MCX DAILY REPORT - 15 June 2018

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Gold gained as the dollar fell and investors fretted over weak Chinese data and U.S.-China trade frictions.

Gold on MCX settled up 0.75% at 31377 gained on fresh buying while support seen as Comex Gold climbed to the highest close in a month rose 0.60% to $1,304 per troy ounce as traders turned their attention from central \banks to geopolitical tension. Traders piled into safe-haven gold on expectations the United States will impose tariffs on $50 billion worth of Chinese imports on Friday, raising the prospect of retaliation from the Beijing, threatening a tit-for-tat trade war between the world's largest two economies. The list – that will be subject to a levy – is expected to include between 800 and 900 products, well below the original list of about 1,300 products published by the U.S. Trade Representative in April, CNBC reported, citing three sources familiar with the matter. President Donald Trump reserves the final decision on whether to impose tariffs.

Copper remained under pressure after a slew of Chinese data including industrial output pointed to weaker-than expected activity last month in China.

Copper on MCX settled down -0.72% at 481.55 on long liquidation with the market set for its biggest weekly decline since late April on concerns over demand in top consumer China. For the week, LME copper has dropped 2.2 percent, the biggest weekly loss since the week ending April 27. The Shanghai contract is down 1.2 percent, the most since the week ending March 23. The surging US dollar weighed on base metals overnight. While delivery approaches and price spread between SHFE front-month contracts narrowed to 150 yuan/mt, spot discounts lingered amid a low season of consumption. Shorts have yet to significantly add to their positions while longs are now keen to close out their bets.

Inflow of imported zinc to Shanghai drives up social inventory.

Social inventory of zinc across Shanghai, Guangdong and Tianjin extended its increase over the week ended Friday June 15 as zinc imports continued to flow into Shanghai and as consumption remained weak, SMM data showed. As of June 15, zinc social inventory in Shanghai increased 10,000 mt from Monday to stand at 110,300 mt while inventory in Guangdong and Tianjin shrank 2,800 mt and 2,500 mt, respectively, on limited arrivals. This brought the overall inventory up 4,800 mt to 144,600 mt.

Oil Prices Little Changed Ahead of Key OPEC Meeting Next Week.

Oil prices were little changed on Friday as investors were reluctant to take on large new positions ahead of a key OPEC meeting in Vienna next week.Movements in oil markets were expected to remain limited ahead of a meeting between producer cartel OPEC and some of its allies on June 22, as investors continued to fear OPEC could ease production curbs at its meeting to offset falling supplies in Venezuela and an expected drop in Iran oil exports as U.S. sanctions loom. "A wait-and-see approach is taking hold across the energy complex as market participants buckle down ahead of next week's crunch OPEC/non-OPEC meeting," said Stephen Brennock, analyst at London brokerage PVM Oil Associates.

Precious Metals

CS GOLD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 31700
RESIST 1: 31600
SUP 1: 31250
SUP 2: 31150

CS SILVER (JULY) OVERVIEW:
TREND : BULLISH
RESIST 2: 42100
RESIST 1: 41900
SUP 1: 41100
SUP 2: 40900

Base Metals

CS COPPER (JUNE) OVERVIEW:
TREND : BEARISH
RESIST 2: 488.00
RESIST 1: 486.00
SUP 1: 476.00
SUP 2: 474.00

CS NICKEL (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1055.00
RESIST 1: 1050.00
SUP 1: 1020.0
SUP 2: 1015.00

CS ZINC (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 222.00
RESIST 1: 220.00
SUP 1: 215.00
SUP 2: 213.00

CS LEAD (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 171.00
RESIST 1: 169.00
SUP 1: 164.00
SUP 2: 162.00

CS ALUMINIUM (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 158.00
RESIST 1: 156.00
SUP 1: 152.00
SUP 2: 150.00

Energies

CS CRUDE OIL (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4640
RESIST 1: 4600
SUP 1: 4490
SUP 2: 4450

CS NATURAL GAS (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 208.00
RESIST 1: 206.00
SUP 1: 200.00
SUP 2: 198.00

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