CAPITALSTARS – MCX COMMODITY MORNING MARKET NEWS & LEVELS – 29 MAY 2018


Commodities-Market-1

Gold prices dropped as investors digested news of U.S. President Donald Trump saying a meeting with North Korea’s leader could still go ahead.

Gold on MCX settled down -0.91% at 31189 as investors digested news of U.S. President Donald Trump saying a meeting with North Korea’s leader could still go ahead. Gold remained resilient in the wake of a resurgent dollar on the back of positive economic data as durable goods orders topped expectations reaffirming investor confidence in the U.S. economy. The yellow metal also sidestepped easing U.S.- North Korea tensions after U.S. President Donald Trump said the meeting with North Korean counterpart Kim Jong Un could still proceed following conciliatory comments from North Korea overnight. The yellow metal’s muted reaction to the sudden
change in tone from Trump was somewhat surprising as it gained more than 1% on Thursday, when Trump cancelled the long-planned meeting with North Korea.

Copper prices dropped after U.S. President Donald Trump said any trade deal with top metals consumer China would “need a different structure”.

Copper on MCX settled down -1.55% at 461.8 after U.S. President Donald Trump said any trade deal with top metals consumer China would “need a different structure”. Prices seen supported at the start of the week after U.S. Treasury Secretary Steven Mnuchin said the prospect of a U.S.-China trade war was “on hold”. The global world refined copper market showed an 86,000 tonnes surplus in February, compared with a 23,000 tonnes surplus in January, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 2 months of the year, the market was in a 109,000 tonnes surplus compared with a 125,000 tonnes surplus in the same period a year earlier, the ICSG said. CME Group, parent company of the Chicago Board of Trade, on Wednesday lowered margins for copper contracts nearly 10 percent, effective after the close of business on May 24.

Aluminium inventory dips on fewer deliveries to warehouses.

China’s inventory of primary aluminium, including SHFE warrants, shrank to 2.05 million mt as of Monday May 28 on fewer deliveries to warehouses at major markets, according to SMM data. The inventory was down 25,000 mt from Thursday May 24 and down 70,000 mt from Monday May 21. The week-on-week decline was faster than the 32,000 mt seen last Monday.

Oil Prices Tumble As Supplies From Top Three Producers Set To Rise.

Oil prices fell on Monday morning in Asia as the market eyed an increase in output from the
world’s three top crude producers, Russia, the U.S. and Saudi Arabia.The Organization of the
Petroleum Exporting Countries (OPEC) as well as a group of non-OPEC producers led by
Russia started withholding output in 2017 to boost oil prices and clear a supply glut. The
group had agreed to curb their output by about 1.8 million barrels per day (bpd). Prices have
soared since the start of the cuts, with Brent breaking through $80 per barrel earlier in May. The pace of the recent
rise in oil prices has sparked a debate among investors on whether this poses downside risks to global growth.

Precious Metals

CS GOLD (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 31300
RESIST 1: 31200
SUP 1: 30800
SUP 2: 30700
CS SILVER (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 40500
RESIST 1: 40300
SUP 1: 39600
SUP 2: 39400

Base Metals

CS COPPER (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 466.00
RESIST 1: 464.00
SUP 1: 458.00
SUP 2: 456.00
CS NICKEL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1015.00
RESIST 1: 1010.00
SUP 1: 970.00
SUP 2: 965.00
CS ZINC (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 212.00
RESIST 1: 210.00
SUP 1: 204.00
SUP 2: 202.00
CS LEAD (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 168.00
RESIST 1: 166.00
SUP 1: 157.00
SUP 2: 155.00
CS ALUMINIUM (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 158.00
RESIST 1: 156.00
SUP 1: 150.00
SUP 2: 148.00

Energies

CS CRUDE OIL (JUNE) OVERVIEW:
TREND : BEARISH
RESIST 2: 4640
RESIST 1: 4600
SUP 1: 4420
SUP 2: 4380
CS NATURAL GAS (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 204.00
RESIST 1: 202.00
SUP 1: 197.00
SUP 2: 195.00
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