MCX DAILY REPORT-7 jun 2018

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Gold Prices Slip Despite Weaker Dollar. 

Gold prices slipped in Asia on Thursday although the dollar dropped to below the 94 level. Geopolitical tensions in East Asia continued to ease. Japanese Prime Minister Shinzo Abe is meeting U.S. President Donald Trump on Thursday and Friday at the White House ahead of the upcoming North Korea Summit scheduled next week in Singapore. Markets also look ahead to the Group of Seven meeting, which would be held on June 8 and 9 in Quebec, Canada. Investors also eyed this month’s meetings of both the Federal Reserve and the ECB for more hints on monetary policy. 

Copper prices up on supply concerns during environmental probe. 

A potential disruption in supply from domestic environmental reviews and a declining US dollar buoyed prices of SHFE copper recently, SMM senior analyst Ye Jianhua believed. The SHFE copper 1808 contract jumped over 2% to close at 53,320 yuan/mt on Wednesday June 6. LME copper currently stands at around $7,150/mt, with gains of 5% in the last four consecutive trading days. The US dollar weakened and fell below 94 last night to close at 93.86, as the euro rose. As of Wednesday June 6, six inspection teams from the central government have stationed in Hebei, Henan, Inner Mongolia, Ningxia, Heilongjiang, Jiangsu, Jiangxi, Guangdong, and Yunnan for month-long review on previous rectifications. This is expected to affect operation across producers of blister copper that use copper scrap as raw materials. Copper processing plants will be little impacted, SMM learned.

Aluminium inventory dips for five straight weeks on fewer deliveries. 

China's inventory of primary aluminium, including SHFE warrants, shrank 55,000 mt from last Thursday to stand at 1.98 million mt as of Thursday June 7, SMM data showed. Fewer deliveries arrived at warehouses in south China and the commissioning of new production capacity slowed. The drop marked a fifth consecutive week of decline.

Oil Prices Gain On Venezuela Export Concerns.  

Oil prices rose on Thursday amid plunging exports by Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC).Venezuela is almost a month behind in shipping crude oil to customers from its main oil export port, reports on Thursday said. "OPEC supply changes remain the biggest uncertainties in the market," said Xi Jianrui, senior crude analyst with oil consultancy JLC. Elsewhere, inventories of U.S. crude rose by 2.072 million barrels for the week ended June 1, confounding expectations for a draw of 2.000 million barrels, according to data from the Energy Information Administration (EIA). Sentiment on oil prices remained mostly negative, as investors continued to fear OPEC, at its meeting on June 22, could ease production curbs to offset falling supplies in Venezuela and an expected drop in Iran oil exports as U.S. sanctions loom.

Precious Metals

CS GOLD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 31250
RESIST 1: 31150
SUP 1: 30800
SUP 2: 30700

CS SILVER (JULY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 40700
RESIST 1: 40500
SUP 1: 39700
SUP 2: 39500

Base Metals

CS COPPER (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 493.00
RESIST 1: 491.00
SUP 1: 479.00
SUP 2: 477.00

CS NICKEL (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 1075.00
RESIST 1: 1070.00
SUP 1: 1035.00
SUP 2: 1030.00

CS ZINC (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 219.00
RESIST 1: 217.00
SUP 1: 212.00
SUP 2: 210.00

CS LEAD (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2: 174.00
RESIST 1: 172.00
SUP 1: 167.00
SUP 2: 165.00

CS ALUMINIUM (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 161.00
RESIST 1: 160.00
SUP 1: 155.00
SUP 2: 154.00

Energies

CS CRUDE OIL (JUNE) OVERVIEW:
TREND : BEARISH
RESIST 2: 4460
RESIST 1: 4420
SUP 1: 4300
SUP 2: 4260

CS NATURAL GAS (JUNE) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 200.00
RESIST 1: 198.00
SUP 1: 192.00
SUP 2: 190.00

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