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Mcx news letter for 24 july 2015
1. www.capitalstars.com | CapitalStars Research
24/07/2015
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DAILY MCX NEWSLETTER
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2. BULLION:
Gold prices fell hard in Asia on Friday as investors see a slowdown in China
manufacturing as ensuring continued easy policy by one of the world's top yellow
metal buyers and as continued to assess the scope for a Federal Reserve rate hike
in September and geopolitical tension appears eased for now. A session earlier,
gold futures plunged more than 1% to close under $1,100 for the first time in
more than five years. Previously, the precious metal closed lower in every session
dating back to July 9. The extended skid tied a 10-day losing streak in 1996 for
the longest slide during the period.
BASE METAL:
Major reports are still absent today. Positive US
data only helped dollar roll back some losses.
Base metals extended losses, mirroring
bearishness in market. In euro zone, Greek
approved the second bailout plan. The
Foundation for Economic and Industrial
Research (IOBE), Greece’s leading economic
think tank, warned that Greek economy is facing
risks of deep recession. But risk of a Greek exit
has decreased a lot, supporting euro to end up
for the first time this week. SHFE 1510 copper
contract prices are expected to move at RMB
37,800-38,800/mt on July 24. Spot copper will
be offered at premiums of RMB 280-300/mt to
SHFE 1508 copper contract.
ENERGY:
Crude oil prices gained in Asia, shrugging off poor flash manufacturing estimates on China and generally bearish news on the supply
outlook as investors bet on a rebound after a series of sharp falls and looked ahead to rig count data in the U.S. Analysts expected a
draw of 2.2 million barrels on the week. Crude inventories nationwide are now at 463.9 million barrels the highest level at this time
of year in at least 80 years. At the Cushing Oil Hub in Oklahoma, the main delivery point for NYMEX oil, its crude inventory increased
by 813,000 last week, above expectations for a 300,000 build.
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4. CS COPPER (AUGUST ) OVERVIEW:
TREND :BEARISH
RESIST 2:350
RESIST 1:345
SUP1:334
SUP2:329
STRATEGY: SELL ON RISE
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BASE METAL
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5. MCX CRUDE OIL AUGUST Thursday as seen in the daily chart opened at 3186 levels and day
high of 3186 levels. During this period price corrected & made day low of 3098 levels
finally closed at 3111 levels. Now, there are chances of further downward movement
technically & fundamentally.
Crude inventories nationwide are now at 463.9 million barrels the highest level at this time of year in at
least 80 years. At the Cushing Oil Hub in Oklahoma, the main delivery point for NYMEX oil, its crude
inventory increased by 813,000 last week, above expectations for a 300,000 build.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL AUGUST BELOW 3135 LEVELS FOR
TARGET OF T1 3035/T2 2985 WITH SL OF 3250 LEVELS.
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COMMODITY PICK OF THE DAY: CRUDE OIL
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