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06/10/2015
DAILY MCX NEWSLETTER
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BULLION:
BASE METAL:
Copper futures moved to $2.4340, up $0.0175,
or 0.75%. Benchmark copper on the London
Metal Exchange traded up 0.7 percent to $5,134
a tonne in official rings. Also, optimism by
Japan's Pan Pacific Copper that copper prices
will rise to $6,000 a tonne over the next 18
months, driven by global production cuts and
demand growth in Asia, although any upside will
be limited in 2015. Further, estimates of
favorable German Factory Orders data will act
as a positive factor.
Gold was holding just below its highest in a week on Tuesday as investors bet last
week's sluggish U.S. nonfarm payrolls data would deter the Federal Reserve from
hiking rates this year. The sluggishness in the U.S. economy, along with weakness
in China and volatility in financial markets, could prompt the Fed to hold rates,
analysts have said. Members of South Africa's Association of Mineworkers and
Construction Union will decide whether to strike at operations of gold companies
at a mass meeting on Oct. 11, a spokesman said on Monday.
ENERGY:
Crude oil prices rose in early Asia trade, adding to gains in the previous session, after Russia signaled it was willing to meet with
other big oil producers to discuss the market following the decline in prices in the last quarter. Gains were limited with investors
awaiting U.S. government data on crude inventories this week. Some analysts are predicting the data will show further builds in
crude stocks, putting oil prices under renewed pressure. A separate meeting between Russian and Saudi officials was being planned
for the end of October, Russian Energy Minister Alexander Novak has said.
BASE METAL
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MCX CRUDE OIL OCT., Monday as seen in the daily chart opened at 2998 levels and day high of
3067 levels. During this period price corrected & made day low of 2994 levels finally closed at
3030 levels. Now, there are chances of further downward movement technically &
fundamentally.
Some analysts are predicting the data will show further builds in crude stocks, putting oil prices under renewed pressure. A
separate meeting between Russian and Saudi officials was being planned for the end of October, Russian Energy Minister
Alexander Novak has said.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL OCT., BELOW 3070 LEVELS FOR
TARGET OF T1 2970/T2 2920 WITH SL OF 3180 LEVELS.
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