18/03/2016
DAILY MCX NEWSLETTER
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BULLION:
BASE METAL:
LME copper should narrowly range USD
5,000-5,080/mt during Asian trading hours
Friday. Both LME and SHFE copper saw big
gains overnight with positions growing
thanks to rate decision by US Fed. Base
metals are expected to continue rising today
on market optimism. Recent February CPIs
from Eurozone and Germany mean inflation
Eurozone weakened. This bodes ill for
Germanys February PPI.
Gold prices gained in Asia on Friday with minutes from the Bank of
Japan casting a shadow on easy monetary policies. The Bank of Japan
board had a sharp debate on whether to follow some European central
banks and add negative interest rates to its aggressive monetary easing
program, leading to a tight 5 to 4 vote on adopting the new policy, the
minutes of the bank's Jan. 28-29 meeting released Friday showed.
ENERGY:
Crude oil prices trended slightly lower in Asia on Friday with investors again weighing prospects of some kind of deal on
an output freeze by major producers and ahead of U.S. rig count data. The latest rally was triggered by reports on
Wednesday that OPEC and Non-OPEC producers will meet in mid-April in Doha in their latest effort to stabilize oil prices.
Iranian exports increased to 1.55 million barrels per day in January, according to Saudi-based Joint Organizations Data
Initiative, their highest level since March, 2014.
BASE METAL
TREND : BULLISH
RESIST 2:346
RESIST 1:344
SUP1:339
SUP2:336
STRATEGY: BUY ON DIPS
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MCX CRUDE OIL APR., Thursday as seen in the daily chart opened at 2685 levels and day high
of 2776 levels. During this period price corrected & made day low of 2685 levels finally closed
at 2764 levels. Now, there are chances of further upward movement technically &
fundamentally.
Crude oil prices trended slightly lower in Asia on Friday with investors again weighing prospects of some kind of
deal on an output freeze by major producers and ahead of U.S. rig count data.
DAILY RECOMMENDATION: BUY MCX CRUDE OIL APR., AROUND 2780 LEVELS FOR
TARGET OF T1 2880 /T2 2900 WITH SL OF 2680 LEVELS.
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