MCX Commodity Market News & Levels - 24 May 2018

Commodities-Market-1

Gold gains as the U.S. dollar backed off its highs while investors interpreted minutes from the U.S. Federal Reserve's latest policy meeting as dovish. 


Gold on MCX settled up 0.24% at 31183 as the U.S. dollar backed off its highs while investors interpreted minutes from the U.S. Federal Reserve's latest policy meeting as dovish. The Federal Reserve continues to project two more rate hikes are on the way this year with three more on the way for 2019, according to the minutes of their most recent meeting. There was no interest rate hike at the May meeting, but policy makers debated the threat of inflation and acknowledged trade-related uncertainties. The Fed has raised interest rates six times since the financial crisis, and another quarter-point rate hike in June is universally expected. "Most participants judged that if incoming information broadly confirmed their economic outlook, it would likely soon be appropriate for the FOMC to take another step in removing policy accommodation," the minutes said. Gold also saw some safe-haven support after President Sergio Mattarella gave political novice Giuseppe Conte a mandate to lead the first government in Italy made up of anti-establishment parties that have vowed to shake up the European Union.  

Yunnan aluminium hydropower project to be commissioned in June.  


The first stage of a hydropower project to produce and process aluminium in Zhaotong, Yunnan province, is expected to be commissioned in June, SMM learned. With an investment of 3.5 billion yuan and annual capacity of 350,000 mt of aluminium products including aluminium bars and flat ingots, the entire project is estimated to be commissioned in 2018. Over 5 billion kWh of power is forecast to be consumed every year. Annual revenues are likely to stand at 4.5 billion yuan. Hydropower is more environmentally-friendly than fossil fuels as carbon emissions from hydropower is significantly lower. China's inventory of primary aluminium, including SHFE warrants, shrank to 2.08 million mt as of Thursday May 24 due to fewer deliveries to warehouses and stable downstream consumption, according to SMM data. 

Oil Prices Drop On Potential Increase In OPEC Output.  


Oil prices continued to fall on Thursday morning in Asia, as markets took into account the possibility of higher output from the Organization of the Petroleum Exporting Countries (OPEC).In the face of worries over supply from both Venezuela and Iran, OPEC members could step up production as soon as June. Production in Venezuela plunged to 1.5 million barrels last month, its lowest level in decades due to its ongoing economic crisis. Geopolitical risks caused by Washington’s exit from a nuclear arms control deal with Tehran have driven prices to multi-year highs, with Brent breaking through $80 last week for the first time since November 2014. Meanwhile, Libya, an OPEC member, cut its oil production by about 120,000 barrels per day (bpd) as unusually hot weather prompted power problems. In response to concerns from Washington over a rally in oil prices, OPEC may decide to increase oil output to make up for the reduced supply. 


CS GOLD (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 31500
RESIST 1: 31400
SUP 1: 31100
SUP 2: 31000

CS SILVER (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 41000
RESIST 1: 40800
SUP 1: 40000
SUP 2: 39800

Base Metals

CS COPPER (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 472.00
RESIST 1: 470.00
SUP 1: 460.00
SUP 2: 458.00

CS NICKEL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1015.00
RESIST 1: 1010.00
SUP 1: 980.00
SUP 2: 975.00

CS ZINC (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 212.00
RESIST 1: 210.00
SUP 1: 205.00
SUP 2: 203.00

CS LEAD (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 175.00
RESIST 1: 173.00
SUP 1: 168.00
SUP 2: 166.00

CS ALUMINIUM (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 160.00
RESIST 1: 158.00
SUP 1: 154.00
SUP 2: 152.00

Energies CS

CRUDE OIL (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 4990
RESIST 1: 4950
SUP 1: 4850
SUP 2: 4810

CS NATURAL GAS (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 205.00
RESIST 1: 203.00
SUP 1: 197.00
SUP 2: 195.00

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