GOLD NEWS
Gold prices were higher in early Asia on Monday as
markets looked ahead to remarks by a key Federal Reserve policymaker. Gold for
December delivery on the Comex division of the New York Mercantile Exchange was
up 0.15% to $1.161.30 a troy ounce. Ahead on Monday, Federal Reserve Bank of
Atlanta President Dennis Lockhart is to speak; his comments will be closely
watched. The Shanghai Composite tumbled more than 4% on Friday, Germany's DAX
crashed almost 3%, while the Dow and S&P 500 suffered their worst day since
2011, as fears of a China-led global economic slowdown spooked traders and
rattled sentiment.
BASE METAL
LME copper tested a low of USD 4,992/mt and ended at USD
5,063/mt last Friday. Shanghai copper will come under selling pressure with the
SHFE/LME copper price ratio expanding. Chinese shares continued to fall last
Friday. US stock prices slumped, with the Dow and S&P 500 posting more than
5.8% of falls, the biggest declines since September 2011. Nasdaq plummeted
6.8%. The Caixin China manufacturing PMI was reported at its lowest since March
2009 during August, fueling concern over the country’s demand. With the
exception of precious metals, prices of commodity, stocks markets dropped
across the board last Friday due mainly to concerns over China’s demand.
ENERGY NEWS
Crude oil prices
dropped sharply in Asia on Monday as markets reflected turmoil in China, with
the Shanghai Composite down more than 7%, and overall negative sentiment on
demand. Global oil production is outpacing demand following a boom in U.S.
shale oil production and after a decision by the Organization of Petroleum
Exporting Countries last year not to cut production. Industry research group
Baker Hughes said late Friday that the number of rigs drilling for oil in the
U.S. increased by two last week to 674, the fifth straight weekly gain.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND :BULLISH
RESIST 2: 27440
RESIST 1: 27380
SUP 1: 27090
SUP 2: 26870
STRATEGY: BUY IN DIPS
TREND :BULLISH
RESIST 2: 27440
RESIST 1: 27380
SUP 1: 27090
SUP 2: 26870
STRATEGY: BUY IN DIPS
WWR NICKEL 30-NOV
ReplyDeleteSUPP 1 : 644
SUPP 2 : 633
RES 1 : 660
RES 2 : 670
STRATEGY : SELL ON RISE
Commodity Tips