27/08/2015 DAILY MCX NEWSLETTER

priyaagrawal786

Bullion

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27/08/2015

DAILY MCX NEWSLETTER

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Research


BULLION:

Gold steadied early on Thursday after suffering its biggest fall in five weeks the

session before as Wall Street rallied, while comments from a top Federal Reserve

official that a U.S. rate hike next month looks "less compelling" could support

sentiment. New York Fed President William Dudley said the prospect of a

September rate rise seems less appropriate given the threat posed to the U.S.

economy by recent market turmoil. Investors are also keeping an eye on Chinese

markets after wild swings this week that fueled a global rout. On Wednesday,

China's key indexes ended down for a fifth straight session after swinging more

than 3 percent in both directions in extreme volatility.

BASE METAL:

The copper prices are likely to touch $2.8-$3.0

per lb towards the end of 2016. The commodity

prices are likely to witness meaningful recovery

only towards end of next year. Base metal

prices on the SHFE are expected to come under

downward pressures from a rising dollar on

Aug. 27, Shanghai Metals Market foresees. LME

copper moved on the weak side during

European and US trading hours and tested

support at USD 4,900/mt. Finally, LME 3-month

copper ended at USD 4,920/mt, down USD

136/mt or near 2.7%. SHFE 1511 copper is

predicted to fluctuate between RMB 38,100-

38,700/mt on Aug.

ENERGY:

Oil prices climbed early on Thursday on an unexpected fall in U.S. crude inventory last week, but a stronger dollar dragged. Data

released on Wednesday showed U.S. non-defence capital goods orders excluding aircraft increased 2.2 percent in July, the biggest

rise since June last year and handily beating expectations. U.S. crude inventories fell 5.5 million barrels in the week to Aug. 21, the

biggest one-week decline since early June, data from the Energy Information Administration showed on Wednesday.

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BULLION & ENERGY

CS GOLD (OCTOBER) OVERVIEW:

TREND : BEARISH

RESIST 2: 26720

RESIST 1: 26600

SUP 1: 26280

SUP 2: 26060

STRATEGY: SELL ON RISE

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH

RESIST 2:34160

RESIST 1:33890

SUP1:33300

SUP2:33000

STRATEGY : SELL ON RISE

CS CRUDE OIL (SEPTEMBER) OVERVIEW:

TREND :BEARISH

RESIST 2:2710

RESIST 1:2670

SUP1:2600

SUP2:2570

STRATEGY: SELL ON RISE

CS NATURAL GAS (SEPTEMBER) OVERVIEW:

TREND :BEARISH

RESIST 2:183

RESIST 1:181

SUP1: 177

SUP2:175

STRATEGY: SELL ON RISE

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BASE METAL

CS COPPER (AUGUST ) OVERVIEW:

TREND :BEARISH

RESIST 2:338

RESIST 1:336

SUP1:329

SUP2:326

STRATEGY: SELL ON RISE

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COMMODITY PICK OF THE DAY: CRUDE OIL

MCX CRUDE OIL SEP., Wednesday as seen in the daily chart opened at 2618 levels and day high

of 2661 levels. During this period price corrected & made day low of 2583 levels finally

closed at 2611 levels. Now, there are chances of further downward movement technically &

fundamentally.


Data released on Wednesday showed U.S. non-defence capital goods orders excluding aircraft

increased 2.2 percent in July, the biggest rise since June last year and handily beating expectations.

DAILY RECOMMENDATION: SELL MCX CRUDE OIL SEP., BELOW 2670 LEVELS FOR TARGET

OF T1 2570/T2 2520 WITH SL OF 2800 LEVELS.

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