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Get Latest MCX COMMODITY MARKET NEWS - 05 OCT 2015
Get Latest MCX COMMODITY MARKET NEWS - 05 OCT 2015
05/10/2015
DAILY MCX NEWSLETTER
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BULLION:
BASE METAL:
Last week, LME Copper prices jumped by 1.5
percent and rebounded from six year lows as
bearish investors closed out positions at the
quarter-end and ahead of Chinese holidays.
Also, supply disruptions from top producing
countries Chile and Peru lift sentiment in beaten
down sector. Chile's second-biggest copper
mine Collahuasi, owned by Anglo American and
Glencore, said on Tuesday it planned to cut
output by 30,000 tonnes. We expect Copper
prices to trade higher today as supply disruption
concerns from top producing countries Chile
and Peru will be supportive.
Gold retained gains from its biggest daily jump in nearly nine months on Monday
as weak U.S. jobs data eased fears the Federal Reserve will hike rates this year.
The data raised new doubts on whether the economy was strong enough for the
Fed to raise interest rates by the end of this year. Gold, which had been weighed
down all year by expectations the U.S. central bank could soon raise rates, rallied
as the dollar fell. The metal is still down nearly 4 percent this year.
ENERGY:
Saudi Arabia's decision to lower prices for oil loading in November shows that the battle for market share in an over-supplied Asian
crude market is far from over. Saudi Aramco, the kingdom's state-owned oil company, cut its official selling price (OSP) for its main
Arab Light grade to Asia to a discount of $1.60 a barrel to the regional benchmark Oman/Dubai price for November from a premium
of 10 cents for October cargoes. Crude prices edged up on Monday after Russia said it was prepared to meet other producers to
discuss the situation in the global oil market, while a report showed a fifth weekly decline in the U.S. oil rig count.
BASE METAL
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MCX CRUDE OIL OCT., Thursday as seen in the daily chart opened at 2990 levels and day high
of 3098 levels. During this period price corrected & made day low of 2959 levels finally closed
at 2971 levels. Now, there are chances of further downward movement technically &
fundamentally.
Saudi Arabia's decision to lower prices for oil loading in November shows that the battle for market share in an oversupplied Asian crude market is far from over. While a report showed a fifth weekly decline in the U.S. oil rig count.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL OCT., BELOW 3030 LEVELS FOR
TARGET OF T1 2930/T2 2900 WITH SL OF 3130 LEVELS.
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