and tighter regulations continued to
discourage capital outflows. A pick-up in China’s economic growth and some progress in
the government’s campaign to rein in financial risks have also helped bolster confidence
in its currency, while new channels for foreign investors to invest money onshore have
helped increase inflows. Reserves rose $21.5 billion in January to $3.161 trillion, compared with an increase of
$20.2 billion in December, central bank data showed. It was the first time that China’s reserves have climbed for
12 months in a row since June 2014, and brought its stockpile -- the world’s largest -- to the highest since
September 2016. Restrictions on industrial output this winter have affected some of China's biggest copper
smelters.
Crude Oil Stays Weaker In Asia Despite Record Imports By China In January.
Crude oil shrugged off record imports by top buyer China in January reported on
Thursday and stayed with a negative trend overnight in the US where fresh levels of
shale output continues to come to the market as a counterweight to OPEC-led
curbs.China's China's crude oil imports in January jumped 20% to a record 40.64
million metric tons, equivalent to 9.57 million barrels per day (bpd), up from around
7.94 million bpd in December and the previous high of 9.17 million bpd in March of 2017. Overnight, crude oil
prices settled sharply lower after data showed US domestic oil supplies rose for the second straight week while
domestic production rose further above 10 million barrels per day. The sharp build in product inventories such as
gasoline and distillate comes amid a slowdown in refinery activity as refiners enter a period of maintenance.
Subdued refinery activity lessened demand for crude oil, contributing to the recent build in inventories.

Precious Metals
CS GOLD (APR) OVERVIEW: CS SILVER (MAR) OVERVIEW:
TREND : BEARISH TREND : BEARISH
RESIST 2: 30300 RESIST 2: 38500
RESIST 1: 30150 RESIST 1: 38200
SUP 1: 29650 SUP 1: 37100
SUP 2: 29500 SUP 2: 36800
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Base Metals
CS COPPER (FEB) OVERVIEW: CS NICKEL (FEB) OVERVIEW:
RESIST 2: 449.00 RESIST 2: 860.00
RESIST 1: 446.00 RESIST 1: 855.00
SUP 1: 435.00 SUP 1: 825.00
SUP 2: 432.00 SUP 2: 820.00
CS ZINC (FEB) OVERVIEW: CS LEAD (FEB) OVERVIEW:
RESIST 2: 225.00 RESIST 2: 167.00
RESIST 1: 223.00 RESIST 1: 165.00
SUP 1: 216.00 SUP 1: 160.00
SUP 2: 214.00 SUP 2: 158.00
CS ALUMINIUM (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 142.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 137.00
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Energies
CS CRUDE OIL (FEB) OVERVIEW: CS NATURAL GAS (FEB) OVERVIEW:
RESIST 2: 4050 RESIST 2: 181.00
RESIST 1: 4010 RESIST 1: 178.00
SUP 1: 3860 SUP 1: 171.00
SUP 2: 3820 SUP 2: 168.00

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Pick for the Day
MCX Crude Oil Feb on Wednesday as seen in the daily chart opened at 4109 levels
and day high of 4109 levels. During this period price corrected & made day low of
3948 levels finally closed at 3959 levels. Now, there are chances of further downside
movement technically & fundamentally.
 Rising US output continued to weigh on sentiment after the EIA's preliminary
figures on Wednesday showed weekly U.S. production hit 10.25 million bpd. That
level brings the US closer to world's top producers Saudi Arabia and Russia.


 The ongoing uptick in US production is widely viewed as one of the biggest
headwinds for oil prices as it threatens to dampen major oil producers’ efforts to
rid the market of excess supplies as part of the OPEC-led production cut
agreement.


DAILY RECOMMENDATION: SELL MCX CRUDE OIL FEB AROUND 3970 LEVELS
FOR TARGET OF T1 3920/ T2 3900 WITH SL 4050 OF LEVELS.

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Mcx daily report 8 feb 2018

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