MCX DAILY REPORT 12 jun


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Gold Prices Range Bound Ahead of FOMC.

Gold prices continued to hover around the psychologically important $1,300 level ahead of a widely expected Federal Reserve interest rate increase due Wednesday. Gold prices continued to be range bound as upside momentum in the yellow metal was capped by expectations the Federal Reserve will not only hike interest rates Wednesday but signal a hawkish tilt on monetary policy. The Fed hike path is much more hawkish than futures market pricing, Goldman Sachs said, forecasting three and four rate hikes in 2018 and 2019, respectively, with the risk of four rate hikes in 2019 skewed to the upside. Expectations for a faster pace of monetary policy come as “both inflation and employment are essentially at the Fed’s end-of-year targets,” BNY Mellon said last week. The European Central Bank is also expected to announce its intention to step up efforts to rein in its massive bond buying programmed on Thursday.

Operating rates of zinc die-casting plants dip to 50.7% in May.

Operating rate across China’s zinc die-casting plants stood at 50.7% in May, SMM survey showed. This was down 5.15 percentage points from April and down 8.85 percentage points from May last year, due to stricter environmental restrictions in slack season. SMM expects the operating rate to dip further to 49.71% in June, down 9.59 percentage points from the same month last year. The decline is contributed by suspension of some zinc die- casting plants from late May to mid-June due to the Shanghai Cooperation Organization (SCO) summit in Qingdao. In addition, the downstream of zinc die-casting industry has entered off-season in June.

Narrower spot discounts hold traders back from buying aluminium in east China.

Traders in the spot aluminium market in east China held back from purchasing and took a watch-and-wait stance on Monday June 11 as spot discounts against the SHFE 1806 contract narrowed, SMM learned. In the Shanghai market, transactions were mostly heard at 14,710-14,720 yuan/mt with discounts of 30-20 yuan/mt against the SHFE 1806 contract, compared to 60-50 yuan/mt a week ago. The discounts stood at around 110 yuan/mt against the SHFE 1807 contract. In Wuxi and Hangzhou, transactions were mostly done at 14,710-14,720 yuan/mt and 14,740-14,760 yuan/mt, respectively. Sellers in east China were keen to offload their cargoes while downstream consumers purchased on demand. Overall trading was relatively thin.

Oil Prices Climb as U.S., North Korean Leaders Hold Historic Talks.

Oil prices climbed on Tuesday as traders look forward to the outcome of a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un in Singapore.Oil markets would likely to be heavily driven by policy events and statements this week, according to analysts. “This week is all about global developments … And today marks the potentially momentous meeting between Donald Trump and North Korean leader Kim Jong-Un in Singapore,” said Shannon Rivkin, investment director at Australia’s Rivkin Securities.

Precious Metals

CS GOLD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 31450
RESIST 1: 31350
SUP 1: 31000
SUP 2: 30900
CS SILVER (JULY) OVERVIEW:
TREND : BULLISH
RESIST 2: 41200
RESIST 1: 41000
SUP 1: 40300
SUP 2: 40100

Base Metals

CS COPPER (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 492.00
RESIST 1: 490.00
SUP 1: 480.00
SUP 2: 478.00
CS NICKEL (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1050.00
RESIST 1: 1045.00
SUP 1: 1015.0
SUP 2: 1010.00
CS ZINC (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 222.00
RESIST 1: 220.00
SUP 1: 215.00
SUP 2: 213.00
CS LEAD (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 172.00
RESIST 1: 170.00
SUP 1: 166.00
SUP 2: 164.00
CS ALUMINIUM (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 161.00
RESIST 1: 159.00
SUP 1: 155.00
SUP 2: 153.00

Energies

CS CRUDE OIL (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4560
RESIST 1: 4520
SUP 1: 4430
SUP 2: 4390
CS NATURAL GAS (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 205.00
RESIST 1: 203.00
SUP 1: 197.00
SUP 2: 195.00
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