Base metal prices on the SHFE are expected to advance across the board on Sept. 9 on sentiment improvement, SMM foresees. LME copper moved higher to USD 5,380/mt overnight thanks to the news of production cut by Glencore and improving sentiment. LME copper finally closed at USD 5,352/mt, up 4.23%. A rally in Chinese stock market and upbeat employment data from the US improved market sentiment. Supportive factors, including the September-October peak demand season, news of cut in copper output and China’s pro-growth measures, will support prices.

Crude oil prices remained steady but at low levels in early Asian trading on Wednesday as concerns remained that high global production was being met by increasingly slowing demand. Oil prices have fallen almost 60 percent since June 2014 on a global supply glut, with prices seesawing in recent weeks as concerns about a slowing Chinese economy caused turmoil in global stock markets, while production remained near record highs.

CS GOLD (OCTOBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 26640
RESIST 1: 26580
SUP 1: 26320
SUP 2: 26250
STRATEGY: SELL ON RISE

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2:36100
RESIST 1:36000
SUP1:35175
SUP2:34770
STRATEGY : SELL ON RISE